Only the beginning I tell you, only the beginning..... BOSTON (MarketWatch) -- Toll Brothers Inc. (TOL : Toll Brothers, Inc. News , chart, profile, more Last: 27.46+0.64+2.39% 1:41pm 11/10/2006 TOL27.46, +0.64, +2.4% ) Chief Executive Robert Toll said Thursday the company is seeing record cancellations now in part because its backlog stretched out beyond 12 months during the boom years when the company was selling a high volume of homes. As a result, speculative buyers are now walking away and giving up their deposit as the home comes to completion. At a UBS-sponsored investment conference, he said buyer confidence has declined with many "waiting for someone to tell them the housing market has bottomed." Although Toll said he doesn't know exactly when the market will recover, he thinks it will "turn much more rapidly and with a vengeance that no one expects." End of Story
AP Homebuilders Try to Avoid Cancellations Thursday November 9, 5:30 pm ET Homebuilders, Fighting Slump, Try to Avoid Cancellations NEW YORK (AP) -- Homebuilders, after a boom that lasted years, are facing an unfamiliar threat: canceled deals. Ian McCarthy, chief executive of Beazer Homes USA Inc., Thursday said the company tried to close as many homes as possible in the fiscal fourth quarter to avoid future cancellations. Toll Brothers Inc. Chief Executive Robert Toll said the company is seeing record cancellations now in part because its backlog stretched out beyond 12 months during the boom years when the company was selling a high volume of homes. Speaking at an investment conference sponsored by UBS, McCarthy said the home builder "forced people to come to the closing table, and took the cancellation" if needed. "We don't want to build up inventories of homes that could end up canceling in the future, which weakens our backlog and influences our 2007 forecasts," McCarthy noted. McCarthy said the company's 44 percent decrease in profit for the quarter ended Sept. 30, reported Tuesday, was caused in part by a shift to lower-margin markets like Texas and real-estate charges. Toll, speaking at the same conference, said speculative buyers are now walking away and giving up their deposit as the home comes to completion. Buyer confidence has declined with many "waiting for someone to tell them the housing market has bottomed," he said. Although Toll said he doesn't know exactly when the market will recover, he thinks it will "turn much more rapidly and with a vengeance that no one expects."
ceo of toll Although Toll said he doesn't know exactly when the market will recover, he thinks it will "turn much more rapidly and with a vengeance that no one expects." is this guy for real...."turn more rapidly with a vengeance", maybe in 10 years. After a 100% ++ jump in housing prices a cool off should be expected, I think the earliest the housing market comes back is 2010....
LOL This news is almost a year old. I'm serious, this was happening in the San Diego & Las Vegas area almost a year ago and published in the news. And not just speculators walking away, even regular buyers. No serious offense intended, but you exhibiting signs of a total sucker who is asking to get short ripped.
Wow, you are clueless. I was having a conversation about people walking away from contracts on houses & condos in droves almost a year ago. The information was gathered from a few news stories out of southern California and Las Vegas. But then maybe some people need to wait for the TOL CEO to say it before they accept it as reality. Apparently they consider what the head execs of publicly traded companies as reliable up to date info. You might as well slap a sticker on your head that says "Dumb Money"
Look at insider sales, does that look like there is an expectation of the stock turning around sometime soon.
Yes, apparently so. Looks like the sell off for TOL started August 2005. For a 50% drop. I dunno S2007S, it's your money. Do you plan on just shorting TOL and or others?
i remember "oldtrader" arguing with me about this appx 1 1/2 yrs ago telling me i was an idiot. i said give it a couple years and he laughed and reminded me he had been in the biz for years.... what i have noticed about real estate people, many are fools that rode a rising tide.