Wednesday, August 09, 2006

Yet Again

AP (08.09.06):
"Luxury home builder Toll Brothers Inc. on Wednesday said third-quarter sales fell and signed contracts were cut nearly in half as the housing market continued to slow. In a sign that the housing market could see further erosion, the value of signed contracts fell by 46 percent to $1.07 billion, with all regions in the country weakening." Toll Bros' 3Q Sales, Contracts Fall
Could see further erosion? Signed contracts dropped by half, all regions of the country weakened, and that means there could be further erosion in the housing market? Ha!! Bloomberg (08.09.06):
"U.S. sales of new houses this year probably will drop 13 percent to 1.12 million after reaching a record 1.28 million in 2005, the National Association of Realtors said in a forecast yesterday. The last sales decline was 1999, when new-home purchases fell 1.1 percent." Toll's Homebuilding Revenue Slips as Demand Wanes
Like we said, the slowdown is speeding up.


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