Toll Brothers sees lower home-building revenue

Toll Brothers Inc, the largest U.S. luxury home builder, said on Tuesday it expects to report a 30 percent drop in home-building revenue for the quarter ended April 30.

Preliminary results show home-building revenue of $817.9 million for the fiscal second quarter, down from $1.17 billion a year earlier.

The U.S. housing market is in its worst downturn in decades, with home prices falling and mortgage defaults climbing.

"The just-completed spring selling season was quite weak in most markets as buyers remained on the sidelines," Chief Executive Robert Toll said in a statement.

Read Full Article from guardian.co.uk

- Posted: 2008-05-13 08:32:04

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