Toll Brothers Inc. Wednesday said that its fiscal first-quarter home-building revenue fell 22% from year-earlier levels to $842.7 million and it doesn't see any end in sight to housing-market woes.
The company said it is still finalizing its first-quarter impairment analysis, but expects pretax write-downs of between $150 million and $300 million.
"The housing market remains very weak in most areas. Based on current traffic and deposits, we are not yet seeing much light at the end of the tunnel," said Robert Toll, the firm's chairman and CEO.
Where's the NAR guy to tell us the market will turn around in 6 months?
