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November 8, 2006

Today's Housing Bubble Post - Slump Deepens

-- by Dave Johnson

No good news: Housing slump deepens - The Boston Globe,

Home builders Toll Brothers Inc. and Beazer Homes USA Inc. said orders for new homes declined and customer cancellations rose as the US housing slump deepened.

Toll, the largest US luxury home builder, said fiscal fourth-quarter home-building revenue fell 10 percent and orders tumbled 58 percent. Beazer Homes, the seventh-largest home builder by revenue, said orders dropped 58 percent.

"We continue to look for signs that a recovery is imminent but can't say that one is in sight," Toll chief executive Robert Toll said yesterday on a conference call. Buyers have lost confidence in the home market and are delaying purchases, convinced that prices will continue to fall, he said.

Business week: How Deep Housing's Decline?
With 30-year mortgage rates down to 6.1% from a July high of 6.8%, unemployment benign, and lending rates stable, the luxury home builder's CEO, Bob Toll, expressed surprise Tuesday that he's seeing no sign of a bottom in the market.

Posted by Dave Johnson at November 8, 2006 11:11 AM

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