Toll Brothers, a leading upscale home builder that has continued to forecast lower and lower earnings as the year has progressed and whose financial health is looked upon as an indicator for the residential building sector as a whole, reported Tuesday that contracts for new homes fell 57% during its fiscal fourth quarter, which ended Oct. 31.
"We continue to look for signs that a recovery is imminent but can't yet say that one is in sight," CEO Robert Toll said in a statement.
Toll said during a conference call with analysts that the company reported 585 contract cancellations on new homes during the last quarter -- the highest quarterly number ever recorded by the upscale builder.
The company will report its end of year numbers on Dec. 5.
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