by Associated Press
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Toll Bros. revenue fell by half in 2Q
Toll Brothers Inc. said today its homebuilding revenue dropped by 51 percent in its fiscal second quarter, but the luxury homebuilder sees signs the real estate market is recovering.The company said it sold 648 homes totaling $398.3 million in revenue in the period ended April 30. And while the number of homes sold fell 47 percent from the second quarter last year, it was more than double first-quarter sales.
Robert Toll, chairman and chief executive officer, said in a statement there are "a few reasons for cautious optimism," noting that homebuyer deposits have exceeded comparable weekly figures from fiscal 2008 for seven of the past nine weeks.
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by Jonathan Landrum
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Home remodelers say momentum's building
Homeowners typically postpone expensive remodeling projects in the kitchen and bathroom during a recession, but manufacturers say they are seeing a slow increase in sales.
"In many parts of the country, people are starting to feel the thaw" in business, said Suzie Williford, president of the National Kitchen and Bath Association.
With so many homes for sale, some homeowners are sprucing up their interiors to make them stand out.
At the same time, the housing market is so bad in many areas of the country, more homeowners are upgrading rooms because they can't or won't sell their properties now. And on top of that, there's a growing number of homeowners who are ready to spend on eco-friendly toilets, showers, and the like.
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