Toll Bros. says it suffered a 60% drop in new orders during the three months ended July 31 — the latest sign that many Americans lost confidence in their economic prospects as food, fuel and borrowing costs rose earlier this year.
Toll Bros., the Fort Washington-based builder of million-dollar homes, says it suffered a 60% drop in new orders during the three months ended July 31 — the latest sign that many Americans lost confidence in their economic prospects asSigned contracts for future sales dropped to 1,266 homes, worth $1.7 billion, from 3,154 units, worth $3 billion a year earlier.
At about $47 a share, Toll’s price now reflects only the approximate “book value” of the properties it controls, and not future profits. An increase from 3% to 5% on a 30-year, $500,000 loan boosts monthly payments from about $2,600 to about $3,200 a month, discouraging those buyers for whom even the lower figure is a stretch.
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