(Read more on the debt and equitymarkets.)
HORSHAM, PA-Homebuilding revenue, backlog and signed contractsregistered double-digit declines for Toll Brothers Inc., accordingto its preliminary, unaudited fiscal third-quarter report. Revenueshave dropped 21% from a year ago.
Additional housing inventory, caused by mortgage defaults, couldjoin the already existing excess supply in some markets, RobertToll, chairman and CEO, warned during a conference call. Revenueswere about $1.2 billion for the fiscal quarter ending July 31 or21% lower than a year ago. The company's backlog was nearly $3.7billion, down 34%, and net signed contracts declined 31% to $727.1million.
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