Wednesday, November 15, 2006

For Whom the Housing Market Tolls

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.

4 comments:

Chicago Real Estate said...

I would like to invite you and your readers to participate in our new Chicago real estate community at: http://www.illinoisrealestate.com/forum/

Thanks,

Brian

MortgageTop said...

Hello,

I recently published an article on mortgage loans, tips on how to make them work for you and other forms of mortgage financials – here is a quote from it, in case you are interested:

Smell a Good Deal for a Real Estate – Try to discover a property that has already got some equity in it, when you purchase it. Equity represents the value of a real estate, a property after you have paid any mortgage or other charges relating to it.

Try to Get a Second Mortgage on the Real Estate – You could try to be more creative and ask the seller whether he would be willing to have a second mortgage on that home. Thus you could set up an agreement with the seller through which you will have to pay monthly an approximate sum of $200, for instance, on $15,000 of the price of the real estate (plus or including the interest rate), for the second mortgage.

Save Some Money to Pay in Advance – Some lenders might give you a full credit if you come with at least a small percentage of the sum. This would grant you supplementary points for getting the credit and would also lower the interest rate – e key point of any mortgage refinance program.

Don’t Give up, Go Further – don’t trust the first broker who tells you that there is no hope for you. You will finally find someone who could offer a viable solution, just keep asking and searching. An alternative is to apply online to mortgage services. Thus your application would be seen by more lenders and you might get more offers to analyze your solvency.

Improve Your Present Credit Score – by not applying to credit cards, auto loans or other loans, if possible. Too many inquiries would also affect credit scores. Another important thing you should do to improve your credit scores is to acquit your current duties and payments on time.

If you feel this helps, please drop by my website for additional information, such as how to refinance a second mortgage or additional resources on mortgage rates.

Regards,

Michael

Ross Gordon said...

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Let me know. thanks

Gamble Pro said...

The market is still declining as of now and sub-prime loans are hurting the mainstream economy.

We are eagerly waiting for your post on the current situation.