by Calculated Risk on 2/08/2007 10:47:00 AM

From the AP: Toll Brothers 1st-Quarter Building Revenue to Fall 19 Percent

Toll Brothers ... said Thursday that it expected its first-quarter home building revenue to fall by 19 percent, signaling that the housing market is likely to remain feeble early in 2007.
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The company also expects first-quarter writedowns to "significantly exceed" previous estimates and could range from $60 million to as high as $160 million or more.
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the first-quarter's cancellation rate fell to 29.8 percent, however, from 36.9 percent in the prior quarter. The pace of cancellations still far exceeded the builder's historical average of about 7 percent.