by Calculated Risk on 8/08/2007 10:09:00 AM

"In absolute numbers, third-quarter cancellations, at 347, were the lowest in a year, although our third-quarter cancellation rate (current-quarter cancellations divided by current quarter signed contracts) was 23.8%, compared to 18.9% in the previous quarter and the high of 36.7% in FY 2006's fourth quarter."
Joel H. Rassman, chief financial officer, August 8, 2007

The cancellation rate is rising again for Toll, although still below the cycle high. However, with the most recent changes in lending standards, the cancellation rate will probably rise significantly in the coming quarters.

But luckily for Toll, business is declining so fast, that the "absolute number" of cancellations is the "lowest in a year".