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CNBC's Pisani On U.S. Housing and Toll Brothers

Is the home building industry starting to bottom? Luxury builder Toll Brothers reported earnings in line with expectations, though guidance for 2007 appears to be below analyst expectations-- assuming certain changes in accounting methods.

Cancellations remain high but CEO Robert Toll said some markets "seem to be dancing on the bottom or slightly above." He noted that the Washington D.C. suburbs seem to have stabilized, although at lower levels than recent years. He said the current combination of low interest rates, low unemployment, and strong stock market are the fundamentals that have typically led housing out of slowdowns in the past.

Toll Brothers stock is 45% below its peak in July 2005.

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