Toll Brothers today said its first-quarter profit plunged 67% compared with last year, citing weighty writedowns and other costs, and the luxury-home builder's CEO, Robert Toll, said there are still too many soft markets. Which raises the question: Has the bottom come at last?
Paul Puryear isn't so sure. The Raymond James housing analyst said on "Power Lunch" that Toll Brothers' results were actually "better than we were expecting" -- but stopped short of declaring the less-disappointing loss a positive. He noted such doleful omens as "vacant homes with 'For Sale' signs" at "historic highs," and said the first big weekend of the spring selling season was weaker than many had hoped.