Current Housing Indicators |
| CURRENT | PREVIOUS | ||
| Existing Home Sales | 4.91m | ▼ | 5.02m |
| New Home Sales | 460,000 | ▼ | 520,000 |
| Housing Starts | 817,000 | ▼ | 872,000 |
| Building Permits | 786,000 | ▼ | 857,000 |
| HMI | 14 | ▼ | 17 |
| Existing Home Prices | $203,100 | ▼ (annually) | $224,400 |
| New Home Prices | $221,900 | ▼ (annually) | $236,500 |
More Videos
- Predictions: 9 For '09 In Real Estate
- For Manhattan, The Issue Is Now Those Maintenance Fees
- The $500 Billion Buy Up Of MBS: Is It Really Enough?
- FHA's New Risky Loans Make Housing Even Riskier
- Fear Gripping Commercial Real Estate—But Question Is Why?
- Reasons NOT To Modify Troubled Home Loans
- Bailout For Builders—Are They Next In Line?
- Homeowners: Not Just About Buying—It's Also About Investing
- Bailout Anger Boiling: "Is Kashkari A Chump?"
- That $300 Billion Hope For Homeowners Isn’t Working
- Cramer's Outrage: Paulson & Bernanke
- Lightning Round: Genzyme, Goldman Sachs, U.S. Steel and More
- Lightning Round OT: Verizon, Kroger, Novartis and More
- Executive Decision: Foster Wheeler CEO Ray Milchovich
- Cavs Owner Doesn't Mind Buzz Over James
- Trading Obama's Stimulus Plan
- What Bailouts?
- Your First Move For Tuesday December 2nd
- Web Extra: Fast & Furious Trades For Tuesday
- Australia Cuts Rates to 6-½ Year Low, May Cut Again
- Toyota to Cut Bonuses Amid Reports of Output Cuts
- China Eyes Consumer Boost, May Aim 8% 2009 Growth
- Australia Retail Sales Rise No Bar to Sharp Rate Cut
- Asia Slides on Economic Woes, Nikkei Slumps 6.4%
- Beyond Rate Cuts: Other Fed Tools Against Downturn
- Paulson's Speech on the Economy and Financial System
- Paulson: US Weighs Other Uses for the Bailout Fund
- House Democrats May Seek $500 Billion Stimulus
Text Size 
 |
CNBC.com |
Toll Brothers [TOL
Loading...
()
] managed to beat expectations with its preliminary Q3 forecast (not that it actually gave us an EPS estimate). The luxury home builder is still bleeding when it comes to contracts and backlogs, but the one thing it seems to have good supply of is cash.
From CEO Robert Toll:
At third-quarter-end, our cash position of approximately $1.5 billion, combined with approximately $1.3 billion of availability under our bank credit facility, which extends to March 2011, provides us with nearly $2.8 billion of liquidity. We believe our current inventory and liquidity give us a solid foundation to operate and succeed in the current difficult climate.
“They continue to build cash, a very liquid company,” says UBS analyst David Goldberg.
Goldberg says much of the competition is cash-strapped, and so “they’re going to have a tougher time because of the liquidity constraints that are being felt in the market, and that leads to potentially market share gains.”
More News Today On Housing |
Citigroup initiated coverage of Toll with a "buy," largely due to the builder’s capital position (only Pulte[PHM
Loading...
()
] garnered that rating, with all the other big names on "hold"). In other words, it’s all about survival, not so much about building houses these days.
While the existing home market could possibly be bumping along the bottom, the new home market continues to weaken. CEO Robert Toll claims there is “pent up demand” out there. The question is: When does that demand shows up on the balance sheet?
Questions? Comments?
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes