Toll Brothers up 12 percent, leading builders higher today, and with good reason: the company reported that orders to buy homesINCREASED 3 percent year over year, the first year over year increase in 4 years.
According to Deutsche Bank, orders have DECREASED 16 percent year over year for the public traded builders as a group, so this is an important change.
One reason for the increase was that cancellation rates improves to 8.5 percent. This is a BIG IMPROVEMENT. Last quarter the cancellation rate was 22 percent; the quarter before that 37 percent.
The downside is that the company provided no guidance, but that is in keeping with the cautious tone most companies have adopted.
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