What kind of housing recovery is it going to be? Toll Brothers' (TOLL) quarterly report and data from CoreLogic on home prices and foreclosures brought some focus back to housing on Tuesday after pending and new home sales data last week showed what some expect will be an uneven recovery taking hold.
The luxury homebuilder reported a 48% rise in fourth quarter revenue and a 75% jump in contracts vs. a year earlier in its quarterly report Tuesday. Net income jumped to $411.4 million from just $15 million a year earlier, due in part to hefty $350.7 million tax benefit.
"Pent-up demand, rising home prices, low interest rates, and improving consumer confidence motivated buyers to return to the housing market in FY 2012," said Toll Brothers CEO Douglas C. Yearley, Jr. in the earnings release. "As household formations accelerated and unsold home inventories dropped to record lows, the industry took further steps toward a sustained housing recovery."Read More »from Earnings, Data Shed More Light on Housing Recovery