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[$$] Toll Brothers weak outlook adds to US housing market concerns

Peter Wells in New York

added to growing concerns about the impact of higher mortgage rates and rising home prices on the US housing market by reporting its first drop in orders in four years and issuing home sales guidance that missed Wall Street estimates. Douglas Yearley, Toll’s chief executive, said that despite a healthy economy, the company saw demand moderate in its fourth quarter ended October 31. “In November, we saw the market soften further, which we attribute to the cumulative impact of rising interest rates and the effect on buyer sentiment of well-publicised reports of a housing slowdown.