Luxury Homebuilder’s Woes Show Mounting U.S. Slowdown Fears

Luxury Homebuilder’s Woes Show Mounting U.S. Slowdown Fears

Bloomberg) — Wealthy buyers are pulling back from some of the most expensive housing markets in the U.S., the latest sign that sky-high prices and fears of a recession are weighing on a key sector of the economy.

Toll Brothers Inc., the nation’s largest publicly traded luxury-home builder, said late Tuesday that purchase agreements fell 3% from a year earlier, worse than a decline of less than 1% that was expected by a Bloomberg survey of six analysts. The company’s orders in California, home to some of the priciest markets in the country, tumbled 36% from a year earlier.

via finance.yahoo Luxury Homebuilder’s Woes Show Mounting U.S. Slowdown Fears