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New York

Luxury homebuilder’s revenue plummets

 
Toll Brothers, the country’s largest luxury homebuilder, said its fourth quarter revenue fell 41 percent, due to the credit crisis and falling demand for luxury homes. Fourth quarter contract cancellations rose to 233, or 30 percent of contracts, and net contracts signed fell 27 percent. In fiscal year 2008, Toll closed on 4,743 homes, which the company said was its lowest number since 2002. The company has urged the government to take action to bring buyers back into the real estate market.

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