Toll Brothers to spend $1.9 billion on distressed properties, CEO says
December 03, 2009 05:58PM
Although a dismal third-quarter report showed home building giant Toll Brothers losing more than $111 million, Robert Toll, chairman and CEO of Toll Brothers, told CNBC that he expects better results for 2010. “I don’t think future foreclosures will exceed the number of foreclosures we’ve already seen,” he said. “People are looking to take advantage of foreclosures and I am planning on using the $1.9 billion that we have saved in our treasury for purchasing distressed properties.” He also cited high affordability and low interest rates as factors that will create good buying opportunities in the coming months. However, he said it will be hard to predict the market until the first or second week in January, when the holiday season is over and people start looking to buy again.