Sharp decline in deposit drop rate signals improving market: Toll

Robert Toll, chairman of luxury home builder Toll Brothers, has proof that demand has rebounded in the national housing market. Appearing on Bloomberg TV’s “Street Smart” (see video above), Toll said that fewer people are backing away from deposits on new houses. “The drop in deposit rate is about 3 or 4 percent, which is very low,” he said, “it appears as though we’re on a comeback trail.” That’s a stark contrast from the 5.7 percent rate Toll Brothers reported for the quarter ending Jan. 31, and 6.7 percent from the year prior.