Toll Brothers Chairman Says Fewer Homebuyers Canceling Deposits

Toll Brothers Inc. Chairman Robert Toll said fewer people who make deposits to buy new houses are backing away from their purchases, a sign that demand is starting to recover in some markets.

“Once they make a deposit, they haven’t been leaving,” Toll, whose company is the largest U.S. luxury-home builder, said in a Bloomberg Television interview today with Willow Bay. “The drop in deposit rate is about 3 or 4 percent, which is very low.”