After the housing crisis, the big game was to try to spot the housing recovery. Pundits, such as Jim Cramer of CNBC, seemed to be constantly insisting that housing would turn around in the next few quarters. It seems, though, that homebuilder Toll Brothers is showing green shoots, and it beat estimates in its recent quarterly report, according to Reuters.
Toll Brothers, a high end homebuilder, beat estimates on profits and raised its forecast. Management said it expected to sell 5, 200-6, 000 homes in 2015 at a price of $725, 000 to $760, 000 up slightly from the estimate of 5, 000-6, 000 at $700, 00-$760, 000.
Executive Chairman Robert Toll credited job creation with the purchase of new homes. Construction of homes rose by 18.7% and housing starts have been at 1 million for five straight months. Toll Brother’s net income rose 78%.
Robert Toll was born to Ukranian Jewish parents. His father Albert became a millionaire in America, but lost everything in the stock market crash in 1929. He and his brother Bruce started Toll Brothers in 1967. Tolls’ philanthropic projects include Temple Beth Shalom, Seeds of Peace, which brings Israeli, Arab, Pakistani and Indian teenagers together to explore conflict resolution, The Metropolitan Opera, the American Red Cross and the American Cancer Society.