Toll Brothers Sees Two Week Surge in Deposits

New York, NY, April 9, 2009--Toll Brothers, the nation's largest luxury home builder, said deposits for new homes have risen substantially in the last two weeks.

However, CFO Joel Rassmun told Bloomberg News that "Two weeks do not a trend make. I'm not suggesting that this is the bottom."

Rassmun credited the two week surge, as much as an 80 percent increase in deposits, to extremely low mortgage rates and an improvement in consumer confidence.

He said there has been a notable increase in activity in the Washington, DC area as well as California and Pennsylvania.

He said that while government efforts to boost housing are helping, he'd like to see more attention paid to home building. He also said the recovering is going to take some time.