2008-06-05 — ap.org
The chief executive of Toll Brothers Inc., the nation's largest luxury-home builder, said Wednesday that the housing industry is in a "depression" and any recovery could be two or three years away.
In candid remarks at the JPMorgan Basics & Industrials Conference a day after reporting a second-quarter loss, Robert Toll said he's not ready to call a bottom yet because the housing market could still get worse.
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