Things are getting worse at Toll Brothers (NYSE: TOL) For fiscal 2008′s first quarter ending January 31, home building revenues of approximately $842.7 million declined 22% compared to the same period a year ago.

Gross signed contracts for the quarter of approximately $573.2 million and 904 homes declined 46% and 38% compared with last year. The average price per unit of gross contracts signed in the first quarter was $634,000, compared to $730,000 a year ago.

Robert I. Toll, chairman and chief executive officer, stated: “The housing market remains very weak in most areas. Based on current traffic and deposits, we are not yet seeing much light at the end of the tunnel.

Douglas A. McIntyre