Toll Brothers Inc., the biggest U.S. luxury-home builder, said customer cancellations are falling and it's offering fewer sales incentives. D.R. Horton Inc., the second-largest builder by revenue, said it will miss its projections for closings this year.D.R. Horton said closings will likely drop below last year's 53,000 and it will probably continue writing down land through 2008.
``I don't want to be too sophisticated here, but 2007 is going to suck, all 12 months of the calendar year,'' D.R. Horton Chief Executive Officer Donald Tomnitz said at a Citigroup Inc. conference in New York. ``Our future is not as bright as what we would like it to be.''
