The homebuilder Toll Brothers has some numbers out. "Toll Brothers, Inc., today reported that, for its first quarter ended January 31, 2006, net income rose 49% to $163.9 million; revenues rose 35% to $1.34 billion; first quarter-end backlog rose 22% to $5.95 billion; and signed contracts of $1.14 billion declined 21%, compared to FY 2005's record first quarter results."

"Robert I. Toll, CEO, stated: "In 2005, demand for new homes in many markets was propelled to unsustainable levels by speculative buying. We are now on the other side of that slope. Speculative demand has ceased and speculators are now putting their homes back on the market. The result has been more supply than demand in some regions.'"

"'Markets such as metro Washington, D.C...will need to work through their excess supply before the imbalance once again tips in our favor. When that happens, we believe builders such as Toll Brothers, who control the largest share of well-located approved sites, should prosper.'"

"In terms of units, (signed) contracts fell to 1,544 homes from 2,173 last year."