Another day, another admission of the housing meltdown underway from the newly honest Toll Brothers

Wonder if we scared Bob with our talk of SEC investigations, arrests, Congressional hearings, etc. He sure is being honest and blabby now, as his stock tanks and his company fades away...

Luxury home builder Toll Brothers on Tuesday said its quarterly profit fell 19 percent, partly on write-downs on land options, and slashed its forecast for the year for the third time, underscoring deteriorating U.S. market demand.

"The speculative buyers of 2004 and 2005 are now sellers," Toll said in a statement. "Builders that built speculative homes are trying to move them by offering large incentives and discounts and some anxious buyers are canceling contracts for homes already being built."

Earlier in the month, Toll reported that new orders fell 47 percent to 1,443, while the value of the contracts sank 45 percent to $1.05 billion from $1.92 billion. On August 9, Toll said cancellation rate ran about 18 percent and were highest in last year's hottest markets of Orlando, Florida; Las Vegas, Nevada; Phoenix, Arizona, and Palm Springs and Northern California.