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 PHILADELPHIA (AP) - Hopes of an imminent housing recovery are dimming as the nation's largest homebuilders continue to report slumping sales and profits.
Toll Brothers Inc., the nation's largest builder of luxury homes, on Wednesday warned that it won't meet prior earnings projections while homebuilders Hovnanian Enterprises Inc., Pulte Homes Inc. and D.R. Horton Inc. have reported similar malaise.
Toll placed part of the blame on stricter lending requirements that have been tough on buyers who want to upgrade but can't sell their current residences. Analysts said problems in subprime mortgages earlier this year have dampened a recovery.
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