Toll Brothers reports buyers continue to wait

As the economy continues its slow recovery, luxury home builder Toll Brothers - which specializes in move-up buyers and others with high levels of financial security - says that low interest rates aren't enough for some buyers who remain skittish about the housing market.

The company said that while buyer traffic and deposits were up in November, home contracts were also down 27 percent from 2009 for August through October, as uncertainty persisted in the market.

"Even though the unemployment rate among our buyers is about half that of the national average, many of our clients remain on the sidelines waiting for clearer signs that the economy is on the road to recovery," said Douglas Yearley Jr., Toll Brothers' chief executive.

The firm is now looking forward to the Spring, which is generally one of its strongest periods every year, according to the Associated Press.

The Houston real estate and construction markets are also feeling the slowdown locally. According to the Associated General Contractors of America, construction jobs in the city dropped by 3 percent in October compared to October of last year - the worst drop in the state.