794170--12/22/2010--TOLL_BROTHERS

related topics

{loan, real, estate}

{capital, credit, financial}

{financial, litigation, operation}

{regulation, change, law}

{gas, price, oil}

{operation, natural, condition}

{cost, contract, operation}

{investment, property, distribution}

{tax, income, asset}

{stock, price, operating}

{cost, operation, labor}

{competitive, industry, competition}

The homebuilding industry is highly competitive and if others are more successful or offer better value to our customers, our business could decline. If we are not able to obtain suitable financing, our interest rates are increased or our credit ratings are lowered, our business and results of operations may decline. If we cannot obtain letters of credit and surety bonds, our ability to operate may be restricted. If our home buyers or our home buyers buyers are not able to obtain suitable financing, our results of operations may further decline. If our ability to resell mortgages to investors is impaired, our home buyers will be required to find alternative financing. If land is not available at reasonable prices, our sales and results of operations could decrease. If the market value of our land and homes drops, our results of operations will likely decrease. We participate in certain joint ventures where we may be adversely impacted by the failure of the joint venture or its participants to fulfill their obligations. Government regulations and legal challenges may delay the start or completion of our communities, increase our expenses or limit our homebuilding activities, which could have a negative impact on our operations. Increases in taxes or government fees could increase our costs, and adverse changes in tax laws could reduce demand for our homes. Adverse weather conditions, natural disasters and other conditions could disrupt the development of our communities, which could harm our sales and results of operations. If we experience shortages or increased costs of labor and supplies or other circumstances beyond our control, there could be delays or increased costs in developing our communities, which could adversely affect our operating results. Product liability claims and litigation and warranty claims that arise in the ordinary course of business may be costly, which could adversely affect our business. Our cash flows and results of operations could be adversely affected if legal claims are brought against us and are not resolved in our favor. Our principal stockholders may effectively exercise control over matters requiring stockholder approval. Changes in tax laws or the interpretation of tax laws may negatively affect our operating results. We may not be able to realize our deferred tax assets.

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794170--12/22/2010--TOLL_BROTHERS_INC