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TOLL BROS. Huntingdon Valley, Pennsylvania; CEO Of Home Builder Has Heard It All Before.(THE NEW AMERICA)
Byline: MARILYN ALVA
The Monday after Thanksgiving wasn't kind to U.S. home builders.
Stocks in the sector dropped as the benchmark 10-year Treasury note went from 4.24% to 4.33%, its highest level in more than three months.
"That means interest rates are going through the roof and home builders are doomed," said Robert Toll, chief executive of Toll Bros.
Relax -- he's joking. As the co-founder and CEO of the home builder that bears his name, Toll has lived through plenty of interest-rate hikes. And his company survived just fine.
"We had a field day in 1995 when mortgage rates went up to 9.1%," he said.
Toll Bros. also kept …
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