Builder: Credit crunch may shrink pool of buyers 

Luxury-home builder Toll Brothers Inc., in a preliminary earnings announcement today, reported net income of $26.5 million for the quarter ended July 31, with cancellations totaling 23.8 percent of contracts for the quarter.

The quarterly net income in the third quarter was down 84.8 percent compared with third-quarter 2006 net income of $174.6 million, the company reported.

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