[IN-DEPTH] A compelling case for a bet on neglected real estate

momentum2016 could be the first year since the recession when growth in single-family homes exceeds growth in apartments

By Tim Mullaney | Special to CNBC.com

On paper, Toll Bros.’ recent earnings report looked like good news. The nation’s biggest luxury homebuilder matched Wall Street profit forecasts and boosted its backlog of orders 34 percent from a year ago.

So why is Toll Bros. stock down 15 percent this year?

“The stock market seems to be pricing in a steep decline in the economy and, along with it, our sector,” said executive chairman Robert Toll in an earnings conference call. “We, on the other hand, are seeing signs that reflect strength and positive momentum in our business.”

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