NEW YORK, June 27 (Reuters) - Cancellation rates among U.S. home buyers are running above last quarter's levels as the housing market slows, the chief executive of luxury home builder Toll Brothers Inc. (TOL.N: Quote, Profile, Research) said on Tuesday.
"I think our cancellations are running higher than on the last call," Robert Toll said at the Reuters Real Estate Summit in New York.
Toll cited a perception among buyers, fueled partly by media coverage of the housing market, that homes are a depreciating asset. He also pointed to the supply of "speculative housing" as well as a national "malaise" caused by last autumn's hurricanes.
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"It's a double whammy," Toll said. "You've lost the demand and you've picked up extra supply." He estimated speculators -- who buy homes as investments and never live in them -- accounted for as much as 10 percent of markets such as that for Delaware coastal properties.
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