Toll Brothers CEO: Obviously there are enormous challenges in our industry

Toll Brothers reported a fiscal fourth-quarter loss of $78.8 million, or 49 cents a share, compared with a loss of $81.8 million, or 52 cents a share, in the year-earlier period.

Robert Toll, CEO said "numerous uncertainties related to sales paces, sales prices, mortgage markets, cancellations, market direction and the potential for and size of future impairments."

"Obviously there are enormous challenges in our industry,"

"The most frustrating aspect of [fiscal] 2008 was that the longer it went, the worse it got -- this, no doubt, was due largely to the financial crisis which deepened over the course of the year," the CEO added.

"On the national level, new single-family housing starts have sunk to the lowest level since October 1981."

Toll Brothers lost only 2% in the last year despite all this credit crisis.