Wall Street Journal staffer Kris Hudson posts up Toll Brothers' reported shortfall in new orders for its fiscal third quarter, underscoring a challenge now facing the U.S. home-building industry: Aggressive price increases in the past two years have hobbled demand at a time when builders finally are ramping up supply. Pulse's take: pent-up demand in discretionary, high-end segment has been met. Now the work comes at teasing out buyers in the high middle second-time and first-time move-up niches. Those buyers need loans.

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