Housing market taking a toll on builder

Net income at Toll Brothers Inc. is coming down faster than the scaffolding. The luxury home builder’s net income dropped 85 percent to $26.5 million in the third quarter of this year, down from $174.6 million at the same time last year. The company cited a high rate of cancellations and a downturn in the housing market for the loss. Toll Brothers, based in Pennsylvania, has built numerous developments around Connecticut including Glastonbury Heights, Newington Ridge and Regency at Ridgefield.