The CEO of Toll Brothers—a U.S. luxury homebuilder—says markets overreacted to the fact that the company’s quarterly earnings report missed analyst estimates, reports Philadelphia Business Journal.

It adds the exec told Bloomberg many events impacted stocks at close yesterday, including an overall drop following the Fed’s announced that it might soon end its bond-buying program.

Financial Times says the company’s stock plunged 9% for one main reason; people built up their hopes too high on news housing was improving in America.

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