Fitch projects new single-family housing starts will drop 13.1% in 2011 following 5.8% growth in 2010. After falling 14.1% in 2010, new home sales are forecast to decrease about 7% in 2011. Fitch also downgraded the issuer default rating for Beazer Homes USA Inc. [[ BZH]], to CCC from B-, citing similar concerns about the health of the housing market and the likelihood that Beazer's ability to fund working capital will erode over the next 12 to 18 months. At June 30, 2011, Beazer had unrestricted cash of $274.6 million. Fitch expects Beazer to end fiscal 2011 with unrestricted cash of between $350 million to $400 million. IDR at Ryland Group Inc. [[ RYL]] was downgraded to BB- from BB and the ratings outlook was revised to negative from stable. RYL ended the second quarter with $182.3 million of unrestricted cash. Fitch affirmed its stable outlook for luxury builder Toll Bros. (TOL).