According to dailyherald, a shortage of buildable lots is the latest blow to what has become a modest housing recovery, the National Association of Home Builders (NAHB) tells MHProNews, as 62 percent of home builders say the availability of lots is low to very low in their areas. This marks the highest percentage of builders who have stated lot shortages are a critical problem since the NAHB began following it 18 years ago.

In September, 2012 42 percent cited the shortage as a problem. As reported by the National Association of Realtors (NAR), “A shortage of buildable lots, especially in the most desirable locations, translates into higher prices, as 38 percent of homebuilders said the price of developed ‘A’ lots was somewhat higher than it was a year ago, and 32 percent said the price was substantially higher.”

In a related development, NAHB reports confidence among homebuilders about the state of the market fell from 56 to 54, but still above 50, which indicates they continue to feel positive about overall market conditions. ##

(Image credit: housingwire–available homebuilding lots fall)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.