National Mortgage News talks to the National Association of Home Builders about the persistent lot shortage:
In something of a cruel irony, home builders are finding constraints on construction financing easing, but little in the way of quality lots on which to put up their houses.
Large builders are being hit the hardest by the shortage, and the issue has risen to the top of the industry's concerns, even above replacing labor and lending constraints, said Rob Dietz, chief economist of the National Association of Home Builders.
"We have monitored lot availability for the last two decades, and it is clear that the scarcity of building lots is growing," Dietz said. "Whether due to land use policy, geographic constraints or other regulatory constraints, the lack of lots for residential construction will have negative impacts on housing affordability in many markets."