NEW YORK CITY-The housing market slump is forcing homebuilders to demand cheaper prices for lands from land brokers, while in some cases, pulling out of deals completely.
Builders are also unwilling to purchase lands completely and instead are choosing options such as purchasing the land later on at a fixed price. According to research firm Zelman & Associates, only 8% of land buyers had increased bidding prices in July 2010, a decrease from April's 54% bid price. For the full story, go to The Wall Street Journal.
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