Excess inventory has been a huge factor in the national housing crisis as the glut of unsold property works to drive prices lower.
That's particularly bad news for one Florida country, which now has a Godzilla-sized backlog of vacant lots.
From the St. Petersburg Times, via patrick.net:
It gets worse: Citrus County has a 508-month supply. At current sales, it would take 42 years to burn off all its finished home sites.
Citrus' new-home market has fallen off a cliff, with only 95 homes starts in the past year amid a surplus of 4,018 developed home sites.
"It's too far a commute and the retirees are more nervous as a group, so they're not coming to buy in Citrus," said Tony Polito, who compiled the new-home report for housing consultant Metrostudy.
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