As far as residential land goes.
These past few months have been eye opening on the residential land front. Just when folks were beginning to write the rest of 2012 off as another down and out year like 2011, someone “poked the bear” and got things moving again. The past few months in Sacramento have been on fire with the builders knocking down the door trying to grab land positions in core markets. With the finished lot inventories drying up, everything from paper to finished lots have been targets for both public and private builders. It is reminiscent of the bump we saw in 2009 and 2010, but with the pipeline of finished lots dwindling, REO product drying up and interest rates in the cellar, this party may be just getting started.
Source: Ryan Long, Senior Marketing Consultant, (916) 784-3329 ext. 16