Home building turnaround far off, forecast says

November 12, 2008

Indianapolis' house construction market won't recover for at least another year, according to a forecast issued today by Metrostudy, a Houston research firm.

The supply of vacant lots has soared to 54.5 months from an average of 20 to 24 months before the housing bust, Metrostudy said.

In some submarkets outside Indianapolis where speculation was heated, the supply is as high as 72 months. And supply is greatest in areas targeted for construction of custom- and semi-custom houses.

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