Builders chip away at home lot glut

    The number of empty home lots in the Chicago area continued to fall last quarter amid a rebounding residential market.

    The area had a 12.2-year supply of lots ready for new single-family homes, duplexes or town homes in the second quarter, down from 13.3 years the previous quarter and 17.3 years in second-quarter 2012, according to Metrostudy, a Houston-based firm that tracks the housing market.

    The latest figure marks the seventh straight quarterly drop in lot supply, which peaked at 21.4 years in 2011.

    Meanwhile, the number of vacant lots fell to 51,808, from 53,212, driven by recent gains in the for-sale housing market.

    Read more in Crain’s Chicago Business.

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