by Calculated Risk on 6/01/2007 02:42:00 PM

According to Hovanian (via Briefing.com hat tip Brian)

[Land sales have] "just really slowed to a complete trickle with very few buyers of any type out there"

So homebuilders are building spec homes to liquidate land:

"that's part of the reason why you do see many home builders resorting to selling spec homes because there's really a way of liquidating the land portfolio."

Can't sell it? Build on it. With too much inventory already on the market, I wonder how this will work out for the homebuilders ...