Many real estate investors snapped up foreclosed homes to rent out or sell during the housing bust. But in a risky move, David Lichtenstein of New York firm Lightstone Group bought land instead, the Washington Post reports.
The high-risk proposition may start to pay off as builders position themselves to take advantage of the market’s slow recovery. Many are eager to buy the types of finished lots that Lichtenstein owns, especially since 60 percent of builders say the supply land is low, the NAHB found.
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