Chicago area has enough home-ready lots to last 20+ years

Crain's Real Estate Daily reports:

Here’s one sign that the local homebuilding market is still out of whack: At their current sales pace, builders won’t run of developable lots until 2032.

The Chicago area had a 20.1-year supply of vacant lots ready for new single-family homes, townhomes or condominiums at the end of 2011, down from 20.3 years a year earlier, according to Metrostudy, a Houston-based research firm that tracks the housing market. The supply peaked at 22.3 years in second-quarter 2011.

Just a reminder.