A bustling city in southeastern New Mexico's oil patch has another problem aside from its housing crisis.
Despite the resulting construction boom, Hobbs real estate agents say the city just doesn't have enough land developers.
Real estate agent Bobby Shaw tells the Hobbs News-Sun that many homebuilders don't develop land because of the high cost of putting in streets and water, sewer and communication infrastructure. Shaw says they would rather focus simply on building homes.
And without new developed land on the horizon, many builders are running out of space to build.
Builders say the reason infrastructure is so slow to come is the cost and the slow rate of return.
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Information from: Hobbs News-Sun.
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