Credit conditions on loans for residential Land Acquisition, Development & Construction (AD&C) were still tightening in the third quarter of 2025, according to NAHB’s quarterly survey on AD&C Financing. The net easing index derived from the survey posted a reading of -11.0 (the negative number indicating that credit tightened since the previous quarter). …More details from the Fed’s survey of lenders—including measures of demand and net easing for residential mortgages—appeared in a previous post. …More detail on credit conditions for residential builders and developers is available on NAHB’s AD&C Financing Survey web page.