Rut ro, Raggy. Looks like things in the Android camp are slowing down even further.

Barron's [via Giz] has it from a Global Equities Research analyst that there aren't enough developers working on Google's open-source mobile OS, and that an already rumored delay of the first Android handset may be pushed back till sometime in the first quarter of next year.

It seems there are too many people who want to work on established operating systems, including Windows Mobile.

Android, “is not able to attract enough developers because toolkits offered by Microsoft (MSFT), Apple (AAPL), Research in Motion (RIMM), and Nokia’s (NOK) Symbian software group, have sucked up software developers’ attention.

The Barron's blog also mentions that HTC is dragging its feet some on the hardware side, "demanding a guaranteed minimum revenue surety from Google."

A company not having unlimited resources to throw at a project? That must sound downright alien to Google.

Update: electronista reports that HTC denies the delay and says they're still on track for a Fall 2008 release.