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Most likely the hose going to the caliper from the hard line is collapsed internally. To verify this, pull the tire and pump the brake pedal a few times, but do not keep pressure on the pedal after pumping it. Try to spin the hub by hand. If it is hard to turn or will not turn without aid of a tool, there is definitely a problem. Next, break loose the bleeder valve on the caliper. If the pressure is relieved and now spins easily, it is the brake hose. If it is still binding, it is the caliper.

Of course, it could also be due to the ABS or porportioning valve, or pads are incorrectly installed, if the caliper is still binding after performing the method above. But 99% of the time, it will be the hose or caliper.