It is dead quiet in Phoenix. Obviously the same in Florida. If you are developing on the fringe…you might as well be a leper.

Toronto and New York may be a little better, but there is a whole slew of real estate problems that are brewing as the market stays closed to new deals and restructures.

In talking to many of my friends in Phoenix, there is a massive disconnect.

When the Nasdaq/telco bubble burts, even though Yahoo was down 50 points, there was a BID to hit. In real estate, there are no bids. My newbie friends can’t hit bids and if there were bids, they would probably scoff. I don’t think the fringe newbie developer has the staying power for riding out the overhoused America.

Lenders are busy rewriting their criteria. In the meantime, nothing gets done.

This financial meltdown has been amazingly well contained so far. China is rocking and tech stocks are doing well. The all-time high list has some new names.

I wish we could fast forward and move on, but we can’t. I will continue to do less and work on other projects. This meltdown will take much more time to heel. Continue to do less and focus on your sell discipline.