Many Buyers Must Try, Try Again As Condominium Market Shrinks - washingtonpost.com
I guess this is what they call a "market correction." I think canceling some projects is a good thing because the overbuilding is so obvious that you'd have to be blind not to see it. Where we live, the new houses approved but not yet built far exceed any possible demand, and the schools are already overcrowded, so I hope some of the projects are canceled.

Washington, DC: A growing number of condominium developers are backing out of projects as the worsening real estate market causes lenders to tighten their standards. For buyers, a project's cancellation can be an unexpected jolt. They get their deposits back but nothing for their time and aggravation.In the past 12 months, nearly 20,000 condo units have been removed from the glutted local development pipeline, said Gregory H. Leisch, chief executive of Delta Associates, a real estate research firm in Alexandria. By Delta's count, in the second quarter of this year, developers abandoned plans for 22 local condo projects.