It isn't just housing

The economic downturn has not only affected housing prices. Housing Kaboom points out that business developments are also affected:

What's going to happen to these centers? Well you need to look no farther than Moreno Valley to see what will happen. During the last boom several large centers were built. Many of those still sit empty. Right off the 60 Fwy is Canyon Springs center. Once home to a thriving retail center. When the bust hit in the early 90's roughly 70% of the stores moved out. What remained were discount shops or seasonal shops. Only Toy's R Us weathered the storm. Even well known eateries like Tony Roma's could not make it in an empty shopping center.