Is Development Dead in the Southeast?

With years work of lots plan or platted on the ground and thousand of houses empty is residential development dead in the southeast for the next 10 years?

Even though most of the big house builders (Beazer, & D.R. Horton for example) showing profits does this mean the market is back. I don't think so. I think these "profits" are just a result of the tax credits and getting rid of the loses on the books. A profit of 8% is something because at least it isn't the 20% lose of the last quarters but it's also not the 20% gain of the boom. Are we trying to beat a dead horse back to life?

Let's face it. The hay-day of 2005-2006 is gone for a while. The inventory will get eaten up in the years to come because the southeast is still seeing a large influx of people from the rest of the country. But we don't need to build anything for the next few years.

This also holds true for the commercial market. With countless businesses going out out of business and shopping centers and office parks sitting 50% or more empty I see no reason to develop anything for the time being.