"It wasn’t supposed to be like this."

That’s a quote from an article that appeared first on line yesterday and now today in the WSJ real-estate section. The hard-copy title is kinder (“Bigger in Texas? Capital’s Real-Estate Glut Counts,” byline Maura Webber Sadovi) than the one appearing in some searches (“Austin’s Real-Estate Glut”). The print version has numbers comparing office, retail, and warehouse vacancy rates and rent per square foot for the 2008 third quarter and for the same quarter a year ago, as well as the median prices for single-family houses. I may have overlooked this information before seeing it today in this feature, but it’s reported here that the Austin Museum of Art building project has been postponed yet again. There are lots of negative descriptions in this piece, including “binge,” “bloated,” “deteriorating demand,” and more. Just how much of a lag will there be between the facts and the subsequent adjustment of appraised values for tax purposes that will accurately reflect the downward course?

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