In Merced, Calif., several partly built homes sit in a development called Riverstone, their wooden frames bleaching in the sun.
We have seen that here in Hawaii where steel-framed homes are the trend. But construction has stopped on some housing projects leaving the steel frames unpainted and unprotected. Already these partly constructed frames are starting to rust in the salt air.
My wife and I were in Waikiki yesterday. There were two worrisome signs. First, it was very uncrowded compared to previous years, and most of the signs are in Japanese, with the English translation slugged in at the bottom. For what should be prime retail space, there were a large number of vacancies, and I don't recall seeing that before in Waikiki in the 11 years we have lived here.