being all "the sky is falling" with negative news I don't read it that way. My guess is that they 1) didn't believe that prices would level off a bit, as they

being all "the sky is falling" with negative news I don't read it that way. My guess is that they 1) didn't believe that prices would level off a bit, as they have in the last couple of months 2) didn't factor in significant delays & increased costs for even minor refurbs and 3) as a result realized that any profits would be eaten by carrying costs (property taxes, maintenance, opportunity cost of having capital stagnate).