The FDIC's semi-annual Glut List last week cited 13 overbuiltmarkets that could lower property values and endanger lenders whohad funded the ventures. Brokers generally challenged the agency'sfindings, arguing cries of overbuilding currently are not generallysupported by statistics.

"The FDIC wants to prevent a repeat of the 1980s debacle wherenumerous projects went under when the national economy changed,"Stiles said in a telephone interview. "I don't think we're likelyto see that situation recur because everybody in the industry, fromuser to investor to developer has access to much more informationthan they had 15 or 20 years ago."

Additionally, the developer says, "banks today are not droppingtheir pants, as they did in the 1980s, and offering 105% loans."Lenders today are demanding a developer/owner have at least 20% to30% equity in a project before handing out a construction loan,Stiles says. "There is much more discipline in the markettoday."

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