For more on the financial crisis, check outGlobeSt.com's Webinar, "Wall Street In a Freefall—TheWinners and Losers."

DALLAS-Whether it's bravado or foolhardy development, Texas'multifamily developers haven't been stopped cold by the financialchokehold on new projects prevailing in many markets. There are55,516 units under construction in the four major metros, withDallas/Fort Worth at the head of the pack in the 18-monthpipeline.

In North Texas, there are 20,585 units being built. Houston'sadding 16,282 units while Austin is in line for an additional13,018 and San Antonio, 5,631, according to a just-releasedthird-quarter report by Carrollton, TX-based M/PF YieldStar. "It'saggressive everywhere. Austin is the one that frankly scares memore than any," Greg Willett, M/PF's vice president of research andanalysis, tells GlobeSt.com. "It's over what you'd like to see inall those markets."