there is 2 much offer (almoast every builder became a developer of land-thats why prices went so high before) and almoast no demand.. banks are "afraid" to lend monie (even if they are secured with morgage) since the price of land on market is not steady..many developers are under big loans with great interest and they cannot afford the tranche since sales are zero now.
some people who have money and want to buy or invest on land are on "defence" beacuse they expect a bigger fall of prices in 2010..