New flats not to be built

Developers announced that in year 2008 new flats are not going to be built. Companies have not enough money for the realization of their investitions.
It seemed that everything was going in the proper direction, developers had a lot of money, banks were giving credits easily.
The prices of flats went rapidly up, so now people are not so willing and eager to buy them, and banks do not want to give credits so easily any more.
Experts claims that American market is to be blamed for the crisis in Poland. It is where financial institutions lost milions of dollars because of high risk credits. When developers and their clients became insolvent, banks suffered a huge loss. European bankers are afraid that a similar situation can be repeated also here.