The issue that I've run into with them is under writing them as new construction, because they are more expensive to build compared to all lumber frame.

.  ;-)Then there's the flip side: once the economy goes back to normal I have to unload all of that heavy metal and redo the real estate investment, which includes transaction costs, hunting deals, etc.  

Today I am being told the price was only valid till the day mentioned on the website and now overall costs have gone up my build cost is up 10%.Though I understand this is a very common scenario for new builds where original price can change significantly for any reason including the recent lumber pricing (which B TW has gone down 3X since the time I signed contract), I did not factor such drastic price changes.

Was a fannie property, so they were trying to unload anyways and get it off the books. 

I agree with @Brian Burke and @Greg Dickerson very cogent arguments, and that it's just too early to know what the impact is on the market.I do hope this represents an opportunity, even if for a short period of time, for well capitalized investors to help distressed sellers unload their properties at a time when cash is in short supply.I am actively looking for all cash deals at the moment, hoping to parlay liquidity into a strong negotiating position and access to better deals.