Too Much New Construction?

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Does anyone else think that the big homebuilders are building too much? I was recently in Vegas. Its amazing to see all the new homes/condos everywhere. As far as the eye can see there is building now. I see it everywhere I go - not just Vegas.

What happens if the mortgage rates finally start to climb? Will the construction boom slow, or will there be skeletons of buildings rotting in the desert and elsewhere?