Falling need for West side school?

Do current housing declines wipe out the need for a new West side school? Here’s an article from The Capital Times (Oct. 9, 2006):

Home building keeps plunging here
The decline in home building in Dane County this year accelerated in September, remaining the weakest this century, according to the latest figures from MTD Marketing.
There were just 73 permits issued for single-family homes and duplexes here in September, less than half the 195 last September, and at least 68 below every September back to 1999, the earliest year MTD reported figures.
The September permits did set a record average value for the month at $242,836. The average square footage was 2,410, third highest since 1999.
Year-to-date through September, there were 1,116 permits in Dane County, 711 below a year ago and at least 332 below every year back to 1999. The average value for the first nine months of the year did set a record at $246,660. The average square footage of 2,449 was behind only the 2,469 in 2004.