This study examines the change from undeveloped to developed land-use during the real estate bubble (2000–2006) and subsequent bust (2006–2013) in Massachusetts, USA, using a time series of Landsat-5, 7, and 8 data. Loss in undeveloped land-use was measured using standardized change detection of Landsat green vegetation and albedo fractions. Between periods of bubble and bust, a significant difference occurred in the total area of undeveloped land-use loss (bubble, 35.9 km2; bust, 29.18 km2), as well as mean loss-patch area (p < 0.001), from 4848 m2 to 4079 m2 (16% decrease). The area of undeveloped land-use loss was 81% greater in forest than agricultural land-use during the bubble and only 51% greater, post-bubble. Undeveloped urban forest loss constituted 25% of all losses during the bubble, while during the bust it was 42%. These findings indicate that total area of undeveloped land-use loss changed due to the economic recession and that those losses reorient from forest and agricultural areas toward areas adjacent to existing development (i.e., urban forests).