The Arizona Republic has a couple of notes on the Phoenix housing bubble. "Home buyers are waffling as much over Sen. John McCain's house as he is over running for president. The north-central Phoenix home has been on the market for seven months. So far, no takers."

"The price on the 11,000-square-foot mansion was cut by a half-million dollars to $3.75 million earlier this year."

"The high-end housing market isn't slowing as much as the rest of the Valley's home market so far. More than 800 houses across metropolitan Phoenix have sold for $1 million or more so far this year."

"During 2005, about 1,800 sales of houses worth at least $1 million last year sold, according to the Arizona Regional MLS. In all of 2004, there were nearly 1,000 million-dollar home sales Valley-wide."

"Real estate analyst RL Brown has gone code red on the Valley's housing market. In his May newsletter released last week, Brown changed the background on his forecast from yellow to red. Yellow stood for caution."

"Brown has done the color codes signaling his take on the market for the past few years. He has never gone red before."

"Brown said the red signals the housing 'market continues to deteriorate. Hopefully that condition and color will be short-lived.'"