The Review Journal has this update from Las Vegas. "Some owners at Spanish View Towers high-rise condominium in southwest Las Vegas Valley are getting antsy as construction of the $800 million project has been halted for the past three weeks."

"A couple who asked not to be identified said they want their $219,000 deposit returned after being told their million-dollar unit would not be finished until August 2007. When they bought in May 2005, the completion date was set for this month. 'We just want out,' the owner said. 'It'll be two years before it's finished.'"

"David Pourbaba, developer of Sky Las Vegas on the Strip, said the market loses credibility when projects run into trouble."

"'One thing about people that start construction, and this is the old trick in the book, some of these guys start construction with their own money, but they don't do much. They just start some work toward this and that so they can get more buyers in because most of the banks ask for a particular percentage of presold units before they release funds,' Pourbaba said."

"'If you need 60 percent and you're only at 48 percent, you take the chance of starting and hoping you get the other 12 percent right away. It happens sometimes and it can backfire as it has in other cases where lawsuits are filed,' he said."

"Some buyers have filed lawsuits trying to force the developer to build the project. Attorney Mandy Shavinsky said she doesn't know what Nevada courts will do in those cases, but she doubts they can force a developer with limited funds to build something at a gigantic loss."

In Business Las Vegas. "Even in summer's hellfire heat, an estimated 5,000 to 8,000 people will continue to move here each month. So why does Wall Street think the sky is falling?"

"Lukewarm earnings results for locals casino operators Station Casinos and Boyd Gaming Corp. have some analysts all a-quiver about whether the supercharged Las Vegas economy is finally sputtering. Station Casinos, the dominant locals operator and the company poised to profit the most from Las Vegas' continued job and population growth, has found itself in the wrong place at the wrong time. The company on Tuesday reported a 34 percent decline in profit."

"Station executives say they are frustrated that their company has become a hotbed of speculation by short-sellers. CFO Glenn Christenson said the company is bullish on the long-term growth in the locals market. The company recently said locals casinos are expected to win some $3.8 billion from gamblers by 2010, up from previous estimates of $3.5 billion."

"Executives at Boyd Gaming, which has also been bit by the short-selling bug, attempted to reassure investors Tuesday after reporting (a) 79 percent decrease in profit."

"Stephen Bottfeld, who gauges the Las Vegas market, said his polling of the home buying public has uncovered some troubling signs. Only one-third of those who purchased homes believe that economic conditions will improve."

"That's important because it's a 12 percent drop from the first quarter and the lowest level of consumer confidence he has recorded in the history of the survey dating to 1994. 'It did not get this bad the quarter after 9/11,' Bottfeld said. 'That means we have a buying public that is very leery of what is going on economically.'"

"He said, however, even if the country goes into recession, he believes the Las Vegas economy and its housing market will remain healthy given its job growth."

"With the region running out of land, Bottfeld offered another prediction. 'Within the next decade, there will be no more single family home tracts built in the Las Vegas Valley,' Bottfeld said. 'I think personally it will be seven years. Land costs are driving this Valley vertical. You can't afford to build single-family homes on land that costs $700,000, $800,000 or $1.2 million an acre.'"