MarketWatch reports on a Federal presidents speech. "The housing slowdown has turned some areas of Phoenix and Las Vegas into 'ghost towns,' where many unsold homes stand empty, Janet Yellen, president of the San Francisco Federal Reserve Bank, said Monday."

"Yellen said that she heard the ominous description from a 'major home builder,' who told her that the share of unsold homes in some subdivisions around the two Western cities has topped 80%."

"'Though the situation isn't that bad everywhere, a significant buildup of home inventory implies that permits and [housing] starts may continue to fall, and the market may not recover for several years,' she warned, according to the text of a speech."

"'We have yet to see the full effects of the series of 17 federal funds rate increases -- some are probably still in the pipeline,' the Fed president added."

The Arizona Republic. "While the Valley is in the throes of a cold housing market, Casa Grande is flirting with a trio of megadevelopments that individually would have more residents than the city's current population."

"The three developments are all planned for northwest of Pinal County's largest city, along the Casa Grande-Maricopa Highway. The three developments would encompass more than 30 square miles, about 74,000 houses, according to city officials and developers."

"'Developers are swarming us every day,' said Casa Grande Mayor Chuck Walton."

"In April, the Casa Grande council approved the 10.7 square mile Grande Valley annexation, which will include up to 16,000 single-family houses as well as denser multifamily housing, said Larry Yount, president of developer LKY Development Co. Groundbreaking is expected in about 18 months once the housing market stabilizes, Yount said."

The Las Vegas Business Press. "Although the developer of the old Klondike Hotel & Casino site is busy acquiring use permits from Clark County for a hotel-condo-casino project, don't expect to see any activity in the near future."

"Citing changes in the Florida real estate market and rising construction costs in Las Vegas, Royal Palm CEO Daniel Kodsi said that the project will move forward but at a slower, cautious pace. 'This is a big project for us,' Kodsi said. 'We are still cleaning up deals we have down here in Florida. We're taking our time.'"

"Centra Properties, a local developer responsible for $3 billion worth of projects, is liquidating many of its assets, a victim of shifting market conditions and tougher lending criteria. The six-year-old firm recently put Centra Point, the crown jewel of its real estate holdings, up for sale."

"Last May, Centra also sold 25 acres. The site was the location of another Centra/Related project, Las Ramblas, a $3 billion condo-hotel-casino complex that was canceled earlier this year. The company further streamlined assets by selling its construction division in May."

"'We are opportunists,' explained Jim Stuart, Centra's founding partner."

"'Realistically, you cannot buy property at today's retail prices and still build things, unless your have a competitive advantage,' said Jeremy Aguero, principal of a Las Vegas-based business-advisory firm."

"'Developers must now have cash on hand in order to make projects happen. Banks and Wall Street are tightening lending requirements. As a result, we're dealing with a new reality that's going to be around for a while,' he said."