An editorial from the Arizona Republic. "Thousands of tract houses are being built within the 10-mile emergency zone of the Palo Verde Nuclear Generating Station, the nation's largest. As my colleague Mark Shaffer reported, developers have filed plans for 107,000 houses on 33,000 acres in eight so-called master-planned communities."

"The houses aren't being built there out of necessity. With the housing slowdown continuing to grind away, central Arizona is stuck with a huge surplus of developable land. But that hasn't stopped the land-speculation 'players.' Land near the nuke plant now fetches $60,000 an acre."

"More giant subdivisions are going up in Mohave County. Here the sprawl enterprise is to create even-farther-flung suburbs for Las Vegas. Unfortunately they don't face even the limited water restrictions, such as a requirement of a 100-year water supply, that are in force in parts of the state. And Mohave County is notoriously lacking in groundwater. Officials say they are powerless to stop the building."

"What baffles me is why the real estate industry retains such a united front in the face of the obvious perils Arizona faces. Civic-minded developers are loath to break ranks with the bottom-feeders. I hear: 'People will come here no matter what. You can't stop them.' Then, 'Any restrictions will cause a recession!'"

"Well, which is it? If people will come here no matter what, then they will come for projects within the existing urban boundaries and safest watersheds. If any restrictions will cause the sky to fall, then we need to change course to something less risky."

"Yet we motor on in a grand Ponzi scheme, which tends to last as long as there are new suckers coming. The 'players' make a killing, and who wouldn't with taxpayers paying for water, freeways, flood control and other assets needed to make the deals worthwhile."

The East Valley Tribune. "Roszak/ADC, an Evanston, Ill.-based developer, has announced plans to build a condo complex called Fiesta Towers, which would be composed of four towers up to 25 stories containing 540 to 850 units."

"Broker Bert Kempfert said completion of the property sale is an indicator that Roszak is serious about moving forward. 'I doubt they would buy it if they didn’t intend to build it,' he said. 'There is a 100 percent probability they will get it built.'"

"The Mesa City Council unanimously approved zoning for the property in April, allowing construction of buildings up to 25 stories. At that time, the firm said it intended to sell condos in the $200,000 to $700,000 price range."

"Teri Killgore, Fiesta District program manager for the city of Mesa, said the developer plans to open the office in a nearby strip shopping center. That could happen early next year, although she said the schedule could change based on conditions in the housing market."

"'Everyone knows what is happening in the housing industry,' she said. 'I doubt that they would launch sales in the low point of the market.'"

"A year ago, Phoenix was one of the hottest markets in the country, with sales and prices running at record highs. The median home price hit $263,000. But up to a quarter of the sales were to investors, who began selling their properties wholesale when it became harder to flip them for a fast profit."

"Now, existing home sales are down 34 percent, and new-home starts are off 18 percent from last year. Phoenix remains expensive. In 2005, first-time buyers could expect to pay as much as $230,000 for a new house. These days, the figure is closer to $200,000. Some builders are piling on incentives."

"Before the market started cooling, there were few homes valued at less than $200,000, said Ben Sage, Phoenix office director for Metrostudy, which tracks new home markets around the country. 'As the market has been adjusting, home builders have been lowering prices,' Sage said."

The Las Vegas Sun. "At 2:30 in the afternoon, Remedios Bernal opens the door of his mobile home with his right hand, rubbing his eyes with his left. Bernal had been dozing off after running out of places to look for construction work. He was laid off three weeks ago, an apparent casualty of the valley's 13th consecutive month of declining year-to-year home sales."

"'I came here (to the United States) to work, not to rest,' he said with a slight smile. Monica Caruso, spokeswoman for the Southern Nevada Home Builders Association, said thousands of workers may have been laid off in recent months."

"Though analysts have debated the meaning of the home-sales figures for months, little attention has been paid to what it means for workers such as Bernal, often in the country illegally. Unemployment claims in the construction industry were up 32 percent statewide in October compared with last year, rising from 3,119 to 4,128."

"In the last three weeks, he has visited 10 friends and relatives who have worked in construction and have their own contacts. He has also visited construction sites cold. Nothing came of any of the visits."

"Erasmo Badillo, without work after 12 years laying shingles on rooftops across the valley, not only stopped sending money back to an uncle in Veracruz, Mexico, but started asking him to send some of that money back."

"Bernal said friends have left their families behind and gone to Phoenix for work. Others interviewed for this story knew people who had done the same."