A housing report from the Arizona Republic. "New numbers are in on the fallout from the investor home-buying spree in metropolitan Phoenix. As many as 40 percent of the contracts on all the new homes in the Valley during 2005 and early this year have fallen through. That translates to 25,000 spec homes, according to a new survey from housing analyst RL Brown."

"Many new-home deals fell apart because buyers couldn't sell existing homes. But there also were many investors who pulled out of new-home deals after seeing they couldn't flip the homes for hefty profits."

"Speculators snatched up existing homes last year and are now trying to sell them for a profit. Those extra homes for sale, by many people who never lived in them, have created a glut in some areas of the Valley."

"Realty Executives President John Foltz said many of his agents ask where all the home buyers are in this 'buyers market.' His answer: 'They're living in overpriced listings.'"

The Arizona Daily Star from Tucson. "After months of study — and hope on the part of city officials, Bookmans Entertainment Exchange will not be moving its Grant Road store to Downtown, citing a lack of residents."

"For about the last six months the local multimedia chain had been exploring a move to Downtown. 'A traditional Bookmans is going to get 50,000 to 60,000 people a month,' Feeney said. 'With the Downtown population … we felt it would be difficult to sustain that kind of traffic volume in the immediate area.'"

"Bookmans' executives had concerns about store space, adequate throughways to get to Downtown and parking once customers arrived. But it was a lack of residents in the immediate area that was the backbreaker, said Sean Feeney, Bookmans' executive vice president."

"This isn't the first time a lack of residents has disrupted potential Downtown development. The city had hoped to build a grocery store at West 22nd Street and Interstate 10, but dissolved an agreement in November 2005 with Bourn Partners because there weren't enough people in the immediate area to support a store."

"Greg Shelko, director of the city's Rio Nuevo Downtown revitalization project, said he was disappointed by the news, but he did his best to stay positive. 'A key endeavor for us is not to lose sight of the need to build as much housing as we can in the coming years,' he said."