I am feeling the pain here in AZ as well Joe. We have builders that at this time last year were selling homes before they were built, and now they are looking at less then 70% sold at time of completion. It is just the normal cycle though.
You guys have to much dirt over there. It happens to us in CA in the desert areas. As soon as the market hiccups the open expanse areas of San Diego, Riverside and or Palm Desert begin to slow dramatically. The dense city areas seem to perform much better.