Market watcher gets caught in bubble

Terry McDonnell has enjoyed success in publishing and real estate. Now, with both those business sectors struggling, the Scottsdale publisher of Business Real Estate Weekly has taken a hit A decline in advertising has cut the page count from 16 in the boom years to eight in the depressed real estate market. It hasn't helped that McDonnell is underwater on his largest real estate investment, a seven-figure home in Silverleaf that will go to public auction next month unless a short sale comes through first. "People say to me, 'You know real estate. How did you get caught?'" McDonnell said. "I knew that what goes up must come down. But I didn't see it happening to this extent."

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