water levels in its two biggest reservoirs, lake mead and lake powell, they've been dropping fast. shortages are coming. so what does that mean for you? >> the cost of water's going up. it's becoming more expensive because there's increasing competition for water, and there's a lot of components that go into the cost of water. for example, it takes a lot of power to move water. and so if power costs go up, water costs go up. >> water is a valuable commodity. it's undervalued. it's underpriced. the more people come here, as the drought that we've been experiencing continues, it is going to become more expensive. >> arizona's ahead of its neighbors in terms of planning for the future and ensuring that water use is considered when building homes. developers, home builders can't just build wherever. they have to follow certain rules. >> you have to go to the arizona department of water resources and demonstrate that you have sufficient water supplies for 100 years. in order to be able to sell a new house, you have to demonstrate that you've got this water supply. >> they are also stock