We present a new reconstruction of the mass density and the peculiar velocity fields in the nearby universe using recent measurements of Tully-Fisher distances for a sample of late spirals. We find significant differences between our reconstructed fields and those obtained in earlier work: overdensities tend to be more compact while underdense regions, consisting of individual voids, are more abundant. Our results suggest that voids observed in redshift surveys of galaxies represent real voids

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... n the underlying matter distribution. While we detect a bulk velocity of ∼ 300 , within a top-hat window 6000 in radius, the flow is less coherent than previously claimed, exhibiting a bifurcation towards the Perseus-Pisces and the Great Attractor complexes. This is the first time that this feature is seen from peculiar velocity measurements. The observed velocity field resembles, more closely than any previous reconstruction, the velocity field predicted from self-consistent reconstructions based on all-sky redshift surveys. This better match is likely to affect estimates of the parameter β = Ω^0.6/b and its uncertainty based on velocity-velocity comparisons.