A pair of reports on the Arizona housing bubble. "Here's a sure sign that too many high-end condominiums are going up in metropolitan Phoenix: Units at two pricey new developments are being auctioned off, and the minimum bids are half of what the homes originally cost."

"Four condos in the Optima Biltmore Tower on Phoenix's posh corner of 24th Street and Camelback Road are going on the block this month. The high-rise homes cost $949,000 last year. The opening bid for one of the condos now is $475,000."

"In Tempe, three condos at the Vale development will go to the highest bidder this month as well. The units originally cost $429,000 to $699,000. The 'suggested opening bid' starts at $240,000."

"A growing number of real estate market watchers say there are just too many pricey condos being built or were recently built and not enough buyers. Almost 8,000 condos and lofts are planned or under construction across the Valley now, more than what went up in the Valley in all of the past 10 years."

"Condo developer Reid Butler estimates that less than 20 percent of all the planned high-rise residential projects will be built."

And in Tucson. "Foreclosures are increasing in Pima County as the housing market slows, inflation accelerates and creative financing plans mature, experts say."

"The number of foreclosure proceedings in Pima County that were initiated by lenders reached 1,199 in the first three months of 2006, a 27 percent increase over the 943 filings in the first quarter of 2005."

"One reason for the increase is the relative difficulty in selling homes, experts said. During the housing market's recent glory days, creative financing and out-of-town investors made selling a home easy. But a cooler market has changed all that."

"'One of the issues facing Arizona might be overabundance of available properties. It extends the time properties are on the market and has a dampening effect on marketing,' said Rick Sharga."

"The trends in the local home market don't bode well for financially strapped homeowners in the future, said William Anastopoulos, co-founder of Tucson Mortgage. 'It has clearly turned into a buyer's market and what's astounding to me is it's happened very quickly. I just think this is the beginning of a hangover,' Anastopoulos said."