The Arizona Republic. "For sale at public auction: Two parcels of prime real estate next to Chandler Fashion Center. Amenities include a partly built tower called Elevation Chandler. The mortgage holder is foreclosing on the stalled high-rise condo-hotel project, according to documents filed with the Maricopa County recorder. A trustees sale is set for Feb. 5."

"The larger parcel contains what is supposed to become an eight-story Renaissance ClubSport hotel topped with two floors of luxury condominiums. Construction stopped in April, leaving a partly built structure at Loop 101 and the Santan Freeway. A parking garage and a second tower of residential condominiums were planned for the adjacent 2.5-acre parcel."

"The beneficiary of the trustees sale...lent $3.45 million to developer Jeff Cline in November 2005."

"Yet another legal problem appeared for Cline last week when three subcontractors banded together and filed a lien-foreclosure lawsuit. They are asking that the property be sold so they can be paid what they are owed. They also are asking for interest and attorneys fees."

"Two additional subcontractors have filed lien-foreclosure lawsuits, as well, and three other subcontractors and the general contractor have recorded liens but not filed lawsuits. Altogether, the mechanics liens total about $5.8 million."

"Sanders Achen, owner of Achen Contractors, was an investor in the mortgage on the project. He since has gotten his money back from Mortgages Ltd. and takes a philosophical view of the situation."

"'Unfortunately, somebody is going to get hurt,' Achen said. 'In the development business, you throw the dice. Sometimes you win and sometimes you lose.'"

The Rocky Mountain News from Colorado. "Almost 16,000 real estate foreclosures have been filed in the Denver area in the first 10 months of the year, 30 percent more than during the same period last year. And by the end of this month, an 18-year record will be eclipsed, with more homes being lost to lenders than ever before."

"'I think that will have to happen,' said Mary Wenke, Arapahoe County's public trustee. 'There's no sign of them letting up. If they dip for a couple of days, they come right back.'"

"Through October, 15,776 foreclosures have been filed in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties. That is less than 8 percent off the all-time record set during the energy bust of the late 1980s. At that time, homes could be purchased for as little as 20 cents on the dollar, which is not the case today."

"'It's not nearly as bad as it was in 1988 and 1989,' said Sandy Hume, Boulder County public trustee. However, that is little comfort if you are losing your home today. 'It is just one horror story after another,' Hume said."

"Experts blame no downpayment loans, 'creative' financing, overbuilding, over-appraised homes and outright fraud as contributors to the growing foreclosure problem."