The Denver Post reports from Colorado. "California has escalating foreclosures despite a respectable job market, following a trend that started in Colorado more than two years ago. The causes are familiar to Front Range residents, low home price appreciation, meager home equity and mortgages with payments that are adjusting higher, according to foreclosure experts."

"Exacerbating the situation in recent months is a tightening in lending standards that has reduced the pool of available homebuyers.'A lot of people won't be able to qualify for homes,' said Robert Duran, president of First Liberty Lending in Longmont."

The Coloradoan. "The Colorado Division of Housing’s foreclosure hotline is receiving about 75 calls per day, the most from Fort Collins, Colorado Springs and the Denver area. A recent survey shows 74 percent of callers were one to three months behind in payments, had an imminent sale date or had received an eviction notice."

"Sara Allen, executive director at CCC in Northern Colorado, said Larimer County ranked eighth in 2005 and ninth in 2006 in foreclosures in the state. 'Seventy-five percent were refinanced loans. Lots of people took out cash in the last mortgage boom,' Allen said."

The Rocky Mountain from Colorado. "More than 6,200 real estate foreclosures have been filed in the seven-county Denver area in the first three months of the year, a 30 percent jump from the record pace in the first quarter of 2006."

"'Our forecast was anticipating maybe a 5 percent to 10 percent increase over last year,' said economist Patty Silverstein."

"Kathi Williams, head of the Colorado Division of Housing, said she knew 'the first quarter wasn't going to be pretty' based on the number of homeowners who were delinquent on mortgage payments."

"Sarah Hays, a broker in Centennial, said that while the market is going to get worse before it gets better, investors and homeowners can get good deals, if they're willing to be patient."

"For example, a condo in Aurora sold in 2005 for $68,000 and is now being sold by the lender for $43,900, she said."

"Hays also is seeing more move-up homes in foreclosure. A house with six bedrooms, four baths and 5,000 square feet in the Piney Creek subdivision along the southeast corridor is listed by a lender for $299,000, she said. Before the owner lost the home in a foreclosure, he tried unsuccessfully to sell it for $359,000."

"But whether you buy a foreclosed home at an auction or on the open market, don't plan on making a killing right away. 'This is not a good market for flipping homes,' Hays said."

The Arizona Republic. "Metro Phoenix's housing business may be struggling, but that's not stopping a growing number of home builders from moving into what already is one of the country's most competitive markets."

"The Arizona Republic reported at the end of March that three newcomers were in various stages of launching local operations. Two weeks later, two more builders are getting projects off the ground, both in Estrella."

"Some of the builders have said that the sag in the market following boom of 2004 and 2005 has provided builders a chance to get in. Some of the big national players that dominate new housing here over-reached during the boom, buying too much land and running prices higher."

"Now, analysts say new builders can buy that surplus land cheaply and find competitive prices among trade contractors that are happy to have work in a slowing market."

The East Valley Tribune. "A Phoenix-based developer made history at a state trust land auction Tuesday, buying up 269 acres in the Desert Ridge area for a record $149.5 million."

"It was the Arizona State Land Department’s third attempt to sell the property in the past year, amid a slowing real estate market. The agency received no bids at an auction last August and canceled another planned for December after it became clear there would be no takers."

"The previous record price for state trust land was $135 million, set in August 2005 for another piece of property in the Desert Ridge area. That land was purchased by builders Toll Brothers and Pulte Homes. The recent sale fell well short of the price-per-acre record of $1 million."

"Rick Burton, one of three partners involved in the Desert Ridge purchase, said homes in the Desert Ridge project will likely be priced in the $400,000- to $500,000-range. Construction will probably start in 14 months to 18 months’ with full project buildout in three to five years, he said."

"'Now that we own it, as far as we’re concerned, the meter’s ticking,' he said."

The Arizona Daily Star. "New-home prices fell in March, while resale home prices showed little increase from the same month in 2006, said a report on real estate in the Tucson metropolitan area."

"The median price of a new home dipped to $241,213 from $253,235 in March 2006, according to consultant John Strobeck."

"New-home closings for the month dropped to 660 from 902 in March 2006. Resale closings fell to 1,559 from 2,001. New-home permit activity also dropped. A total of 555 permits were issued last month, down from 995 in March 2006, the report said."

"Strobeck said he was 'not surprised at all' by the March statistics. Amid rising default rates for subprime mortgages, lenders are tightening their credit standards, keeping some would-be buyers out of the market, he said."

"However, Strobeck said he expects the market will perk up again by late this year or early 2008. 'We're in an adjustment market,' he added."