The Daily Times reports from New Mexico. "The real-estate market within the Four Corners is experiencing minor jolts and bumps, but area realtors say the bubble has not burst locally as it has elsewhere. Roughly 75 homeowners listed their homes for sale in December but in March, the latest month statistics are available, that number doubled to more than 160."

"Broker Valerie Uselman described the market in San Juan County as tight and swift in 2005. It has since cooled off but she said the trend looks to be reversing itself. '(Homes) are moving, but they're not moving as swiftly as they were three years ago,' she said. 'It's not quite the same now, but I think the market around here will always be good.'"

"The Durango Area Association of Realtors released its first quarter statistics on Friday, which showed a drop in median home values within La Plata County from $345,000 last year to $328,000 this year. The average home price in La Plata County also dropped from $425,000 to $412,000."

"The number of sales dropped during the first quarter for the third consecutive year with only 83 homes selling this year."

"Since 2000, the average price for a new home in La Plata County has more than doubled from $187,000 to nearly $350,000."

The Arizona Republic. "The standoff between home buyers and sellers in metropolitan Phoenix could be nearing an end. 'Both buyers and sellers are readjusting their expectations,' said University of Arizona economist Marshall Vest."

"Valley home listings recently hit a new high of 50,000. But housing-market watchers say many of the listings are sellers who put their home on the market last year based on price run-ups from a few years ago. Those houses are languishing on the market with little chance of selling for the listed prices."

"Thomas Herz realized there was a glut of homes for sale when he decided to sell his central Phoenix home earlier this year. He originally wanted to list it for $340,000, the price he believes his home is worth now. But Herz didn't want to wait months while it sat on the market and then have to go through the process of lowering his price one or more times."

"He and his real estate agent watched as the comparable sales in his neighborhood started coming in lower. 'After watching what was going on with the market, I wanted to list it at $319,000 but decided to go with $314,900, hoping it would sell faster,' said Herz, who put his three-bedroom home in the Woodlea historic district on the market a few weeks ago."

"'Two years ago, homes like mine were selling in the high $300,000s. This house is a great deal for someone,' he said."

"'People are realizing this isn't a fad,' said Margie O'Campo de Castillo of Arizona Dream Realty. 'Listing prices have to come down for homes to sell, and buyers have to be realistic. It's good to see it finally happening.'"

"Some people tour Europe. Some lie about on beaches in Hawaii or Thailand. And then there are others who want to unwind in a stucco house near the end of a cul-de-sac in Pinal County."

"Some homeowners in Pinal County are turning their investments into vacation homes. They're investing in high thread-count sheets, stocking refrigerators with continental breakfasts and renting to visitors who stay for a few days or weeks."

"Xavier Johnson and his wife, Krista used to live in the vacation home they now call Mayfield Circle Lodge, but moved when they bought a new house in Queen Creek. The bursting real estate bubble made it hard to sell or rent out their old home. Then, Xavier started 'thinking outside of the box.'"

"'I was looking at him like he was crazy,' Krista said. 'I told him, 'I've lived there, and that is not a vacation.'"

"The Johnsons had to invest thousands of dollars to furnish and decorate the Mayfield Circle Lodge. They've equipped the house with board games, high-speed Internet access, video games and DVDs. And now they pay two mortgages."

"There's also competition. In their neighborhood, there are at least a dozen other 'vacation homes' for rent at similar rates."

The Sierra Vista Herald from Arizona. "National housing analyst Metrostudy is forecasting good things for Southern Arizona. With new home construction down 34 percent to 7,228 starts, between April 1, 2006, and March 31, 2007, oversupply of new homes, due to speculative buying and over-generous lending practices, continues to decline. That is keeping the total of finished vacant homes at 1,593 units."

"'Tucson does not appear to be as overbuilt as some other U.S. markets,' said Ben Sage, director of Metrostudy’s Arizona Division."

"The analyst continues to rank Vail-Corona de Tucson as the most active suburban area, with 1,693 annual starts through the end of the first quarter 2007. It surged past Sahuarita and Green Valley, which experienced a 33 percent drop, due to rising prices and fewer vacant lots available."

"By comparison, the Phoenix metropolitan area continues to experience a much larger inventory of unsold homes. Sage said, 'one third of all inventory is finished and vacant.'"

The Review Journal from Nevada. "The W Las Vegas mixed-use project slated for almost 50 acres along Harmon Avenue was canceled Friday after minority partner Starwood Hotels and Resorts Worldwide pulled out of the project."

""In a brief e-mailed statement, the Edge Group said its partnership with Starwood is scheduled to end and the project 'could not overcome numerous significant challenges.'"

"The Edge Group had bought the land from home builder D.R. Horton for $108 million. The W Las Vegas was to neighbor the 4,000-unit hotel-condominium project, Las Ramblas."

"But poor unit sales forced Las Ramblas' cancellation and it sold 25 acres and entitlements to the Edge Group for $202 million in June 2006."

"Edge spokeswoman Maggie Feldman said company officials could not comment further now but added that the group is selling assets including the land."

"The e-mail statement from Edge also said all condominium reservation deposits have been returned to the buyers. The company had held reservation agreements, but no hard contracts, for 750 units."