The East Valley Tribune reports from Arizona. "Sales of existing Valley homes picked up slightly in May, as tens of thousands of homeowners competed for buyers in a dragging market. Some 5,220 existing homes sold last month, down 24 percent from the same period last year, a study by Arizona State University’s Realty Studies department shows."

"So far this year, 24,265 existing homes have sold, down from 30,830 in the first five months of 2006 and 46,485 the same period in 2005."

"The market is...still dealing with a huge overhang of unsold homes, Realty Studies director Jay Butler said. The inventory of existing homes has hit record highs in recent months, soaring to more than 50,000. Many are investment properties, he said."

"'(Investors are) in trouble,' Butler said. 'They can’t rent them. They’re not making any money. They’re just simply wanting to unload them.'"

"Sellers in Pinal County and the West Valley are struggling to compete with builders offering larger homes, landscaping and other incentives at resale prices, he said."

The Arizona Republic. "Median prices for homes sold in May throughout the Southeast Valley fell compared to a year earlier. Jay Butler, at ASU, said new home builders are aggressively pursuing homebuyers and competing with sellers of existing homes."

"Also investors continue to sell and put downward pressure on prices. There are more than 18,000 homes for sale in the Southeast Valley, according to the Arizona Regional MLS, a record."

"Compared to May 2006, Ahwatukee Foothills saw the biggest decrease in median prices, with a 10 percent decrease, to $346,500. Gilbert had an 8 percent decrease, to $300,000. Tempe's price fell 6 percent, to $270,780; Mesa declined 5 percent, to $238,000; and Chandler fell 3 percent, to $297,750."

From Newszap.com. "Real estate experts say a buyer's market is still in place after more than a year-and-a-half as the number of home listings Valley and nationwide continue to increase."

"There are more than 60,000 home listings in the Valley compared to 38,000 listings two years ago when a bull market was in place and homes were selling like hotcakes, said Norm Brenna, general sales manager for Ken Meade Realty, Surprise, Arizona."

"The market has slowed somewhat and buyers believe they can pick and choose what they want as they are in control in today's housing market."

"Mr. Brenna described the market as slow simply because buyers may be reluctant buy as prices continue to surge. Some sellers are getting $20,000 to $40,000 less than their original asking prices despite the downward trend of homes sold."

"Still, sellers believe they can get their original asking price and are looking to broker deals, but are often asking too much. 'We still have a lot of sellers who believe their home is worth what it was a year-and-a-half ago,' he said."

"During the first quarter of 2007, January through March, there was a 15.9 percent decrease in the number of homes sold in Sun City and the average sale price went up .6 percent compared to last year."

"Homes have also stayed on the market longer this year, a 147.6 percent increase this year versus last."

"This year's numbers indicate an 11.8 percent decrease in homes sold in Sun City West and an average sale price decrease of 7.2 percent. Average days on the market for Sun City West homes increased 225 percent, according to Mr. Brenna."

"'Sellers are asking too much and believe their homes are still built with heavy-duty nails,' he said. 'This news is slowly getting them back to the realization of where the housing market is.'"

"The Recreation Centers of Sun City also tracks homes sold as a $2,500 fee garnered from sold homes goes into the corporation's Capital Preservation Fund."

"As of April, the latest statistics available from the RCSC shows 146 new homeowners paid the one-time Capital Preservation Fee, according to Helen Thiel, executive coordinator for the board of directors. Last year, a total of 1,757 homes sold in Sun City."

"Ms. Thiel said 579 homes have sold this year in Sun City. 'The housing market is down,' she said. 'It's a nationwide trend.'"

"If sellers are interested in selling their homes now, Mr. Brenna's advice for them is to wisely position it in the marketplace and be realistic about selling goals. 'There are a lot of houses for buyers to look at and you want to get the best buy for your dollar,' he said."

"Arizona is ranked No. 6 nationwide for foreclosures with 5,918 properties entering foreclosure last month, a nearly 200 percent increase from May 2006, according to RealtyTrac."

"Analysts worry that the increase in foreclosure activity during the spring when sales are typically strongest could mean even higher rates later in the year."

"Nevada topped the firm's list with a 375 percent jump in foreclosure activity. Colorado, California, Florida and Ohio rounded out the top five."

The Gazette Journal from Nevada. "After a slight reprieve in April, the Washoe County foreclosure rate continued to rise in May, echoing a national trend according to a report released Wednesday."

"'Some people, although it's a minority amount, are in trouble with housing,' said Thomas Powell, chairman of the Nevada Mortgage Advisory Council. 'Most people aren't. Are they going to have to scale back in their lifestyle? You bet. Is that going to have an impact on the economy? Sure.'"

"Nevada had the nation's highest rate, one in every 166 households, for the fifth consecutive month. But that is largely because of Las Vegas, which has the fourth-highest rate of any metro area in the country."

"Washoe County, despite doubling the national rate, continues to fare better than many of its neighbors. In fact, California cities Stockton, Merced, Modesto, Riverside-San Bernardino, Vallejo-Fairfield and Sacramento joined Las Vegas to make up the metro areas with the seven highest foreclosure rates, according to the report."

The Denver Post from Colorado. "Buying a home continues to be an iffy proposition for many Coloradans. The state is on track to log more than 37,000 foreclosures this year, a 30 percent increase over last year, according to the Colorado Division of Housing."

"Rachel Basye, spokeswoman for the Colorado Housing and Finance Authority, is among the real estate experts who say the zeal for home ownership caused too many buyers to opt for houses they couldn't afford."

"Pair that with risky financing packages that allowed many people to qualify for more extravagant houses than they should have, and the scene was set for Colorado's record high foreclosure rates."

"'The market is being flooded with houses that...people can now afford,' says Basye."