The Review Journal reports from Nevada. "The inventory of single-family homes available for sale in Las Vegas climbed to a record 23,642 in June, topping the previous peak of 23,474 in October, the Greater Las Vegas Association of Realtors reported Monday. The number rose 18.1 percent from the same month a year ago."

"'We see this as another sign that sellers should be more realistic about the time their home can spend on the market,' said Devin Reiss, president of the Realtors association."

"The median price rose 1.2 percent from the previous month to $305,000 although it's still down $10,000, or 3.2 percent, from last year."

"The number of condos and townhomes for sale was 6,263, an increase of 35.3 percent from a year ago. The median price of $194,250 is down 5.2 percent from June 2006. There were 1,476 single-family home sales in June, down 41.6 percent from a year ago."

From Las Vegas Now in Nevada. "A zip code-by-zip code analysis found that an area of North Las Vegas has one of the nation's 10 worst rates of home foreclosure. Our area has 8 in the top 100, and according to Realty Trac, we also have 24 zip codes in the top 500."

"Eric Banks moved to Las Vegas from California a few years ago. Work was steady, it was a buyer's market, so he bought a home in Summerlin. Today, he is close to losing his home to foreclosure, because he can't make the mortgage payments."

"'The only option is to sell or foreclose,' said Banks. 'I'm unable to make the payments. I'm watching the value of my house drop,' he said."

"He's missed his mortgage payment twice and says there is nothing he can do about it."

"'I am one of those people who got into a house when I was making a good deal of money and over the last year I've seen my income drop by 60- 70%,' said Banks."

The Arizona Republic. "Less than a month after lawmakers approved a $10.6 billion state budget, revenues are already falling short of projections, a state budget report says. In fact, the state may wind up with a deficit for the just-concluded fiscal year, raising the prospect of a bumpy financial path in the coming year."

"Figures from the Joint Legislative Budget Committee show that the most recent tax collections are $139 million below that forecast."

"One of the major factors leading to the decline in tax revenue is the slowdown in the housing market, the report states. The state showed a drop of 900 construction jobs in May, compared with a 10-year average gain of 2,200 construction jobs in May."

"The budget committee report strikes a wait-and-see attitude about what the decline in tax collections could mean. It's hard to project what may happen in coming months, as uncertainty continues about the housing market and the national economy moves at a slower pace."

"The budget report notes that individual income-tax collections this May fell 27 percent from May 2006, a drop of $114 million from what was forecast. Money from the corporate income tax dropped 10 percent. And sales-tax collections are at their lowest point in four years, falling $35 million below the predictions on which the current budget is based."

"The report says the stunning 20 percent boost in tax collections that the state saw in 2005-'06 was a one-time event and can't be counted on to bail the state out in leaner times."

The Denver Post from Colorado. "Some mortgage lenders in Colorado are scaling back the type of loans they provide to consumers through mortgage brokers, prompted by a regulatory change aimed at reining in unscrupulous mortgage brokers."

"Some lenders operating in Colorado are no longer offering through brokers so-called 'no-documentation' loans, which allow consumers to take on mortgages without having to provide extensive documentation proving their income levels."

"The move by the lenders is partly in response to Senate Bill 216, which made mortgage brokers potentially liable for selling loans to people who might not be able to afford them. The law, which took effect July 1, requires brokers to 'make a reasonable inquiry concerning the borrower's current and prospective income' and to act with 'good faith and fair dealing' when selling mortgages."

"While the law at issue suggests that brokers, not the lenders, are liable if the loans violate that good-faith standard, some lenders have decided to pull back anyway on the use of no-documentation loans, industry officials said."

"'The result of (SB 216) is that there is uncertainty on whether lenders can make these loans,' said Chris Holbert, president of the Colorado Mortgage Lenders Association. 'We hope we can find a remedy next legislative session.'"

"Some lenders remain concerned that they could become snarled in a lawsuit if they provide lending to brokers who sell no-documentation mortgages but neglect to verify the borrower's income, said Jim Lewis, president of Clarion Mortgage Capital Inc. in Denver."

"'Confusion causes paralysis,' said Lewis, whose mortgage-lending company has scaled back the use of no-documentation loans. 'There are still concerns for lenders, and that could impact the availability of credit and exclude certain borrowers.'"

The Rocky Mountain News from Colorado. "Denver should create an ombudsman to deal with the record foreclosures rocking the city, a task force is recommending. 'I would describe it as a foreclosure czar or a housing czar,' said Michael Hancock, City Council president."

"Since 2002, the city has experienced an estimated 400 percent increase in the number of foreclosures. In 2006, a total of 5,162 foreclosures were reported, a 14 percent increase from the prior year, the report said."

"Montbello, in particular, will need help from the public sector, said Hancock, who represents the northeast Denver area. Last year, there were more than 900 foreclosures in Montbello, and Hancock said he expects at least that many this year."

"'The market will take care of Green Valley Ranch,' where there also are a large number of foreclosures, he said."

From CBS 4 Denver in Colorado. "The latest reports show the number of unsold homes on the market was down 5.2 percent at the end of June compared to last year. The record number of foreclosures during the past year is still affecting the re-sale market. Analysts suggest many potential sellers are holding back for fear of competition from low priced homes in foreclosure."

"Analysts believe the market in the Denver area has stabilized. Local real estate broker Gary Bauer predicts the state will end the year with the same number of transactions as last year."

"'We're not like Las Vegas,' he said. 'We're not going to see a 40 percent drop in value overnight. Yes, we're going to see some ups and downs and we're going to end up the year probably fairly flat.'"