The Gazette reports from Colorado. "Colorado Springs remained mired in a housing slump in June, and at least one local economist says don’t expect a turnaround until next year. The supply of homes listed for sale soared to 6,870 in June, breaking the month-old record number of 6,567 set in May, according to a report released Monday by the Pikes Peak Association of Realtors."

"Also, the number of home sales whose transactions were handled by real estate agents fell 17.5 percent in June when compared with the same month last year."

"The median price of homes sold in June dropped 0.5 percent to $223,900 when compared with the same month last year. It’s the second time in three months prices have dropped, but it might not be the last."

"'With 6,800 homes on the market, and the median price going down, I would think we’re going to see more of that until this evens out, as much as I hate to say it,' said Joe Clement, a veteran local real estate agent in Colorado Springs."

"Meanwhile, El Paso County foreclosures for the first half of 2007 jumped to 1,708, a onethird increase over the same period last year, according to the El Paso County Public Trustee’s Office."

"Springs economist Dave Bamberger said too many homebuyers jumped into the market in 2004 and 2005 to take advantage of rock-bottom mortgage rates, greatly reducing the number of buyers in today’s market."

From Yourhub in Colorado. "A record number of foreclosures in Douglas County has prompted county officials to step in and attempt to help residents who may be in over their head on a mortgage."

"The county recorded 1,200 foreclosures in 2006, which tied it for sixth most in the state with Larimer County, according to Public Trustee Dianne Bailey."

"The county has already received close to 900 foreclosure notices through June of this year, which puts it on pace to nearly double the amount of foreclosures from last year, she said."

"Some lenders extended questionable adjustable rate mortgages and interest free loans that offer small monthly payments upfront but rise considerably over time. After a while, homeowners can't keep up with payments that double or even triple after a year, said Craig Maraschky, executive director of the Douglas County Housing Partnership."

"'Some people are told they can get into a house for $500 a month and don't realize it could go up to $1,500 a month in a year,' said Travis Anderson, single family programs manager for DCHP. 'But the lenders, in most cases, probably knew those people shouldn't be in a house that big but they did it anyway.'"

"There is bound to be a ripple effect from the number of foreclosures in the county on other homeowners. Foreclosures often drive down property values in the neighborhood and slow down appreciation rates on homes, Maraschky said."

"'It affects people on both a micro and a macro level,' he said. 'On a micro level, it negatively impacts the family and on a macro level, it negatively affects property values.'"

The Denver Post from Colorado. "With prices starting below $200,000, it took just a matter of weeks for developer East West Partners to sell the 389 units in the 23-story Glass House tower. Although the metro Denver housing market generally is slumping, buyers are snapping up the Glass House units that are coming back on the market."

"Buyers started closing on their units in late January. Since then, 24 of the units have been resold, and another 44 are on the market. A significant portion of the buyers who have flipped Glass House units for a quick profit have been real estate brokers.

" "When the condos first went on the market, they sold for an average of $350 a square foot. Today, they're fetching about $450 a square foot."

"While Glass House attracted a slew of investors when it went on the market in April 2006, Denver hasn't drawn the number of people looking to flip that markets such as Florida and Las Vegas have."

"'In certain areas, it's almost a profession," said Randy Nichols, who is developing a 41-story downtown building that will include 503 residences priced from $200,000 to just over $1 million. 'Fortunately, Denver hasn't gotten to that stage.'"

"'It's good that it hasn't. If it's all investors, you haven't gained anything. You sell all your units and the next day, 70 percent go back on the market,' he said."

"'This investor flip is going to balance itself out,' said Tami Door, CEO of the Downtown Denver Partnership Inc. 'When you look over a downtown area and you know that X number of units have been sold, but there are no lights on in the development, that's a problem. But I don't think that's the case here.'"

"Despite the number of resale units available at Glass House, East West is moving forward with a similar project called City House, a 23-story tower expected to break ground later this year."

The Rocky Mountain News from Colorado. "While downtown Denver home sales are strong, the overall metro market continues to suffer, according to DataQuick and local experts."

"In the first five months of the year, there were 24,258 new and resale home sales, a 9.4 percent drop from the 26,559 during the same period in 2006."

"May marked the 12th consecutive month in which total home sales have fallen from the same month a year earlier, according to DataQuick. The median price paid per square foot fell 4.2 percent in May from May 2006, the 10th consecutive month of a year-over-year drop. The price declines have ranged from 1.8 percent to 6.4 percent."

"Sales of new homes led the decline in May, falling 36 percent from a year ago. 'I think it is painfully obvious...that we are in a buyer's market,' said Roger Reinhardt, executive VP of the Home Builders Association of Metropolitan Denver."

"He added that home builders aren't competing with each other but with the resale market. About 20 percent of new-home sales collapse because buyers can't sell their home, he said."

"'Next year won't be any worse, but it won't be any better, either,' Reinhardt said. 'There is no quick turnaround.'"

"The market, he said, is plagued by rising foreclosures on the low end; a meltdown in the subprime mortgage market; a huge inventory of unsold resale homes; not enough new, high-paying jobs; and a nationwide housing sales slump."

"'Someone recently asked me if we are a slumping market with pockets of strength,' Reinhardt said. 'I wouldn't even say that. It's more like pockets of strength inside of larger pockets, where the market is still weak.'"