Las Vegas Now reports from Nevada. "The recent troubles in mortgage lending mean foreclosed homes are flooding the market. They're also making it tougher for other sellers who were hoping to make a profit selling their home. You can usually buy foreclosed homes for less than a regular house for sale. That's good news for the buyer, but bad news for sellers trying to compete with bank prices."

"Eyewitness News looked at a five bedroom home in northwest Las Vegas that has never been lived in. It was supposed to be a big help for Kathy and Michael Lowry. Michael Lowry said, 'Biggest real estate boom in the history of the United States, we couldn't go wrong. We needed to send our kids through college and we thought it was a great deal.'"

"A year and a half later, they're still waiting all while continuing to pay their interest-only loan."

"Kathy Lowry said, 'The frustration level in our household has been through the roof. And it's been the first time I've had to tell my kids that no, we can't go to the movies because I've got to pay for this house that we are not living in right now that's not selling.'"

"Eight foreclosure homes in their subdivision, all with similar square footage, have forced the Lowry's to drop their price. Still, they can't compete with bank prices of almost $100,000 less than they're asking."

"Real estate broker Cameron Yates-DeAngelo said, 'If you are out looking for a home, which home are you going to select? These folks that are trying to sell their home legitimately, they are taking a hard hit.'"

"The Lowry's are now looking to rent out the house just to help with payments, but it still won't be enough. 'I'm depending now on my retirement, which is being bled down and I won't even have that money as an option for college because it's basically become a money pit here.' said Michael Lowry."

"Eyewitness News is taking a closer look at how the nation slump in the housing market is affecting the Las Vegas Valley. It's estimated that close to 30-percent of the homes on the local market right now are foreclosed homes."

"Recently, one of the top zip codes for foreclosures in the nation was in North Las Vegas zip code 89031."

"In just about every neighborhood throughout valley you will find for sale signs. Many of the homes that are on the market have gone through foreclosure. For sale signs are becoming more like yard ornaments at homes in some neighborhoods."

A report from the Arizona Republic. "A planned condominium project in central Phoenix has irked area residents, who say the developer's lackadaisical approach to demolishing the site's former buildings has contributed to neighborhood crime."

"CEO Jonathan Larmore says the development, Residence at the Grove, will be a more affordable alternative to the multimillion-dollar condos that currently dot the Biltmore corridor. Units would be priced from $440,000 to $850,000, he said."

"Residents already are angry with Larmore because, they say, the company took too long to demolish the medical offices and clean up debris. Arciterra Group received the first of its demolition permits from the city Feb. 6 but did not complete the razing of the buildings until late last month."

"In the interim, residents say, at least one of the buildings sat half-demolished, attracting vagrants who committed crimes there. 'It looked like a war zone,' said Holly Rye, who lives near the site."

The Tucson Citizen from Arizona. "July has come and gone and nothing is happening on the Congress Street empty lot where construction should have started on The Post lofts. Bourn Partners in spring indicated construction on the six-story, 52-unit complex would start 'sometime in July.'"

"Tucson's overall real estate market has staggered this year. Ron Schwabe, a former partner in the 44 Broadway Lofts, said a few months back that the national picture impacts downtown Tucson and had slowed the 44 Broadway project."

"In prior interviews, Turner hinted reservations were never robust at The Post. In the past and now, he never disclosed how many reservations were placed other than saying in December that the number is 'better than we expected. We haven't sold out by any means.'"

"John Strobeck, author of the Tucson Housing Market Letter, is not surprised with the reticence. 'Downtown is such a crapshoot,' Strobeck said. 'Everybody was depending on a good program (with Rio Nuevo). Now the confidence of anything happening is so low there is no confidence of any investors. There's a lot of people sitting on the sideline saying, 'If they would have done something, I'd be pitching.'"

"Ann Vargas, the city's downtown housing coordinator, prefers to use the term 'chess game' to describe the challenges to find buyers for downtown condos."

"'You can't hold somebody by the hand and take them into a loft and show them, 'Here's what you're going to get,' Vargas said. 'Until you're really ready to sell, it's really hard to push on something that's going to be built in a year or two out.'"

"Strobeck said the local condo market, whether conversions from apartment or new condo units, is unremarkable. 'Condo conversions are dying right now if you're not around the university or District 16 (the Catalina foothills),' Strobeck said."

The Transcript Bulletin from Utah. "The number of houses sold in Tooele County plummeted 17.3 percent during the second quarter of 2007 compared to the second quarter of 2006, according to statistics from the Wasatch Front Regional MLS."

"After only a 5 percent increase in the average sales price for houses during 2005, sales values jumped 26.4 percent during the second quarter of 2006, a period during which the average home price increased form $137,333 to $172,601."

"Tooele's ReMax Platinum owner Dan Egelund said the real estate market in the Tooele Valley has recovered during the past two years after going through a rough period. 'Home prices will still increase but at a more gradual pace than they have in the past,' Egelund predicted."

"He said that four or five years ago some homeowners faced foreclosures and were eager to get out of their homes. The sudden and substantial increase in home values has made foreclosures almost non-existent in Tooele County because people have been able to sell quickly at higher prices the past two years."

"Egelund said home buyers are lured to Tooele County because sales prices are still extremely low compared to Salt Lake County prices. As an example, he said a four-bedroom, two-bath home in Salt Lake Valley listed at $291,782 in June. A similar four-bedroom, two-bath home in Tooele County was listed at $198,310."

"'We still have wide-open spaces in Tooele County. Water is an issue, but there is still plenty of developable land,' Egelund said."