The Gazette reports from Colorado. "Another month, another record number of single-family homes for sale in the Colorado Springs area. The number of homes on the market jumped to 7,065 in July, the third straight monthly record and an 18 percent increase over the same time last year, according to figures released this week by the Pikes Peak Association of Realtors."

"For the first seven months of the year, foreclosures totaled 2,006 in El Paso County, according to a report Thursday by the county Public Trustee’s office. Last year, foreclosures totaled 1,483 during the same period."

"Stuart Scott, a longtime Colorado Springs real estate agent, said the Springs’ housing malaise mirrors that of other cities: Too much money was loaned to buyers who weren’t necessarily qualified, while builders constructed too many homes."

"But Scott said he’s confident the housing market will rebound. 'We’re coming back,' Scott said. 'I don’t know if it’s tomorrow or a week from Friday or two years from now, but we’re coming back.'"

The Rocky Mountain News from Colorado. "About 300 Colorado homes will be going on the auction block, an attempt by lenders to cull the growing stockpile of foreclosed homes in the state and metro area. 'I've been to auctions before, but not of this magnitude,' said real estate broker Tom Reed."

"Colorado was one of the first states in the country to experience runaway foreclosures during this real estate cycle and is on pace to have a record 37,000 foreclosures this year."

"'Usually, (there are) no great deals to be had,' said broker Bev Meade. 'They've generally been available through the MLS for a while now and you could have been bidding on them all along.'"

The Arizona Republic. "Sales of existing homes in Maricopa and Pinal counties has tumbled from 51,256 in the first half of 2006 to 35,267 this year, a decline of 31 percent, the Market Letter reported."

"The resale market will start to recover as soon as the homebuilders sell their surplus inventory, said Karl Stauffer, an associate broker. 'Yes, it's bad medicine but it's medicine we have to take in order for the patient to get healthy in the long term,' Stauffer said."

"There are close to 50,000 listings of existing homes now but Stauffer wonders how many of those homes are truly on the market at a realistic sales prices, or if sellers are holding out for a higher price because they owe more than the house is worth."

"'Maybe they're waiting for the market to catch up with their price,' he said. 'But what if it continues to decline?'"

"How far will the market fall before it comes back up? 'That is the million dollar question,' Stauffer said."

The Review Journal from Nevada. "Nearly 100 Las Vegas homes will be sold at auction Sunday, but don't expect to get some kind of unreal deal just because banks are anxious to rid their balance sheets of carrying costs."

"Nevada had 3,173 preforeclosure filings in July, up from 2,867 in June, bringing the year-to-date total to 19,044, according to Foreclosures.com. With 746,973 households, that's a per capita rate of 2.55 percent. Florida is second at 1.76 percent and Colorado is third at 1.49 percent."

"Frank Nason, president and broker of Residential Resources in Las Vegas, said MLS listings are up nearly 2 percent in July to 29,325. Current listings represent 489 days of inventory, or about a year and four months."

"Vacant listings make up 44 percent of single-family dwellings, 56 percent of condos and 48 percent of townhomes, Nason said."

"Listings categorized as 'repo' totaled 1,107, an 18 percent increase from the end of June. The category is not a 'required' field in the listings, Nason said."

"'I receive some lender lists of preforeclosure and foreclosure units and the MLS seemingly understates the number of units that are distressed,' he said."

The Salt Lake Tribune from Utah. "Construction of new houses along the Wasatch Front has plummeted this year 'almost entirely' because of a decline in affordability, according to a new report from Wells Fargo & Co."

"In 2007, builders have taken out permits to build 6,875 houses, down 29 percent from 9,707 permits during the same time period in 2006, according to Construction Monitor."

"'It's not an economy problem or a mortgage rate problem,' economist Kelly Matthews said at a news conference. 'It's a pricing problem. We have seen a tremendous decline in affordability.'"

"As an example, he points out that a family with an annual income of $51,000 in 2003 could have purchased a house valued at Salt Lake County's average sale price of $187,000 with a 5 percent down payment. The buyers would have had a monthly payment of $1,300, with interest rates at the time in the range of 5.4 percent."

"In the second quarter of this year, a family would have needed an annual income of nearly $90,000 to purchase a house priced at Salt Lake County's average of $298,000 with a 5 percent down payment. The monthly payment would be about $2,250, Matthews said, with interest rates of 6.5 percent."

"The problem is that most families did not nearly double their incomes over the past four years, he said."

"Matthews said a drop in new-home construction this year is only the first sign that affordability is becoming a big issue for home buyers, particularly those buying their first home."

"'At some point, [the decline in home sales] will be accompanied by a decline in prices,' he said."

"Sterling Jenson, regional managing director of Wells Capital Management, said tighter lending standards are also contributing to the affordability dilemma. In the wake of the nation's subprime lending crisis, in which lenders made too many loans to high-risk borrowers, who are going into default in record numbers, borrowing standards have become more strict."

From KCPW in Utah. "'The banks and the lenders upped their standards and stopped doing sub-prime mortgages,' says Wells Fargo investment analyst Sterling Jenson. 'So there are people who just don't qualify anymore in today's realm of realism. Banks realize this risk shouldn't have been extended in the first place.'"

"Unless housing prices go down in Utah, Matthews says new home building and purchases will continue to decline. Even still, he adds the slow-down in Utah's housing market is mild compared to areas like San Diego and Phoenix where prices have climbed so high that sales have fallen dramatically."

The Deseret News from Utah. "With average prices nearing $300,000, Utahns are finding it harder to afford the houses they want. 'Utah's housing sector is facing a serious disequilibrium,' said Kelly K. Matthews, economist for Wells Fargo."

"Utah's hourly wage remains above the national average, Matthews said, but that isn't necessarily good news for homebuyers. 'In no way have (wages) kept up with the housing price situation,' he said."

"However, Utah isn't alone. Decreasing house affordability can be seen throughout the West, especially in Phoenix, San Diego, Las Vegas and Boise."

"Utah's housing...sales are slowing and inventory across the Wasatch Front is growing, according to a new report. With 2,585 new vacant houses from which buyers can choose, inventory is still at a healthy level, said Eric Allen, director of Metrostudy's Utah/Idaho region."

"'It is a great time for a homebuyer right now because they do have more options out there,' he said. 'They have choices now; they don't just buy the first thing they see.'"

"Still, the number represents a 112 percent increase in the number of finished vacant homes compared to this time last year. That should be watched closely to make sure Utah doesn't follow the pattern of troubled housing markets across the nation with too many empty homes and not enough buyers, he said."

"The price of new houses continues to grow, according to the report. Houses priced below $200,000 accounted for just 17 percent of new home production in June. Two years ago, 48 percent of new homes were in that price range."

"At the same time, production of new houses costing $300,000 or more grew from 23 percent to 49 percent of the market."

"High inventory in St. George has become a significant concern, however. A second Metrostudy report released this week noted a 50 percent decline in new house closings in the area and a 5 percent increase in total inventory in the past 12 months."

"'I think the bottom line is, there were too many homes built in that market, so now we're going through the process of slowing production,' Allen said. As a result, he said, house prices in and around St. George and Mesquite, Nev., have dropped notably. 'It's become very competitive down there.'"