The Rocky Mountain News reports from Colorado. "The average price of a previously owned single-family home in the Denver area fell 2 percent last year, apparently the first time the area has seen a year- over-year decline. The median price also suffered the first year-over-year decline. 'Yes, pricing is down on residential,' said Gary Bauer, one of several people to complete a report on Tuesday. 'But if you look at the tremendous numbers of foreclosures, the tightening credit and what is happening in other markets with really big problems, I'm very happy.'"

"The market for homes priced at more than $1 million had been strong during the past couple of years and the first half of 2007, but sales for expensive properties began to slow in the fall, according to data from Coldwell Banker Colorado."

"There are 1,759 single-family homes priced at $1 million or more on the market, according to broker Jim Nussbaum. 'Buyers are more picky,' Nussbaum said. 'You can't be sloppy in your pricing.'"

"Ed Jalowsky, who recently launched Hottest Homes Realty, said the market is the best buying opportunity he has ever seen. 'If you're a buyer, you're not in the captain's seat, you're in the admiral's seat,' Jalowsky said."

"Jalowsky said he is getting ready to list a home in the Crestmoor neighborhood in east Denver for about $480,000. The home had sold in 2006 for $569,000, he said."

"Broker Beverly Meade saw a foreclosed home near Sloan's Lake advertised at $39,000, which last month sold for $43,000."

"'If you have money, it is a good time to buy,' Meade said. 'If you are in foreclosure, you are not in a position to benefit from today's market. This market is not unlike the late '80s in Denver. It's a trippy time. There are some amazing deals out there.'"

The Gazette from Colorado. "There’s been plenty of doom and gloom in the housing market lately, but for those who are in a position to buy, the world is a happy place. Oh, yes, there most certainly is such a thing as a homebuyer in El Paso County."

"Ent Federal Credit Union schedules a seminar for first-time homebuyers, and loan officer Tom Bechtel acknowledged that he’s seen larger crowds than the five people who showed up Saturday."

"Bechtel was joined by Tony Deppe, a buyer/listing specialist. 'There is a ton of inventory out there, and prices are at an all-time low,' Deppe said. 'It is an excellent time to buy a house.'"

The Fort Morgan Times from Colorado. "In the final analysis, Morgan County was hit hard by a stagnant home sales market, as was the rest of the country."

"For a while, prices for Morgan County homes were increasing dramatically, but they are now falling. In fact, the problem for some people is that they agreed to pay a price higher than the property is worth now, said Colette Schilling, owner of Action Realty in Fort Morgan."

"'We’re finding it a challenging market,' she said. 'There is no doubt prices have dropped.'"

"Bruce Bass, a broker in Brush, takes a longer view, saying the company’s sales are down 28 percent since the housing bubble burst and that 2004 was the last good year, although sales have picked up some lately."

"The real downturn is for investor sales. Many of the foreclosures were to investors and those still holding onto property are planning to hold properties and rent for a few years, Schilling said."

"'Price is the driving force right now,' said Twyla Tiffany of Danford Realty in Fort Morgan."

The Arizona Republic. "City administrators' concerns unfolded as they turned to the first topic on the agenda: city budgets. The group had barely started eating when Queen Creek City Manager John Kross stood to ask how neighboring cities planned to balance their budget."

"'This is maybe not a lunchtime topic...(but) housing is in the tank,' said Kross, emphasizing the local impact of a national housing crash that has created the largest inventory of unsold homes since World War II and caused some to predict the worst housing slump since the Great Depression."

"'We're considering mothballing fairly significant capital projects,' he said."

"Phoenix City Manager Frank Fairbanks said Phoenix will meet within the next week to confirm budget projections but said he expects 'several hundred' layoffs this spring to manage budget shortfalls."

"Both single-family and multifamily housing construction will continue to be slow through 2008, according to predictions."

"'Obviously the credit crunch or financing is an issue, on top of which is the general economy,' said Jay Butler, director of Realty Studies at Arizona State University's Polytechnic campus."

"The current slow market is because of tight financing and the response to the hypermarket that began in 2003. The market was overbuilt, Butler said."

"'We're paying the price for having a good time,' he said. 'It's like having a good time on New Year's Eve so you pay the price on New Year's Day.'"

The East Valley Tribune from Arizona. "Arizona’s mortgage industry was one of the hardest-hit in the country last year, with more than 2,000 jobs lost to company closures and layoffs."

"The drop was spurred by massive layoffs at Countrywide Financial, American Home Mortgage Investment and Tuscon-based First Magnus Financial, the report states. Countrywide alone saw a net job loss of 11,665 last year, while bankrupt First Magnus lost 5,940 jobs."

"The state had seen some of the highest home appreciation in the country, along with corresponding growth in lending, said MortgageDaily.com publisher Sam Garcia. So when the market turned, it suffered one of the largest tumbles in mortgage originations."

"In 2006, Arizona lenders hired 3,791 people, compared with just 50 last year, he said. When business was good, lenders overstaffed and opened offices everywhere, said Bryan Madsen, a loan officer at AmeriFirst Financial in Mesa. Then, the big lenders came in and started hiring, he said."

"Now, the existing-home market has slowed drastically, and many borrowers owe more than their homes are worth, eliminating refinance opportunities and slowing business."

"'We’re gridlocked right now,' Madsen said."

"The ones leaving haven’t established themselves in the community as reliable sources, said Elaine Paddy with Alliance Home Mortgage in Mesa. Some also haven’t adjusted their lifestyles and budgets to the smaller incomes they’re bringing in, Paddy said."

"'The industry has changed,' she said. 'Work harder, work smarter or find another job.'"

The Review Journal from Nevada. "The number of single-family homes listed for sale in Las Vegas dropped to 22,005 in December from 23,494 in November, the Greater Las Vegas Association of Realtors reported. Inventory is up 23.4 percent from December 2006."

"The MLS showed 879 home sales in December, down 46.5 percent from the same month a year ago and the fourth straight month under 1,000 sales."

"Condo and townhome listings increased 14 percent from a year ago to 5,508 in December."

"Foreclosures have driven the single-family home median price down to $260,000, a 15.1 percent decline from a year ago. Median condo prices are down 5.1 percent to $185,000."

"December's statistics may not be a true reflection of the marketplace, association President Patty Kelley said. December is traditionally a slow month, she said, and a large number of homes are vacant and owned by investors, banks and other lenders who sold last month at deeply discounted prices."

"'More than one-fourth (228) of the homes had either been repossessed or were "short sales,' Kelley said. 'I believe that percentage may actually be closer to 40 percent of all home sales since banks are under enormous pressure to get these properties off their books.'"

"'In any case, this has resulted in significant numbers of homes selling well below market value and appraised value, creating an artificially low median price,' Kelley said."

"The association reported 167 condo units sold in December, down 55.1 percent from a year ago."

The Las Vegas Business Press. "There were 5,143 luxury condo units completed in the third quarter, including the $195 million, 428-unit Allure Las Vegas."

"Meanwhile, there were roughly 14,388 units actively selling in the third quarter, with 12.3 percent being located along the Strip. Another 14,163 units are proposed for future development."

"There have been 89 luxury condos sold year-to-date with a median price of $860,000, or $502 per square foot, Restrepo Consulting Group reports."

"Reeling residential and subprime mortgage markets have increased the number of renters in the Las Vegas Valley. Potential home buyers required to come up with substantial down payments amid tightening credit are increasingly turning to high-end multifamily rentals, reports the Bentley Group, a local real estate advisory firm."

"Yet, the 23,494 homes listed for sale last month have created a 'shadow' rental market. Roughly 25 percent or more of those units are being used as rentals until the housing market rebounds."

"Stagnant incomes have also aided the rental market. The median household income for Southern Nevada newcomers is $43,831, according to the 2007 Las Vegas Perspective."

"Home sale list prices, meanwhile, averaged $306,000 in November, reports the Greater Las Vegas Association of Realtors, making the dream of home ownership elusive."

"'Although the residential market softened dramatically in 2007, household incomes and wages haven't risen since 1990 when adjusted for inflation,' said (consultant) John Restrepo."

"A Boston-based investor recently bought the 18-year-old, 256-unit Martinique Bay Apartments in Henderson for $31.85 million, or $124,414 per unit. The 12.92-acre, 278,840 square-foot complex is mapped for condominiums. The sale price equals $114 per square foot."

"'While many continue to paint a 'doom and gloom' picture of the Las Vegas real estate market, fundamentals within the industry remain healthy,' Bentley said."

"There are 5,581 units on lease-up, 2,521 units under construction and 7,992 units planned for development, Bentley said. 'Absorption entered positive territory for the first time since mid-2006, closing the third quarter of 2007 with 345 net move-ins,' said Carl Sims, an apartment specialist."

The Deseret News from Utah. "The Utah housing market is one of the strongest in the nation, and that trend is especially evident in Salt Lake City's thriving condominium market. In the past year, the average sales-price increase in the 11 zip-code areas for Salt Lake City ranged from a modest 4 percent in the east-side Emigration Canyon area to a whopping 103 percent in the Foothill/Parleys area."

"'This kind of real estate was undervalued here for many years and a worthy alternative purchase for first-time buyers who can't afford homes,' said real estate agent Babs De Lay. But prices have increased so much now, she said, that 'you take an area like Glendale or Rose Park, and you take a look at how much property values went up, affordable housing is really hard to find.'"

"De Lay said prices may increase even further as condo projects now under construction are completed this year and next year, including The Metro near Library Square and The Marmalade, which will compete with other high-end projects like the condos at The Gateway."

"Wells Fargo economist Kelly Matthews said that an increasing number of Utahns are looking for an alternative to a family home in suburbia."

"'There is certainly a larger group of people not as worried about having a large family right away who recognize a long commute is just an impossibility,' he said."

"Carla Weise, economic development director of the Downtown Alliance, said the Salt Lake area is now attracting a hip, younger crowd who prefer the spoils of city life."

"'They like urban living, art, culture, entertainment, the night life,' she said, 'and being able to walk to a Jazz game, being able to walk to a restaurant or hop on TRAX and go up to a Utes game.'"