The Denver Post reports from Colorado. "More than 300 people gathered in a conference room at Invesco Field on Tuesday evening in the metro area's largest foreclosure forum to date. The metro area recorded 26,500 foreclosures last year, said Denver Mayor John Hickenlooper, who described his own struggles to keep his home in 1976. 'This is not an individual failure,' Hickenlooper said. 'We are seeing a systemic failure.'"

"Sharon Foxworthy was among those seeking help after payments on her family's mortgages adjusted this month from about $2,400 to more than $3,000. The family met its March mortgage payment by skipping other bills, but needs to refinance quickly to avoid foreclosure."

"'We are gasping for air,' Foxworthy said. 'Why can't I connect with someone who can give me real answers?'"

"Colorado ranked fifth in the nation for foreclosures in February with a total of 6,737, according to RealtyTrac. That was a 27 percent bump from February 2007. Many of those homes could end up at an auction."

"Foreclosed homes sold at auction present a risk to potential buyers because homeowners who have defaulted on their mortgages may take a physical toll on their houses before being evicted. During that time 'they could have been ripping out piping and plumbing,' says Michael Clarkson, a broker associate in Westminster."

"Auction shoppers should consider the housing trends for the area in question. 'You can save 20 percent (on the house price), but if the market is going down, you're catching falling daggers,' Clarkson says."

"Mark Marati, the employing broker for Lone Tree-based Benchmark Realty, says he suspects auction inventory isn't as high as one might think. 'The banks don't want to give property away. . . . The auction is the last resort,' he says."

The Vail Daily from Colorado. "Jeff Brode thinks he knows how to kick-start a project: Give away a $400,000 duplex in Gypsum."

"Brode’s company is the new sales broker for the Aspen Ridge project, and wants to get the spring construction off to a solid start. The giveaway is the biggest splash Brode knows how to make."

"Of course, there are some strings attached. The biggest is that the home will be won only by someone who’s already signed a purchase contract, qualified for a mortgage and put down a nonrefundable $10,000 deposit on one of the 20 available duplexes by April 15. The winner will be drawn from that group of committed buyers."

"Brode’s company is also a partner in a deal to buy the remaining unbuilt lots at Buckhorn — almost 600 lots — so generating buzz at Aspen Ridge will provide a lot of momentum for those plans, too."

"Brode has a history of creative financing. He put together construction-loan/mortgage packages for the first homes built at the Chatfield Corners subdivision in Gypsum."

"As the nation’s subprime mortgage market has imploded, packages like the ones that built so many homes at Chatfield just aren’t available anymore. People who qualify still can get a loan for 95 percent of a home’s price, but even 5 percent down on a $400,000 home is $20,000."

"It wasn’t always this way. 'We couldn’t keep homes in stock when we started Buckhorn Valley,' said Sam Garton Gale, one of the partners in the Buckhorn Valley development. 'We’d sell the homes as fast as we could put them up.'"

"But while the current real estate market is slow, don’t expect to find any bargains, at least not at any of the units Brode’s company is selling. 'Price drops hurt everyone,' he said. 'To live here, you’ve got to work harder, and you’re going to pay more.'"

The Arizona Republic. "More than 400 people filled the room hoping to land a deal on a Dobson Bay Club condominium Sunday, but only a handful walked away from an auction with a bargain."

"Fourteen condominiums at the complex on Baseline Road near Alma School Road were sold absolute, meaning the seller was obligated to sell regardless of the highest bid."

"Joel Kaplan of Scottsdale, took the first unit, paying $137,500 for a 1,661-square-foot, three-bedroom unit that retails for $249,900. Kaplan, a broker and investor, said he's purchased 30 properties in the past year."

"Russland Capital Group bought the 166-unit apartment complex two years ago for $19.5 million and converted them into luxury condominiums. Originally, 24 condominiums were to go on the auction block, but only 14 were sold absolute."

"Todd Good, president of Accelerated Marketing Group, which organized the auction, said the owner will sell the remaining 10 at the average auction price in the next few days, then they go back to the original price."

"Stephanie and Willie Prest, of Payson, also scored a condominium for $120,500 and hope to lease it. Dennis Logan of Mesa took a two-bedroom, two-bath condo for $120,500. Retail price: $219,000."

"A first-time homebuyer, Logan was all smiles about his new 1,196-square-foot home, calling the auction, 'a great opportunity.'"

The Arizona Daily Star. "Most professionals that home buyers work with are regulated by the state, including real estate agents, appraisers and home inspectors. But loan officers are a lingering exception."

"Members of the state's mortgage-lending industry say it's about time to change that. A bill in the state Legislature would require 'loan originators' — loan officers who deal with the public and generally work on commission — to be licensed."

"The state currently requires mortgage-lending businesses to have licenses but doesn't require licenses of the employees who interact with customers."

"If loan officers were required to be tested, 'I'm sure by the hundreds many of them would fail because they had no training,' said Mike Jones, a branch manager for Tucson Mortgage Co."

"'It's important that Arizona protect its citizens from all those people who can't get work in other states,' said Felecia Rotellini, superintendent of the state Department of Financial Institutions. 'There are no industry or consumer groups who oppose it. None. Everyone thinks it's a good idea.'"

"A lack of a licensing requirement makes it easy for criminals to do business as loan officers here, said Richard Hagar, a Washington real estate appraiser who helps law enforcement with mortgage-fraud cases."

"'That's what I see is crooks that were in other states — when they get disciplined, those people leave and move to Arizona,' Hagar said."

The Review Journal from Nevada. "The numbers continued to worsen for the Las Vegas housing market in February as sales of new homes plunged nearly 40 percent to 867 and their median price dropped 11.8 percent to $283,315, SalesTraq reported Tuesday."

"Existing-home escrow closings fell 59.7 percent from a year ago to 901 and the median price is down 13.2 percent to $250,000."

"Again, the number of foreclosures during the month exceeded the total for both new- and existing-home sales, SalesTraq President Larry Murphy noted. The 1,870 repossessed homes represent a 353 percent increase from 413 in the same month a year ago."

"'We're still sliding along on the bottom here,' Murphy said."

"Foreclosures account for about 40 percent of existing-home sales in Las Vegas and many are being sold at 35 percent to 50 percent below peak values of 2004, Smith said."

"'Ouch,' he said. 'It's depressing and makes many (homeowners) very angry to hear, but that's the way it is.'"

"Las Vegas has about 13,000 preforeclosure filings. Smith doesn't think the 'foreclosure spigot' can be turned off quickly even with government assistance."

"Murphy found it interesting that Trump condominium-hotel had its 'virgin' closing in February, Palms Place had 20 to 30 closings and Allure had 30 to 40. He expects to see more closings of high-rise units in March, perhaps 300 to 400 in addition to single-family new-home sales."

"His concern is that the flurry of closings in the early months won't be sustained as fewer buyers are able to close escrow on condos that are selling for $1,000 per square foot, for example, at Trump."

"'I've got a funny feeling in my gut that these guys are swallowing canal water here,' Murphy said. 'I'm going to give it six months after Trump has his first closing, by August. I'll bet by August that not more than 50 percent of those units have closed.'"