KWGN TV reports from Colorado. "With the number of foreclosures at an all time high in Colorado, homebuilders are starting to feel the effects of the economy in their pocketbooks. Kevin Autry, a homebuilder from Franktown has been sitting on a vacant home for more than two years in Fort Morgan. 'We've already lost any profit that we might have had on the project,' said Autry. 'I can't turn it back to the bank, I don't want to ruin our credit.'"

"Autry says he has seen many builders go out of business, but he is optimistic about the economy. 'There's jobs, there's people making money, it's just hard to get the ball rolling,' said Autry."

The Greeley Tribune from Colorado. "Weld County's high foreclosure numbers are now affecting housing prices. Matt Revitte, who brokers foreclosed properties in Greeley, said he isn't surprised. 'As more and more foreclosures get thrown into the pool of existing housing, it will dilute the market value,' Revitte said. 'It's probably the natural order of the market trying to reach an equilibrium.'"

"'If housing prices have decreased, when you're buying, guess who gets the benefit?' said Chalice Springfield, CEOof Sears Real Estate. If, for example, someone wanted to buy up but had to take a $30,000 loss on the sale, you also may be buying a foreclosed house from a bank that's taken a $60,000 hit, Springfield said."

"'You might be able to make it up on the back end,' Springfield said."

The Denver Post from Colorado. "About 11 percent of subprime borrowers in metro Denver have lost their homes to lenders via foreclosure, more than double the rate nationally."

"And another 15 percent are either in foreclosure or more than 90 days late on their mortgage payments, according to a report from the Federal Reserve Bank of Kansas City."

"'If you look at our composition of subprime loans, they tended to have originated earlier,' said Mark Schweit zer, an economist overseeing the Fed's Denver branch."

The Gazette from Colorado. "New-home construction sputtered again last month in the Colorado Springs area, while the pace of local foreclosures showed no signs of slowing. 'It looks like all the signals are that we’re going to have a pretty slow year,' said Colorado Springs economist David Bamberger."

"Foreclosures totaled 457 in February, a single-month record and a 72.5 percent increase over the same month last year, according to the El Paso County Public Trustee’s Office. Foreclosures are coming into El Paso County Public Trustee Tom Mowle's office at the rate of about 25 a day, which means about 500 a month, he said."

"'There’s really no reduction in site,' he said."

From KKTV.com in Colorado. "Foreclosures have hit an all time high in El Paso County and the problem isn't likely to get better anytime soon. Wednesday morning the Murphy’s home belonged to them, now it doesn’t. Their stuff was left lying in the front yard."

"Around 10:30 Wednesday morning they were told by their mortgage company that they had 30 minutes to get out of the house. 'This is not trash, this is our life,' said Wanda Murphy."

"'They told me they had already sold the house to someone else,' Jerry Murphy said. He says without warning dozens of people showed up. 'I'm embarrassed to stand out here on the street,' Jerry said."

"He says he and his wife fell behind on payments several months ago. He was injured in a car wreck and had to quit working and they had to take out a second mortgage to pay off medical bills. But Jerry says he was trying to refinance and even though he knew foreclosure was a possibility he was told it may not have to come to that."

"'They are throwing my stuff out on the lawn while I am on the phone with one of their branches telling me that there is a possibility they can work with me,' Jerry said. 'They say owning a home is the American dream, this is no dream.'"

The Aspen Times from Colorado. "The dollar volume of real estate sales plummeted 42 percent in Pitkin County during the first two months of this year compared to last year, according to an analysis by The Aspen Times."

"Mike Russo, managing partner of Aspen Land and Homes Sotheby’s International Realty, said there has been an overreaction to the slow start to 2008 in Pitkin County and somewhat of a misinterpretation to what is happening. 'You have brokers saying the market is in the tank, the prices are declining,' Russo said."

"Digging deeper reveals that sellers have resisted dropping prices, at least until recently, he said. This year’s slow start looks particularly bad because it is compared to record levels set for January and February in 2007. Last year started off very, very hot."

"'It’s not the great cause for alarm that everybody thinks,' Russo said."

The Arizona Daily Star. "In 2007, there were 22 single-family homes listed above $1 million, and seven sold for that much, according to the Tucson Association of Realtors. From January 2004 to December 2007, the median sale price of homes listed on the MLS rose by 42 percent, to $210,000 from $148,000."

"As the architect and contractor of Rancho Merlita, Diana Osborne will offer 15 homes on a 13-acre site that once belonged to cosmetics legend Merle Norman. Prices for the homes start at $1.6 million."

"Historically, homes that sell for more than $1 million have been found mostly the north of the city. In 2007, 392 homes in that area were listed for more than $1 million, and 91 were sold."

"The second concentration of million-dollar homes is in the Northeast. That area had 103 homes listed above $1 million, and 16 sold for that much last year."

"Osborne said she is confident that people will buy the homes in spite of the housing slump. 'The only question is: When is Tucson going to boom again?' she said."

The Arizona Republic . "Moving to a big house in the Verrado development in the far West Valley in December was a dream come true for Marcel Pelletier and his girlfriend. For $1,000 a month in rent, the couple was able to drastically upgrade from their rental in Avondale, and get Evans' children into a better school, they said."

"But the homeowners have warned the renters that their financial picture has changed, and with the possibility of foreclosure, they should be looking for a place to move. 'It's ridiculous, to tell you the truth,' Pelletier said."

"If they could afford it, they could buy the house. But they say it's not worth the $330,000 owed on it considering homes on the same block are selling for $290,000 or so. 'There's already five houses on our street nobody lives in,' he said."

"'It's a bad situation,' said Kevin Murphy, director of Labor's Community Service Agency, which he estimates to be the largest foreclosure-intervention service in the state. 'We're talking to a lot of people that are devastated.'"

"'Up until less than a year ago, we were able to help most of the people we talked to out of foreclosure,' he said. 'Now, because of these crazy loans, we are not able to help most. They are either upside down and can't sell, or the next increment of their (adjustable-rate mortgage) kicked in and its another 300-400 bucks a month they just can't make.'"

"For some clients, finding the fat to cut is easy. Counselor Dollie Torrez made one man sell his boat and cut end his weekend trips to the lake to keep his home, she said."

"'I encourage them to either get a second job or increase their income somehow,' she said. 'And cut their spending. If they have cable or Internet, cut their utility bill. If they are going out to eat or ordering movies, I tell them to go to the library.'"

"Foreclosed properties in Chandler jumped tenfold from 2006 to 2007, according to the real-estate data research firm Information Market. Realtor, Liz Morganroth, who solely handles foreclosure properties in the Southeast Valley, said her business has increased so rapidly that she is having trouble keeping the properties maintained."

"'The weed problem is coming from the HOAs constantly. You can drive down the street and see it,' she said. 'We can't keep up with them fast enough.'"

"Brian Lincks, VP of City Property Management Company, said HOAs his company represents are struggling with paying for the upkeep of the empty properties, at the same time they're not receiving monthly dues from the property owners with houses in foreclosure."

"'It's hard on the HOAs,' he said. 'Some even have to raise dues temporarily to cover some of the dollars they're not getting.'"

"In the meantime, neighbors like the Webbs are left to keep up the place on their own. Last weekend, as the couple worked outside on their own lawn, they said they hoped that after a two-year vacancy, the place will come off the market soon."

"'I'd like to see someone move in and take care of the place," Bob Webb said before pointing to his own house. 'We've got a big investment here.'"

"Marshall Vest, a University of Arizona economist who predicts a growth rate of about 2 percent this year, relies mostly on the numbers of new electric residential customers in the Phoenix and Tucson metro areas."

"Pete Ewen, an APS economist, predicts only about a 1.5 percent growth rate in APS customers because of the large inventory of unsold houses and the loss of construction jobs. In previous decades, the rate has...never fallen below 2.5 percent, even during some of the worst recessions in the 1970s and 1980s, he said."

"'We haven't seen the bottom yet, so the trajectory is still downward. The housing market is still overbuilt and they're continuing to overbuild it, so I think the prospects for construction job growth are weaker in the near term than stronger . . . Sitting here today, I am not sure that 1.5 percent is low enough,' he said."

The Review Journal from Nevada. "Southwest Gas Corp. of Las Vegas on Tuesday reported a decrease in net income for the fourth quarter and for the year because of warmer than normal temperatures and slowing customer growth. CEO Jeffrey Shaw attributed slowing customer growth to the housing market slump."

"'For the first time in 15 years, our new-customer growth rate was below 3 percent,' Shaw said. 'We have not been immune from the downturn in the housing markets.'"

"Shaw estimated that the company's service territory in Nevada, Arizona and part of California contained 25,000 vacant homes as a result of foreclosures. Housing prices are declining in Phoenix and Las Vegas, he said."

"'We believe that growth continues,' Shaw said. 'That's just a big number of homes that needs to be absorbed.'"

In Business Las Vegas from Nevada. "A decline in Las Vegas property values has made more home lenders unwilling to finance purchases in similar spiraling markets. Some lenders have eliminated entire regions or even specific types of properties, including high-rise condominiums in Las Vegas, while others have tightened underwriting guidelines that have made it difficult for buyers to get loans."

"'It has been an interesting setback for mortgage brokers in Las Vegas,' said Gary Schivo of Schivo Financial. 'They are scrutinizing all loans, even full-documentation and high (credit) scores. Purchasing is getting more and more difficult and refinancing is impossible. ... Interest rates are still beautiful but there are no products out there.'"

"Tim Sullivan, president of Sullivan Group Real Estate Advisors said what's happening in Las Vegas is happening elsewhere where values are declining and the market shouldn't feel picked upon."

"'My observation is that lenders are operating in a very business-like fashion,' Sullivan said. 'This is the nasty part of a down market, When you look at values declining so quickly, the lenders feel the market is crashing down on them.'"

The Reno Gazette Journal from Nevada. "Texas economist Ted C. Jones offered some advice Wednesday on how Northern Nevada can help resuscitate its housing market: Trim the asking price on homes."

"'You had a bubble, and it's bursting. It's time to get realistic,' Jones, chief economist for Houston-based Stewart Title Guaranty Co., told a Reno audience."

"'We as an industry have a duty to counsel people on the best time to get a fixed-rate loan,' he said. 'We had a lot of people led down the path to slaughter who finally got to live the American dream. That's wrong.'"

"Jones said Nevada's falling home sales aren't as severe as California's, and he believes the Reno-Tahoe region's allure with its physical attractions and quality of life will help it endure. 'You live in a beautiful place here,' he said. 'If you don't think you do, come live with me in Houston.'"

The Record Courier from Nevada. "Carson Valley of course can't escape the world, or troubled California's reach. But there are longterm forces working in our favor."

"Rob Wigton mentioned something during a speech to the Douglas County Building Industry Association that struck me: 'The fact remains that we sold real estate last year in this area at levels about equal to what was going on in 2002,' the president of the Nevada Association of Realtors said."

"The market has dipped from a peak. The correction cuts sharply if you are in the business, certainly. Blood is flowing from brokerages, title firms, mortgage lenders and construction. The ripples hit the merchants, restaurants, casinos and others, including local media, plenty hard, too."

"But this is a correction, which happens periodically, not a collapse."

"Besides, there's a glint of silver in corrections. A drop in home prices will make homes more affordable to more people. Home ownership remains the single best way to build personal wealth, in addition to that niggling fact we all need places to live. Generally it's better to own than rent."

"Meantime, you can almost hear the investors unfurling and fluffing their wings from their perches, rustling ever more excitedly with each dour report. Soon, soon now, the market will reach bottom, and it will be time to swoop in."

"Wigton and his wife, Kari, have begun swooping themselves."

"'I believe, strongly, that the worst is behind us and we are headed for stability,' he said. 'My wife and I just bought another investment home, at a great price, and we look forward to buying another in the not-too-distant future.'"