It may be getting warmer outside, but the real estate market in the Western region of the United States remains sluggish.

Darrell Catmull in Salt Lake City, Utah, estimates they have lost between 40 and 50 percent of their buyers due to lenders' underwriting guidelines that were changed in mid 2007.

Now, Catmull says, buyers are hard-pressed to find a lender willing to give them a loan, as lending guidelines have been severely constricted.

The Realtors at Team Cox have a decidedly rosier take on the Denver real estate market.

The missing ingredient for a market rebound is falling into place, they say: qualified buyers.

The team says that the thriving commercial sector in Denver is rapidly bringing in qualified buyers who are greeted with a bountiful supply of housing and very low interest rates.

And finally on to Phoenix, where Christian Broadwell reports that they are seeing what looks like the bottom of his market.

Sales are flat in most areas and rising in others, Broadwell says, and commercial real estate is seeing a much needed boost as investors turn away from residential properties.

Condos and townhomes in Tempe are still a hot commodity, he says, but for the rest of the valley residential sales are down.

That's all for the Western Region report this week. Be sure to check back to see how conditions are in your area.

Published: May 22, 2008

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