red is typically an indicator that your video card is below the basic requirements of the game, but as DecoraChroi says, you may be able to resolve this partially by decreasing the in-game performance settings for video. It is not a perfect solution and will not work for most people experiencing the problem, the only real solution is to get a better video card.
blue is typically associated with a missing texture for an object, this can result from an object being deleted, a recolour being deleted, a change in support due to a version change in CEP, and quite a lot more. Updating or installing CEP will resolve some instances of the blue thing:
get CEP here.
Generally speaking, try deleting the item from the lot and replace it, if it remains blue, then you have little choice but to delete it from the catalog.