A pair of reports provide an update on two rarely heard from housing markets. "The Illinois housing market has set records in each of the past three years. With January homes sales down statewide from a year ago, real estate experts are wondering if this will be the year the housing market finally slows down. Inventories are up, but average sales prices are going up and down across the metro-east."

"So is the hot housing market finally cooling off? 'It definitely could happen,' said Belleville real estate broker and Illinois Association of Realtors President Stan Sieron. 'I think what we're seeing is that the industry has started to cool off a little bit.'"

"'We've been waiting for this particular time for a number of years,' said Al Suguitan. 'And much has been made about a soft landing in an overheated market, and 2006 may be that year.'"

"The results vary from county to county throughout the metro-east in that span. There were 1.9 percent fewer homes sold in St. Clair County last January than in January 2005, but an 8 percent drop was reported in Madison County. A more dramatic shift was reported in Monroe County where 31 percent fewer homes were sold."

"Realtor Association of Southwestern Illinois President Chad Doyle said the area is reporting 82 percent increase in housing construction. Although inventories also are larger in St. Clair County, Doyle said real estate agents in the county have more homes to show and have been showing more than usual."

"Suguitan said his association's biggest concern is sustaining the market. Once investors..notice a cool-down, it could lead to a slowdown in investors buying properties to fix up. After the first two months of the year, he said it is too early to tell. 'A bubble? No,' he said. 'A cool-down? Probably, a little bit.'"

The Delaware News Journal informs home buyers, 'you’re in charge (again).' "Sales of new houses fell about 15 percent in January across the Northeast. 'It has definitely slowed down,' said Cindy Ramsay, a real estate agent and loan officer in New Castle. 'We see price reductions instead of bidding wars.'"

"In this housing climate, home buyers will find houses on the market for longer periods of time than in the past. For example, in New Castle County, 2,749 single-family homes were on the market in January, about 35 percent more than there were the same month a year ago."

"With spring just a couple of weeks away, more houses are expected to enter the market. So if you can afford to wait you and see what’s out there, you should. 'I am telling people to take their time with properties,' said Ramsay. 'Just take your time and see what happens; the price could come down.'"