The press reacts to the latest housing data. "The market for new housing showed a mild uptick last month, the government said Wednesday, but most analysts said they aren't buying any signs of improvement. Their main concern: The inventory of new homes sitting on the market rose to a record high."

"'The inventory is the more important thing,' said Scott Anderson, senior economist at Wells Fargo & Co. 'We are looking at it as a leading indicator, which tends to suggest building will slow as we go forward. We think the market is cooling down.'"

"'If you look at the trend, housing demand is definitely weakening," said Paul Kasriel, (economist) at Northern Trust Co. 'At the same time, supply continues to grow. That is not a good situation for home builders and home sellers. There is an index of home builder stocks that peaked in July 2005 and is plumbing new lows. It's happening because of this excess supply of new housing.'"

"Sales are slowing in the Chicago area, which has been the most robust market in the region, analysts said. Contracts for new suburban houses are down anywhere from 12 percent to 25 percent compared with a year earlier, and there has been a corresponding rise in incentives to get more buyers into sales offices, according to local analysts."

"'We had thought the incentives toward the end of last year would end,' said Tracy Cross, president of a real estate analysis firm based in Schaumburg. In the key spring selling months of February, March and April, incentives usually drop off, Cross noted, but not this year. 'The incentives are still there. That's unprecedented,' he said."

"'There just doesn't seem to be any urgency to buy,' said Phil Walters, for Cambridge Homes, a division of D.R. Horton Inc. 'There are a lot of deals out there and buyers are shopping around a little. It has hurt the industry as a whole,' he said."

"Peter Schiff, president of a brokerage firm, said sales of new homes are coming at the expense of existing home sales as buyers respond to aggressive incentive offers builders are using to move unsold homes. Once existing homeowners realize they will have to lower their asking price to make a sale, he said, this could cause a sharp drop in sales prices."

From NBC News. "In the first three months of this year, a record number of homes were for sale in Massachusetts. That helped newlyweds Elizabeth and Joseph DelGuidice get a 1,300 square foot home in Plymouth. 'Being patient and watching and waiting saved us over $30,000,' says Elizabeth."

"Bidding wars are being replaced by price cuts. ZipRealty reports the following sale price reductions: 28 percent of the homes in Los Angeles County, 35 percent in Miami, 38 percent in Phoenix, 43 percent in Boston. As the housing bubble loses some air in these markets, the balance of power is at long last shifting to the buyer."

"Why? Along with mortgage rates, in once hot markets, the number of homes for sale is on the rise. ZipRealty reports the following increases compared to one year ago: 166 percent more in Los Angeles County, 266 percent more in the Miami area, 394 percent more in Phoenix."

"It was a blistering 97 degrees in Phoenix on Wednesday, but for home sellers here, there's a distinct chill. Bob and Barbara Grey bought a suburban home with a waterfall, swimming pool and a putting green, but still haven't sold their old house. It's been on the market 126 days."

"'Nobody's even negotiated a terrible price, that we would say 'are you kidding?' says Bob. 'I don't even have that.'"