Reuters has this report from Cincinnati. "When Keith Gersin saw the perfect four-bedroom house in southern Ohio four years ago, he jumped to buy it before anyone else could snap it up. When he finally sold it last month, it went for $30,000 less than he had hoped, and that after seven months on the market."

"In retrospect, the 41-year-old physician admits he overestimated the U.S. housing market, which has begun cooling. 'I was naive,' said Gersin, who sold his Cincinnati-area home in May to move to North Carolina with his wife and son. He made about $60,000 on the sale, but had hoped for better.'"

"'Everyone thinks their house is the most beautiful in the world, so it comes as a bit of a shock when it doesn't sell right away.'"

"The housing slowdown, sharp in some regions and more gradual in others, is seen by many economists as an inevitable and even healthy moderation to an overheated market. Even so, for many homeowners, real-estate agents and builders, the market's new direction is not particularly welcome."

"The rising supply of unsold homes makes it that much harder for homeowners to get the sale price they hoped for. 'In our neighborhood, on our street, there were three houses that went up for sale within months of each other,' said Gersin."

"Cincinnati real-estate agent Jeff Schnedl has seen a shift in the market. 'It is absolutely slower. Some areas are still chugging along but even those are chugging along more slowly than they used to,' said Schnedl, who has been selling homes five years."

"A drive down any street in Cincinnati, whose suburbs straddle Ohio, Kentucky and Indiana, turns up plenty of 'For Sale' signs, with the occasional 'Price Reduced' addendum slapped on top."

"Schnedl said homes are staying on the market longer. 'There is a lot more inventory on the market this year than last year, about 25 percent more. So buyers have more homes to choose from and that slows the sale cycle down. Plus with rising interest rates, people are thinking harder. That slows it down, too,' he said."

"The housing slowdown is also being felt by home builders. In Cincinnati, builders have felt the chill already. 'It has slowed a bit, not to a screeching halt, but some momentum is not there,' said Dan Dressman, of the Home Builders Association of Northern Kentucky, which represents about 1,280 building companies."

"Dressman said job losses will come in about six months if the slowdown persists. 'I haven't seen where there actually have been layoffs but if there is a continuous downturn that is one of the likely results,' he said."