The Times Dispatch has this update from Virginia. "The frenzy is over. Put a house on the market today and you are looking at 60 to 90 days for a sale, real-estate agents say. That's if the house is priced right, and if you live in the Richmond area. Northern Virginia has taken a hit in housing sales. So has Hampton Roads. Prices are falling in the priciest markets, such as Dulles and Northern Virginia, but are still rising in Richmond and other areas."

"Houses in all price ranges are staying on the market longer than they did a year ago, and there are more to choose from. About 6,500 houses are for sale on the Richmond MLS, compared with 2,800 houses last July. 'We've had a wonderful run for three to five years,' said appraiser Pat Turner in Richmond. 'Now, even aggressively priced houses are not moving fast,' he said."

"Multiple offers? No contingencies? Not so much anymore. 'Houses are not selling within hours, and they are not selling for more than what they were listed for,' said agent Smitty Smith."

"Kevin Allocca, an agent in Henrico County, said the market has changed. 'Instead of having three buyers for every nice listing, there's only one,' Allocca said."

"Just how much has the market cooled? 'Big time,' said agent Ken Storey. 'Every Realtor says the same thing. 'The market has slowed down since the end of April.'"

"'The days are over of seeing what the last home sold for in the neighborhood and adding $10,000 to the price of your home,' Storey said."

"Sales in Virginia toppled nearly 19 percent in June over the same month a year ago. Year-to-date, sales fell 15 percent over the first six months of 2005. 'Builders are beginning to build fewer houses on speculation, said Eddie Goode, president of the Home Building Association of Richmond. 'We have been building at an accelerated pace for 10 years,' Goode said. 'This is a healthy correction. It should lead to more years of sustainable growth.'"

"Dean Cobb, an agent in Sandston, said the pace had to slow. 'The housing market can't keep getting bigger and bigger.'"