Some housing reports from the northeastern US. Rhode Island, "As housing inventory builds and the pace of sales slows, some local condominium developers are turning toward a market segment that was somewhat neglected during the housing boom, low- to middle-income workers, even as development continues on a number of high-end, high-profile projects."

"'There's an abundance of condos on the market right now; a lot of them are [former] mills,' Sahagian said. Rhode Island condo listings this spring jumped 76 percent from a year ago, and in the Providence metropolitan area, which includes parts of Massachusetts, more than 900 new condominium/townhouse units are under construction, and another 2,500 units are planned."

"In Warwick last month, a Toll Brothers plan to build 395 condominiums at the former Rocky Point Amusement Park was withdrawn. Jason Witham, assistant VP of Toll Brothers' New England division, said, 'We elected to rethink our plan.'"

From Vermont. "Developers are moving forward with plans to build hundreds of new residences in Chittenden County despite a weakening housing market. Local real estate analysts said median home prices in Chittenden County fell for the first time in a decade."

"There are a lot more houses in Chittenden County than there used to be. About 1,200 houses, apartments and condominiums have materialized in South Burlington since the beginning of 2000. Brian Shupe said he can't help but worry about the viability of these projects. 'It would be unfortunate that just as we get it right, the economy kicks the legs out from under it,' he said. 'There's still a need for housing,' he said."

"The vacation and second-home market in Vermont is showing signs of a slowdown. In the Stowe market, (realtor) Ken Libby said he's 'seen a 30 percent increase in inventory in the past four months.' One day last week, there were 116 single-family homes listed for sale in the Stowe area compared to 60 homes the year before. There were 75 condos for sale compared to 35 last year at this time."

"On the new construction end, a Ludlow builder said while he remains busy there's no doubt that second home construction has tapered off. 'Overall there's been a slowdown as you can tell by the amount of building permits being issued,' said Doug Burns, a builder of vacation homes near Okemo Mountain Resort."

From Pennsylvania. "A year ago when Betty and Lee Castle placed a deposit on a retirement community property, they began to think how much they would ask for the Allentown house they had lived in for 30 years. They'd read about the frenzy in the real estate market, and figured it would hold."

"Fast forward to now: Their 1800s stone farmhouse on the border of Allentown and South Whitehall Township has been on the market for four months, and two price reductions haven't made a difference. 'We should have sold a year ago,' said Betty Castle."

"The shift in the market is catching some homeowners by surprise. 'People want to believe things are still going up,' said Loren Keim, who has offices in Allentown and Bethlehem. 'It will take time for people to get used to it.'"

"The sheer number of homes on the market allows buyers to be choosier. New listings soared 23 percent in the first six months of the year, compared with the same period in 2005. And last year was a record for new listings, with 13,822 homes for sale."

"'Everyone has seen the crazy ones sell on their block for an outrageous price. It is a little bit hard to be realistic,' said (broker) Angela Brown in Hellertown. Many real estate agents say they have been counseling sellers to lower their expectations. Often it is a hard message for owners to hear. 'I tell them they need to reduce the price, but they don't want to listen to me,' said Pete Ramos, president of the Lehigh Valley Association of Realtors in Bethlehem."

"Economists say there is no danger the Lehigh Valley housing market will crash. But try telling that to the Castles, who are 10 weeks from closing on their new retirement home in Northampton. They don't have a whole lot of room to negotiate on the $339,900 asking price of their farmhouse because they need the money for their retirement home."

"Lee Castle has begun to gather information on bridge loans, in case the house does not sell before the closing of their new home. The Castles' real estate agent, Suzanne Superka, shares their frustration. 'I'm at my wit's end,' she said."