A housing report from the Washington Post. "And so the great real estate boom has ended. Signs of a deteriorating market are everywhere, even in Prince George's County, where the housing market conditions had remained close to boom levels even as other neighborhoods cooled dramatically."

"'The downturn in the Washington housing market is in full swing,' said economist Mark Zandi. 'The market is weak and getting weaker.'"

"Sales have plunged in every jurisdiction; in August, the latest figures available, 8,300 homes changed hands in the region. That's down by a third from a year ago, according to the area's MLS. As of the end of last month, 46,000 homes were on the market, up from 21,000 the same time last year."

"One thing is clear: Buyers are overwhelmingly in control now. Year-over-year median prices were down 4 percent in August in Prince William and Loudoun counties, whose share of unsold homes account for roughly a quarter of the homes on the market in the region. Prices were also down in Arlington (14 percent), the District (9 percent), Fairfax County (6 percent) and Alexandria (2 percent)."

"Condo sales have been hit particularly hard. In Arlington, the District and Alexandria, condos account for more than half of the homes on the market. In Fairfax County, they account for a quarter."

"Those who really do want to sell 'need to recognize that they need to be the best house at the best price this week,' broker David Hawkins said. 'What the neighbor got a year or two ago has no bearing on the market now.'"

"Arlington renter James Cave is still waiting to buy. In the spring, he said he thought the housing market was overpriced and headed for a fall, so he is feeling quite smug these days about his decision not to plunge in."

"'There was no way I was going to jump into the real estate market that wasn't grounded in reality,' he said recently. 'But what'll happen to all these people who bought?'"

"Cave felt a lot of pressure from his friends and acquaintances to buy a home. He has been socking away half of his salary into savings for several years, and could have easily produced a substantial down payment. Instead, he spends $1,400 a month to rent a condo in a new building in Arlington."

"'I'm totally happy,' the Washington-area native said. 'All the people who were bragging about prices going up are suddenly silent and worried about what their properties are worth.'"

"Cave continues saving his money, waiting for what he thinks will be a flood of foreclosures when people are faced with escalating payments and can't sell for enough to cover their mortgages. 'What I'm waiting for is when the housing market is at its bottom,' he said. 'I think we're a long way from there. I personally think it's going to get really bad. It's like the Internet craze.'"

"It seems to him that the investors who own units in the building, like his own landlord, are becoming more anxious to sell. He frequently visits open houses for new condominium complexes in the area. He has been noticing how many are offering generous incentives, and there are still several new buildings under construction."

"Now he thinks he will wait for the market to drop enough so he can afford to buy a single-family house. He thinks he would be willing to pay $300,000 for such a house, not the $600,000 many owners are now asking. He said, 'I believe my patience will work for me.'"