The Detroit News reports from Michigan. "When James and Gabriela Rudin bought their 3,100-square-foot Tudor on a cul-de-sac in the well-manicured subdivision last year, they expected to spend the rest of their lives there. The housing market was healthy at the time, and they figured they were spending $375,000 on a solid, long-term investment."

"But over the last year, the ailing automotive industry pulled Michigan's economy down. They want to move quickly. So they're taking the bold approach of putting the three-bedroom, two-and-a-half bath home up for auction with a starting bid of $1."

"'If there are 5,000 on the market like that, being 5,001 doesn't really matter,' said Gabriela Rudin. 'We just want to get it sold. It's going to go to the highest bidder no matter what it is.'"

"The Rudins aren't alone in going the auction route. Chicago-based Neumann Homes plans to auction 47 Metro Detroit homes and 40 undeveloped home sites in November as part of an effort to reduce its inventory."

"The Rudins are confident. 'If we have to lose money, whatever,' Gabriela Rudin said, adding that part of the motive for selling the house at auction is to avoid paying real estate agent fees she estimates would total about $25,000. 'We'd rather see that money go to somebody else than an agent.'"

The Minot Daily News from North Dakota. "The inflation in housing prices in Minot over the past several years appears to be slowing slightly, possibly indicating that home valuations could be on the way to stabilizing, according to figures from the city assessor’s office."

"'The values are still up from last year,' said Mike McEown of Minot Multiple Listing. 'I can’t actually say that prices are coming down.' McEown said he doesn’t expect the housing market to crash as it has in some parts of the country."

"However, the appreciation appears a bit more modest heading into the later part of this year. 'We are hearing that there’s a little bit more inventory out there and that the time on the market is probably a little longer than what we have had for a while,' city assessor Kevin Ternes said. 'As we get into the winter season, it’s possible things might slow down a little bit.'"

"There were 335 houses listed this past September, compared to 293 in September a year ago. Although homeowners have had the benefit of an asset appreciating in value, many taxpayers won’t mind seeing valuations stabilize."

The Daily Inter Lake from Montana. "The Flathead Valley’s real-estate market may be beginning to level out, a shift from the red-hot business it’s been in recent years. 'I think it’s definitely done some adjusting, there’s no question about that,' said Dave Gawe, a Realtor in Whitefish. 'Maybe even a little correcting.'"

"Broker Mike Osler in Bigfork, agreed. 'I think it has softened a little bit, but I don’t see it having the turnaround like some of the other places,' he said." "The change is the result of having so many houses on the market, said Realtor Lee Denmark. 'We’re seeing a lot of inventory,' Denmark said. 'It’s shifting from a seller’s market to a buyer’s market, because we have a lot on the market.'"

"These are the times when many people buy vacation homes, or, when the market is extremely hot, buy property with the intention of 'flipping' it, immediately reselling it for a profit. A couple of things happen to cause the market to cool, Denmark said."

"'It’s a common economic deal where if anybody fears that the interest rates are rising, people hold a little bit tighter to their money,' he said. 'But the market doesn’t change really until the media says there’s going to be a change.' Because media across the nation have been talking about a rapidly decelerating housing market, would-be home buyers are considering their purchases more carefully, he said."

"'When times get a little bit rougher, we do see a big change in speculative buying,' he said. 'What we’re seeing right now is not so much a burst in any bubble,' he said. 'A lot of homes that were overpriced before because there was a feeding frenzy aren’t selling.'"