A housing report from the New York Sun. "Soaring construction costs are putting the squeeze on the city's private developers, real estate experts say, threatening New York's housing boom. The president of Newmark Knight Frank Capital Group, James Kuhn, called construction costs 'the single biggest problem in New York right now.'"

"He added that the costs will put pressure on the bigger, more ambitious, and long-term projects, including Forest City Ratner's Atlantic Yards. 'When it was started, we were in a very, very bullish condo market,' Mr. Kuhn said. 'When it gets approved, will we be in a market that justifies construction at a number where you will be able to sell units?'"

"A residential developer, Jane Gladstein, said that increasing cost and softening demand means developers have to evaluate opportunities more conservatively. 'The buoyancy of the last several years gave a false perspective on reality,' Ms. Gladstein said. 'We've had a sobering six months.'"

"The president for the Partnership for New York City, Kathryn Wylde, said that construction costs are a problem born from the city's recent success, and that eventually the market would correct itself as construction drops off and prices fall."

"'At some point there will be a collapse and a lot of suffering, and contractors and labor will be available at relatively low cost,' Ms. Wylde said."

The South Coast Today reports from Massachusetts. "SouthCoast sellers, like their counterparts across the state and the nation, are waiting longer to sell, and buyers are waiting longer to buy. 'The fact is prices went up so fast so quickly, it was almost like a boom for the market. To balance itself took a while,' said Mattaposiett Realtor Judy Perry."

"In New Bedford, the inventory of available homes climbed from 270 in August 2005 to 374 this August, said Monica Dupre, a Realtor in Lakeville. 'That is a huge increase in inventory,' she said."

"Much like the old gag line, 'We're not a gang, we're a club,' some housing experts assert, 'This isn't a bust, it's a correction.'"

"Home sellers want the price climb to continue now that they have pounded 'For Sale' signs in front of their own homes. Simply, they want to make a killing, too, real estate sellers said. Buyers , however, got much pickier over the last 12 months, looking at two and three times the number of homes as they did a year ago in the hope prices will fall even farther, area real estate agents say."

"'It took a while for sellers to understand they need to reduce prices; now I am seeing bi-weekly reductions in the under $400,000 homes,' said Ms. Perry."

"'Buyers are being cautious, they are taking their time and looking,' Ms. Perry added. 'In the past, they would look at maybe five houses. Now, 10 to 15 houses, because they think the market will come down further.'"

"'The added value of low supply, high demand and lower interest rates fueled the prices that sellers today remember their neighbors getting a year ago,' said Maggie Tomkiewicz of South Dartmouth, a former president of the statewide Realtors group. 'Today the supply is high, the demand low and interest rates are higher. The added value is gone.'"

The Portsmouth Herald from New Hampshire. "The once-hot condominium market at the beach is slowing with the rest of the housing market. For sale: 200 condominiums near Hampton Beach, ranging in price from $100,000 to $750,000. Last year, 202 condos sold in Hampton at an average price of $229,334. In the second quarter of 2006, only 36 were sold."

"Agent Hank Therriault said there are so many condominiums on the market because there have been a lot of older cottages and motels converted into condos in the last two years. There also have been new units coming onto the market. 'They are selling -- just not as fast as the owners would like to see,' he said."

"In Hampton, the condo boom started in early 2004 when there was an increase in condo conversions of existing properties. Therriault said it appeared that no property at Hampton Beach was too old, too derelict or too small to be turned into a condo. "

"Condo conversions started to occur because the demand was there, Therriault said."

"Now, the number of new condominium projects is slowing down, according to Town Planner Jamie Steffen. 'It has slowed down somewhat in the last few months,' Steffen said. 'I think it has to do a lot with the economy and the fact that home sales are down.'"

"Steffen said the new trend appears to be condominium/hotel complexes, such as the new Ocean Club on Ocean Boulevard, which sold 24 of its 28 units within a few weeks. Ocean Club manager Angela Moore said investors purchase the condo units and allow management to rent out their units when they're not using them, sharing the revenue."

"'It's a lot like a timeshare, but better because the unit is yours,' Moore said."