The Greenwich Time reports from Connecticut. "After years of frenetic activity, builders are starting to show signs of restraint even in Greenwich. 'I've actually held off on pursuing new deals just to get a clearer picture of what's going on longer than the next six months,' Greenwich developer James Higgins said."

"There are enough signs making institutions such as banks wary of the market, said Richard Muskus Jr., a senior VP at Greenwich Bank and Trust Co. Because some builders have not been able to sell their houses banks have become more careful about how many more new loans they will give, he said."

"'The lending practices have absolutely changed for us,' Muskus said. 'We are examining potential construction loans a little bit harder than we usually do. And this is pressure coming from government examiners and auditors and things like that.'"

"'I'd shy away from spec housing right now,' said Greenwich developer David Dall. 'It's really a gamble right now.'"

"Some real estate agents, such as Ali Granmayeh, a former appraiser who tracks sales history carefully, said he sees some vulnerability in the $3 million-plus listings. 'There are too many houses in the market, 44 percent of the inventory is over 3 million,' Granmayeh said. 'The customers are scarce. It's a very scary market for us.'"

The Eagle Tribune from Massachusetts. "After years of strong sales at high prices, developers are facing their first housing slump in more than 15 years. Builders are also lowering prices and offering incentives to lure buyers for the homes they have already built and those they hope to build."

"'We're not seeing a lot of new projects coming through the pipe; that's indicative of the economy,' said William Pillsbury, Haverhill planning director. 'Single-family homes and higher-end subdivisions have slowed down.'"

"Pillsbury is confident, however, that the almost 300 condominiums and apartments now under construction downtown will find buyers and renters and that construction will proceed on hundreds more that have been proposed."

"In North Andover, a controversial development that was four years in the making has been put on hold, said Town Planner Lincoln Daley. The 96-home Boston Hill complex was scheduled to start construction this fall but likely won't begin until next year, Daley said, because of the current slowdown in the market. '(The developer) decided to take a step back,' Daley said."

"Other major projects, there are about 470 new homes planned in North Andover, are going ahead. 'Developers are anxious right now,' Daley said. 'There's grumblings about the economy. There is still a lot of building and renovating going on.'"

"Real estate agent Blaise Coco said he believes home prices are leveling off after a decline. But, he said, 'supply is on the high side. They're not selling as quickly as we like.'"

"One major project in the pipeline is a 240-home development proposed by the Toll Brothers, a national luxury-home builder. A year after the project was announced, city planners are still waiting for the company to apply for permits."

"When sales started to drop, builder Stephen Doherty lowered the price of town houses under construction behind Bradford College in Haverhill. Prices were dropped from $359,000 to $334,000 for end units and to $324,000 for interior units."

"'We've had the flexibility (in financing) to roll back prices,' Doherty said. 'We've also included bonus incentives. We're not building as fast or selling as fast as a year ago, it separates us a bit from the competition.'"