The Capital Times reports from Wisconsin. "Fleming Development is seeking city approval for a 12-story condominium tower at the corner of West Johnson and Bassett streets that would include 197 housing units. Prices are expected to start in the $200,000 range."

"Developer Dan Fleming said he was not concerned about the current glut of new condominiums on the local housing market. There are more than 2,400 unsold condos in Dane County, up from 867 just two years ago. 'That's mostly in the upper prices ranges,' he said. 'We've got a different target market.'"

The Daily Herald from Illinois. "The question in 2007 is whether the housing market will return to historical norms or continue its 2006 sales recession. According to figures released Thursday, the Chicago area was hit harder than the nation at large."

"Except for DeKalb County, each of the counties surrounding Chicago showed double-digit declines in the number of homes sold, according to the Illinois Association of Realtors. December home sales in Chicago fell even more, plunging 21.5 percent, to 9,600 homes sold."

"Steve Hovany, president of Schaumburg-based housing research firm Strategy Planning Associates Inc., said there’s a general rule about home prices these days. 'The basic wisdom is you have to bring your price down to last year’s level to sell it,' Hovany said. 'But many people tend to want to wait it out to get their price.'"

The Indianapolis Star. "Metropolitan Indianapolis' sky-high pace of home foreclosures continued last year as lenders took back about 27,500 houses, almost 36 percent more than in 2005."

"Many homeowners get trapped by bankruptcy, high medical bills, fraudulent real estate deals and adjustable-rate mortgages. And aggressive lenders and builders can saddle buyers with higher-than-expected payments, particularly in new subdivisions."

"As heavy as the pace of foreclosures is in the metro area, it is surging even more heavily across the state. Foreclosures in the 83 counties outside the metro area numbered 19,952, a 96 percent gain over 2005."

"Even so, metro Indy accounted for 58 percent of the 47,550 foreclosures recorded last year throughout the state, although the metro area contains only about 32 percent of the state's households."

The Daily Press from Michigan. "Local realtors are saying low prices have been the norm this year. 'We have a lot of homes for sale and not too many buyers,' said (realtor) George McLaughlin in Escanaba. It’s part of a nation-wide slowing in real estate sales, which drives down the amount sellers can get for their home."

"'People are always reluctant to go with that because they feel like they’re losing equity, and of course they are,' McLaughlin said. 'If they want to move their homes, they have to be flexible on the price.'"

"The slow sales can be a good thing for those wanting to buy a home. Jason Gasperich moved to Escanaba in December with his wife. 'There were plenty of houses to choose from,' he said."

The Business Review. "The concentration of residential real estate loans on the books of Michigan banks fell by more than 7 percent in the third quarter, signaling a tightening of underwriting standards - as foreclosures climbed."

"Michigan banks had residential loans valued at a median 251.6 percent of their tier-one capital, common stock and retained earnings that support lending, in the third quarter. That's down from 271.9 percent in third-quarter 2005, according to the Federal Deposit Insurance Corp."

"Michigan banks are in the middle of the pack, Illinois and Wisconsin banks have fewer residential real estate loans as a percentage of tier-one capital while Ohio and Indiana each top 300 percent."

"The numbers still are worrisome because lenders, stuck with homes that have seen a drop in market value, often are forced to sell such properties at a higher discount so they can limit their losses. Foreclosures in the third quarter for Oakland, Macomb and Wayne counties numbered nearly 15,000."

"That has a trickle-down effect in that it lowers property values in affected neighborhoods. 'All banks are experiencing some level of increased foreclosures and it is having an effect,' said Bruce Balmas, senior VP in charge of mortgage for all of Southeast Michigan at Fifth Third Bank. 'We will take a foreclosed house and sell it at the current market rate and those levels are down as much as 15 to 20 percent.'"

"'For years, mortgage fraud was ignored as interest rates fell and the mortgage bankers were making money,' said Martin Frankel, a (lawyer) specializing in mortgage and construction litigation. 'But now it is having a significant bottom-line impact.'"

The Detroit Free Press. "Home foreclosure filings surged to record levels across metro Detroit in 2006. In Macomb County, the number of foreclosure filings nearly tripled, from 2,755 in 2005 to 8,192 last year, translating to one home for every 39 in the county."

"In Oakland County, Michigan's wealthiest county, the number jumped from 3,754 in 2005 to 7,282, meaning one of every 68 homes. In Wayne County, the number of filings more than doubled, from 18,176 to 40,220, translating to one of every 21 homes."

"Oakland County's number translates into an average of more than 100 homes per week going to auction, the largest number county officials ever have seen and more than twice the number in 2004."

"'There are a lot of different variables why,' said Oakland County Sheriff's Capt. Mike Johnson, who oversees the division responsible for handling foreclosures. 'But I think a lot of these short-term mortgages, the adjustable rate mortgages, are blindsiding folks.'"

"In some cases, Johnson said, owners simply walk away from homes after overextending themselves. 'This isn't the orphan and widow being shoved out in the cold,' he said."

The Lansing State Journal from Michigan. "Any way you slice it, 2006 wasn't a banner year in the local real estate market. In Ingham, Clinton and Eaton counties, sales of residential properties fell by nearly 15 percent compared with 2005. The average sale price fell also, by more than 2 percent."

"Matt Bowler, president of the Greater Lansing Association of Realtors, noted that 2004 and 2005 were 'record breaking years,' which makes 2006 look pale in comparison."

"(Broker) Dave Ledebuhr in East Lansing, said a combination of low interest rates and the sheer number of homes for sale in the Lansing area has created an almost ideal buyer's market."

"'We kind of feel that, if buyers wait much longer, they're going to miss this wonderful buying opportunity,' he said. 'Interest rates could go up, supply could go down, and prices will go up again. If they don't buy now, when would they?'"

"He was echoing a new marketing campaign sponsored by The Greater Lansing Association of Realtors. Their slogan: 'If not now, when?'"

"Roxanne Webster got the message without being told. She began looking for a house two weeks ago 'because it's a buyer's market.'"

"On Friday morning, (realtor) Travis Conti was showing her a split-level home on Lansing's south side. 'He keeps surprising me,' Webster said. 'Every time I think that this may be the house, he keeps showing me more for the money.'"