The Telegram reports from Massachusetts. "The market for single-family homes and condominiums is in the midst of a correction that has seen sliding sales and prices. 'Realtors are not hungry, they’re starving,' said Vaios Theodorakos, who owns about 400 rental units around Worcester County. 'The phones aren’t ringing. I see listings getting pulled. You’re not seeing people on waiting lists anymore.'"

"Sandra Katz, president of the Worcester Property Owners Association, said she has seen good units remain vacant for three months or more, like those in a house on Bourne Street in the Greendale section, advertised at $800. The owner eventually rented them at $700 and $650 after three months, she said. 'The notion that Worcester has turned the corner is mistaken,' she said."

"Mr. Theodorakos said that during the housing boom before the start of 2006, many renters purchased properties. Some, he suspects, had insufficient finances who used subprime loans that have low interest rates in the initial years."

"'We had some tenant flight to ownership with the A properties,' he said. 'There’s too much product out there in C. There are a lot of people bleeding. During the housing boom it became fashionable to own property. We’re getting novice people becoming landlords because they think it’s easy.'"

"'Worcester is overbuilding,' he said. 'There is a glut of apartments going up. Old warehouses are being renovated to condos and apartments. But those people who would rent them are not here any more.'"

The Times Herald Record from New York. "Foxtons' withdrawal from the mid-Hudson comes at the outset of what many observers see as a year of retrenchment in the local real-estate industry. The Orange County Association of Realtors, for instance, has budgeted for a net loss of members in 2007. CEO Ann Garti can't recall the last time that happened."

"And ripples are rolling through related industries, from lenders to building-supply companies and contractors. Country Siding and Windows in Goshen was on the way to its best year ever in 2006. Then the bottom fell out. The company went into the year expecting 20 percent to 30 percent growth and ended up watching sales drop 4 percent to 5 percent."

"'To go negative 5, it's kind of a bummer,' said General Manager Steven Pawlowski. 'I really don't see anything right now that indicates this year will be anything different.'"

"He said more and more customers are looking to the company for financing, perhaps a reflection of the less-favorable interest rates available on home-equity loans these days."

"About a year ago, second-generation builder Angelo Ferrante co-founded Hudson Valley Remodelers in Goshen. 'We kind of saw the writing on the wall,' said Ferrante. 'We'd been through a couple cycles, and we knew what was coming.' The new construction market, Ferrante said, looks 'scary.'"

"Still, he hopes to build 10 or 15 houses this year, about half a normal year's output. He also hopes to finally unload a home he built in Sullivan County in 2005. 'I can't give it away at what it cost me,' he said."

Newsday from New York. "This is a year when home buyers should continue to enjoy an advantage over sellers. There's still a year's worth of homes on the market right now. As a result, expect this year to be a slow one for residential real estate. Inventory is expected to stay high, since many buyers remain on the sidelines, and some home sellers still aren't pricing their homes low enough, experts say."

"'We want to see the sales increase,' said Joseph Mottola, the CEO of the Long Island Board of Realtors. 'I am not concerned about the pricing, but when the sales increase it's better for the economy. Higher sales volume is good for the economy and for Long Island.'"

"Residential housing inventory has risen to 13,313 homes in Suffolk from 9,847 a year ago. In Nassau the number of houses on the market jumped to 9,457 from 6,786. The Island's economy generated an anemic 1,500 new jobs in the 12 months ending in November, as opposed to 11,000 only three years earlier. The local economy is not expected to generate many more jobs in 2007."

"The sales of luxury and ultraluxury markets on Long Island, those above $1.5 million, have increased, though in some cases the prices are lower, according to Emmett Laffey, the CEO of Century 21 Laffey Associates in Greenvale."

"Laffey said it's still up to sellers to price their homes right, and some are still looking for a price that's simply too high. There's still a 'tremendous amount' of price adjustments in the market, as sellers find they can't get the first price they ask for and have to lower it a few times to find the right one. Indeed, only one of every three homes is selling in its current six-month listing period, Laffey added."