A housing report from the Baltimore Sun. "Ryan Conlon had a condo picked out. Nothing showy, but nice. Two bedrooms and a porch. No roommates, no landlords. The 29-year-old supervisor at Geico in Bowie was almost locked into the deal when he suddenly backed out. 'The condo market is no good right now,' he decided."

"Instead, he and a friend took sanctuary at Annapolis' newest luxury apartment complex, signing a one-year lease in December for a two-bedroom, two-bathroom unit with granite countertops, maple cabinets and stainless-steel appliances, for $1,900 a month."

"'For someone like me who makes decent money, I could afford a condo right now, but then I'd be house-poor,' he said. 'I plan on buying as soon as prices go down.'"

"People like Conlon are why the apartment market in the city is tight, despite a crush of new buildings and condos for lease by investors: Well-off Annapolitans are gobbling up high-end rental units, waiting for prices of single-family homes and condos to stabilize."

"The average price per square foot jumped $10 to $380 last year, even as four new condo conversions entered the market, according to Delta Associates. The pace of condo sales in Annapolis slackened from nine units a month in 2005 to four in 2006."

"'I wouldn't say that Annapolis is in dire straits, but the market would be doing better if there were fewer new projects,' said William Rich, a vice president at Delta."

"About 66 percent of Annapolis' condos stood empty at the year's end, according to Delta."

"Condos are more vulnerable than single-family homes to price fluctuations because they attract investors who either flip them or rent them out, said associate broker Bill Hyland,. He tracks condo sales in Annapolis and supplies buyer information, and said the fluctuations in the Annapolis condo market have never been this pronounced."

"'For some people, it's a good idea to buy right now. For others, it's not,' Hyland said. 'Many of the listing prices were overextended to begin with, and most have dropped 20 percent in the past year.'"

"He and his wife are renting an Eastport condo that 'we could nowhere near afford to buy.' They intend to buy again once the market settles."

"Single-family home sales in Annapolis fell off by almost half in 2006, down to 173 from 305, according to economist Joseph Cater. 'We've come from a very long way in housing,' Cater said. 'Prices tend to ramp up very quickly and become sticky on the way down. The market is going to take time to readjust.'"

"A wave of conversions has added more than 700 apartments to the city's inventory in less than two years, and the number of apartments has grown by about 20 percent, to almost 6,000, in the past six years, Cater said. Investors who couldn't unload their condos because of market conditions have resorted to renting them."

"New apartments in the area are trying to lure tenants with move-in specials and incentives. At West and Chinquapin Round roads, 1901 West is offering new tenants 1 1/2 months' free rent. Down the road, Stone Point Apartments is handing out one month's free rent."

"A month after construction wrapped up, nearly 100 of 1901 West's 300 apartments are leased. Jeramy Utara, a leasing consultant at Stone Point, which opened in the fall of 2005, said the building is 80 percent leased. Rents at both range from about $1,100 to $2,000."

The Baltimore Messenger. " Property taxes might be the death of Matthew Imhoff. The Mt. Washington resident's triannual assessment shot up 110 percent, from $202,000 to $419,000, on a house that was appraised last year at about $350,000."

"Imhoff joined 100 other Mt. Washington residents at an informational meeting Jan. 18, led by officials from the Baltimore City office of the Maryland Department of Assessments and Taxation. Many in the audience were angry at the gods of taxation."

"The latest assessments are complicating lives in surprising ways. A man who wouldn't give his name said his assessment doubled at a time when he is getting divorced, and he wants to buy out his wife's half of their house. 'I'm essentially screwed,' he announced at the meeting."

"Robert Cushner, a certified appraiser, whose job includes helping people appeal their assessments, said at least 20 percent of Mt. Washington residents might be eligible to appeal. The new assessments are more justified regionally than in Mt. Washington, where average sale prices for the city portion of ZIP code 21209 fell 12 percent from the third quarter of 2005 to the third quarter of 2006, he said."

"Cushner said 21209 was one of four ZIP codes citywide where average sales prices fell during that time frame, including a 4 percent drop in 21218, which includes Guilford, Waverly and Oakenshawe. 'That would be good evidence to make an appeal if you think you have been overassessed,' Cushner said."

"Fifth District City Councilwoman Rikki Spector said she believes lowering the rate is essential. 'It's killing us,' Spector said. But to cut the rate, the city needs a bigger tax base, and too many properties in the city, including a high percentage of abandoned homes, don't generate any tax revenue, she said."