The Journal Sentinel reprots from Wisconsin. "One good month doesn't spell recovery, industry representatives said. But so far, February is looking good. The big draw: better deals this year than in 2006. 'A property might be going at 98% of asking price, but that's 98% of the last list price, not original price,' industry spokeswoman Tammy Maddente said. 'That property might have been on and off the market two or three times.'"

"'What's happened now is that we're out of La-La Land and into reality,' Donahue said."

The Detroit News from Michigan. "In December, Ed Roland, joined Michigan's growing ranks of desperate home sellers. He had already moved in with his daughter in Florida and watched helplessly as his Canton Township home languished on the market for nine months."

"'It's vacant and we're paying taxes and paying lawn service,' said his daughter Judy. 'We just thought, 'Don't mess with it: We'll just accept whatever (the buyer asks).' And what did the buyer ask? Pay the rest of this year's taxes, about $2,400, on the home."

"It's unclear how common the practice has become, but buyers emboldened by the housing market glut are not ashamed to ask for it. 'It's just giving us extra cash that we didn't think we would have before,' said Jim Lorenz, who is preparing to move his family from Dearborn Heights to their new Canton home. 'The people purchasing our house asked for the same thing.'"

"Metro Detroit's down-and-out housing market may be a nightmare for sellers, but it's a paradise for potential home buyers."

"Just ask Keith Nida of Clinton Township, who bought a house in Roseville for $50,000 below its asking price. Before he found the house, Nida put an offer on another house, but the bank foreclosed on it before his offer was approved. 'It was either bad luck or a blessing in disguise,' Nida said."

" There's a huge supply of homes, condos and rental housing to choose from. In 2006, there were 45,998 residential properties that went on the market in Wayne, Oakland, Macomb and Livingston counties. That compares to just more than 14,000 in 2001."

"'The market is great if a person is looking to buy,' said Ron Simpson, president of the Detroit Association of Realtors. 'Property values declined sharply in the past year.'"

"University of Michigan senior research specialist Don Grimes urges some caution and realistic expectations. Buyers can get a bargain right now, Grimes said, but he questions whether southeast Michigan's housing market will ever rebound to what it was a decade ago."

"'I have no doubt there are deals to be had,' Grimes said. 'But don't go into it expecting appreciation except at the rate of inflation.'"

"Realtor Ron Simpson agrees that buyers who expect quick appreciation will be disappointed. Buyers won't get a return on their investment until the economy improves. Until things get better, Simpson said, buyers should be prepared to keep any property they buy. 'Is it a good time to buy a home? Absolutely -- if you can afford to hold on to it,' he said."

"John Kurczak, a Realtor in Sterling Heights, said his clients are on the lookout for the best deal. Many buyers won't even look at a property unless they can practically steal it, he said."

"That is why Kurczak warns home sellers against holding onto a house for too long. He advises considering any offer and working with the buyer. 'There's an old saying in the real estate businesses that goes: 'Your first offer is your best offer,' Kurczak said. 'Don't get upset if the offer is too low. Sellers need to understand the buyers' anxieties and work with the buyer; you have to give and take.'"

"Prices will drop another 10 percent to 30 percent in 2007 and begin to stabilize in 2008, said Kurczak, who has seen this up-down cycle many times in his 16-year career. 'This is the storm we're going through right now,' he said. 'We're at our bottom; the only way to go is up.'"

The Pioneer Press from Minnesota. "Ever shop the clearance racks for condos? Bargain shoppers can save up to $100,000 Saturday on brand-new condominiums in Burnsville's Heart of the City."

"A mortgage lender slashed prices on the 34 available units after the original developer defaulted on the mortgage — resulting in the lender foreclosing on the property."

"The Uptown Landing project was the first condo project in the Heart of the City. Three more condo developments are in the works or have been completed in the area."

"Industry experts suspect the building sat almost empty for nearly two years after completion because of today's soft suburban condo market and rising interest rates, construction prices and land costs. 'Right now, a lot of contractors are running into trouble,' said Larry Zielke, who handles foreclosures. 'Foreclosures are up overall on individuals, but they're also up on contractors.'"

"Springbrook sold only three Uptown Landing units after finishing the first phase in summer 2005. With almost no condo sales, the company soon defaulted on the mortgage."

"Kapital und Zinsen, a company formed to acquire the debt, purchased the mortgage in February 2006 for an undisclosed amount, said George Zeller, the company's chief manager. 'We said, 'How can we get this property back productive? In this market, we need to give people a reason to buy. Let's make an offer that's hard to refuse,' Zeller said."

"The condos, originally priced from $175,000 for a one bedroom with 862 square feet to $325,780 for a two-bedroom with 2,021 square feet, now range from $134,900 to $229,900."

"Uptown Landing 'had some difficulty with the way the units were designed,' Burnsville Mayor Elizabeth Kautz said. Kautz put money down on a condo at ParkCrest on Nicollet, a mixed-use building in the Heart of the City. She's been waiting for her house to sell to move into the unit."

"The market influenced Klingelhutz Construction Co. of Chaska to change its plans to develop Nicollet Plaza, a two-phase condo project in the Heart of the City, said Pat Pauly, general superintendent. Klingelhutz began building phase two first, a $12 million, 70-unit building, instead of phase one, an estimated $20 million, 140-unit building."

"'You're better off being $10 million in the hole rather than $20 million,' Pauly said."

"In today's market, it's not unusual for developments to stall or go into foreclosure, Zielke said. But it's more typical for projects under construction to default on their debt. It's unclear what happened with Uptown Landing, but one thing's certain: 'Somebody lost money on this deal,' Zielke said."