The Mail Tribune reports from Oregon. "A well-intentioned attempt to cash in on a red-hot real estate market has turned sour as the unsold home's mortgage now gobbles up a big chunk of the regional Boy Scout council's budget. Rather than selling quickly for a profit, the house has sat vacant for about a year. If it doesn't sell soon, Boy Scout officials fear the project may end up costing them money, said Scout Executive Rick Burr."

"'I don't think there's going to be anything left over after we pay the Realtors,' Burr said. 'It could potentially put us into debt.'"

"The Crater Lake Council already has made about $30,000 in interest payments to South Valley Bank & Trust, Burr said. The council co-signed a $426,000 loan with local contractor Brian Monroe, an Eagle Scout and former Scout master. Monroe said he is not going to see any profit because he agreed to donate labor and solicited about $125,000 in materials, all to benefit the Scouts."

"The Scouts approached Monroe about three years ago with the idea modeled on three previous Scout houses that all sold prior to completion. In each of those efforts, the builders took on all financial liability and returned profits to the Scouts, Monroe said. But he said he insisted the Crater Lake Council assume some responsibility for the loan."

"'There was too many houses on the market,' he said."

"After paying $140,000 for the lot, Monroe started building the house in summer 2005 and finished it a year ago. Listed before completion, the two-story home is priced at $499,900, a figure that's been reduced several times. 'Every month, it's going down,' Monroe said."

"While an unusual method of raising funds locally, the Scout house project was approved by a healthy organization with an experienced board, said Dee Anne Everson, executive director of United Way of Jackson County, which helps fund Boy Scouts."

"'There's no question you have to spend money to raise money,' Everson said. 'They didn't see the bottom falling out of the housing market.'"

The Bend Bulletin from Oregon. "Multiple housing projects are being planned on at least 1,200 of the 2,299 acres on the city's western and northwestern edge that could add up to 7,000 new home sites for Redmond by the time they are built, sold and occupied, said Nick Lelack, city planning manager."

"'All the (major) property owners are seeking plan approval and annexation in 2008,' Lelack said."

"Upon expected buildout within 10 years, the mix of new homes could bring between 14,000 and 17,500 people, he said. But developers are cautious about the number of years it will take to sell the lots and build what they are calling a diverse mix of housing types and prices."

"'It's hard to say whether there will be enough people based on the number (of houses) projected,' said Andy Crosby, managing member of Redmond Community Ventures LLC, which is planning between 1,200 and 1,400 housing units on 150 acres west of the current city limits."

"'There's going to be a lull that will shake down the market and put an emphasis on quality,' Crosby said. Some projects will fall by the wayside, Crosby said."

"The city's recent housing slide includes a 38 percent drop in sales of single-family homes for the month of April compared with the same month in 2006, according to the Central Oregon Multiple Listing Service. On June 1, there were 739 single-family homes on the market."

"Median home prices in Redmond, meanwhile, have slipped to $255,500."

"'Right now, there's a bit of a pullback, but if you look at the long-term dynamics, Central Oregon is very bullish,' said Bruce Kemp, Redmond's real estate agent of record. 'The (slowdown) allows for prices to pull back a bit and as prices adjust down, sales will pick up.'"

"Eventually, more affordable housing prices will attract more companies, said Bud Prince, manager of Redmond Economic Development. The number of speculators and investors who sought to buy a piece of property, then resell it for a profit, have slowed to a trickle at his office, he said."

"'That's a good thing, really,' Prince said. 'Because they drove the prices up for the end user.'"

"But the city's resources make the city attractive for companies to relocate or expand their businesses, Prince said. 'The attraction is there for people to move here from outside the region, but there's a concern whether they can afford the houses,' Prince said."

The Bellingham Herald from Washington. "Condominium living has become a popular trend locally, and industry experts have watched with interest to see what happens when a red-hot home market starts to cool."

"Spring and summer is the real-estate shopping season in Whatcom County, and this year buyers have plenty of units to choose from, with more coming available as projects finish. For sellers, it’s probably a time for patience, as the average time on the market is around 270 days. Heading into June, Bellingham condo sales are down 22 percent compared with the same period last year."

"'The next few months will be a crucial period to find out what will happen not only with condominiums, but single-family homes as well,' said Julie Hansen, an economics professor at Western Washington University. 'I’m concerned that the condominium inventory is around 10 months. With that much supply, there is a risk of price declines. If it does decline, I don’t believe it will be steep, but right now it’s too early to tell.'"

"She noted that home sales in Whatcom County dropped 23 percent in 2006."

"While the condo market for first-time homeowners has been growing, more high-end condominiums are expected to hit the market in the coming months, including the refurbished Waldron building and the new Young building in Fairhaven."

"The current supply for highend condos is around two years, and the new projects will be adding to it."

"The apparent glut is not slowing some developers. Jim Laing of Vancouver, B.C., has two projects in the works; a mixed-use project on on Lincoln Street that will have 55 condo units for around $200,000 each and a work-live project East Bellis Fair Parkway that will have around 60 condo units."

"'There is about a year’s worth of existing inventory available, but the reality is there are quite a few opportunities in the Bellingham area,' Laing said. 'Once my projects are completed, this area will have worked through the current inventory and the demand will be back.'"