Providence Business News reports from Rhode Island. "John Sinnott, managing director of Providence operations for Struever Bros., said in an interview that the company has decided to drop plans for 78 condominiums in the $80 million project, opting to market all of the development’s 249 units as rentals. Sales of the units never took off. 'There’s just been a turn in the market,' Sinnott said. 'We’ve been talking about it for years, and it finally came.'"

"Struever is not the only developer to drop or scale down condo plans. Blue Chip Properties and Granoff Associates, developers of the One Ten Luxury Residences, announced in January that they would scrap 60 of the planned 130 condos in the Westminster Street project, and add a hotel to the building instead."

"Colin Kane, principal of East Providence-based The Peregrine Group, said there 'seems to be a glut' of condos, and many lenders are shying away from new developments."

"'What I’ve been telling my real estate agents is make sure you have all of your condominiums aggressively priced,' broker Meredyth Church said."

The Concord Monitor from New Hampshire. "Drive down some Concord streets, and it seems like an exodus is underway. The 'For Sale' signs seem to be everywhere. Since some owners sell their homes themselves or use internet services, it's impossible to say exactly how many are on the market."

"In May, 4.7 percent more people put their houses on the market than in May of 2006. The average Merrimack County home took 25 days longer to sell. That kept signs on lawns much longer, so people saw them more often."

"More homes for sale, plus higher interest rates and property tax bills, caused prices in Merrimack County to fall an average of 2.9 percent, from January to May. But prices still are far from affordable for the young workers the state's economy needs to prosper."

The News Times from Connecticut. "William Gonzalez of Bridgeport said he started with a dream to buy his first home. He told the brokers and lenders he used he could afford a monthly payment of $1,200 to $1,800. What he ended up with was a $2,400-a-month mortgage for a house he's going to lose in a month."

"Tuesday at the state Capitol, Gonzalez told the Governor's Task Force on Sub-Prime Mortgage Lending about a baffling process involving real estate agents, brokers, lenders, and even a lawyer, none of whom was representing his interests."

"He said negotiations started with him saying what he could afford, and brokers showing him a $315,000, three-bedroom house and telling him he could afford it. He qualified for the loan, which they found for him. He agreed, made a down payment, and when all the paperwork was done, he discovered he was buying a $324,000 house."

"What all this will mean for Connecticut's economy remains unclear. 'In Connecticut it's not worse than the nation, probably,' Fairfield University economics professor Edward Deak said. 'But it's not better.'"

"'Mortgage lenders saw an opportunity to make a lot of money off of people who are less sophisticated when it comes to loans,' he said."

"The clients were told they could handle the loans and refinance later. What they were not told is if the home they bought lost value, it would be nearly impossible to refinance."

The News Journal from Delaware. "Foreclosure filings in Delaware rocketed to a record high over the past year, up 29.5 percent from the previous year, court records show. Delaware filings for the month of June were higher than any month of the year in all three counties."

"'Most of these stories are very sad, whether it's a medical bill or divorce or just, 'My God, what did we do? We can't afford this!' said Loretta Forsythe-Walsh, chief deputy of the New Castle County Sheriff's Office."

"And it may get worse. 'Most people are expecting foreclosures to peak early next year,' said Gerry Kelly, Delaware's deputy bank commissioner for consumer affairs. 'Next year is not going to look any better.'"

"Homeownership ballooned in the past decade as lenders loosened up on standards, offering mortgages to people with shaky credit and introducing creative financing that allowed people to buy a home that they otherwise couldn't afford. 'There were more people in that middle-income class range that were really stretching to buy a home in this last run-up,' said Ira Goldstein, policy director for a Philadelphia-based firm that has studied Delaware foreclosures."

"When housing prices were climbing, homeowners could re-finance or sell the property if they were in over their heads. But once the housing bubble fizzled, it became more difficult to sell, refinance or tap into home equity."

The Baltimore Sun from Maryland. "Metro area home prices advanced nearly 5.5 percent in June, led by Baltimore City where the average price breached the $200,000 mark for the first time, statistics released yesterday showed."

"But with sales volume dropping at a double-digit rate and listings continuing to mount, economists said that the price gain likely was the result of a shift to more expensive homes rather than a sign that the housing slump was nearing an end."

"That's because it's the pricier homes that are selling, both in the city and suburbs, said economist Anirban Basu, CEO of Baltimore-based Sage Policy Group Inc."

"'At the higher end, there continues to be a race for superior properties as [buyers] compete against each other,' he said. 'The homes that are selling are disproportionately higher-end homes.'"

"Those looking for an end to the housing slump will have to wait longer, Basu said."

"'I think that the down cycle in housing has a bit farther to run, probably through the balance of 2007 and into 2008,' he said. 'There is so much active inventory...and with so much product competing for buyers' attention, buyers are in no rush to purchase a home with reasonably average amenities.'"

"Every jurisdiction posted fewer sales. Carroll had the sharpest drop, nearly 18 percent, while Howard County's decline was the smallest at 7.29 percent."

"Listings swelled to a record of nearly 20,000, as only 3,197 sales contracts were signed."

"'Buyers are not as pressed to work something out,' said broker Pat Hiban. 'It used to be people would find a house they fell in love with first and negotiate second. They were going to work the deal out. Now they're negotiating first and deciding second.'"

"Real estate agents said they are urging their seller clients to heed the market."

"'Our marketplace right now is like a bad weather market for sellers,' said John Toner, a broker in Columbia. 'If you make a mistake in this market, you'll be punished for it more severely than in the last few years. Buyers have a lot more to choose from; they are being a lot pickier, and they have almost no sense of urgency.'"