The Melfort Journal reports from Canada. "The housing market is continuing to boom in the Melfort area. 'We’re still very busy. There are lots of people looking for housing and as new listings come up, they’re selling very quickly,' said real estate agent Colleen Ratcliffe. 'I would think pricing is maybe still rising just a tiny bit, not like it was earlier in the year.'"

"There are several reasons for the increase in the housing market. 'Because Saskatchewan is a great place. Our prices have been so much lower than the rest of Canada for so long and now people are just discovering how great it is. They can sell their high priced properties in Alberta or Ontario or B.C. and come here and buy an equal property and put hundreds of thousands of dollars in their pockets,' Ratcliffe said."

"Bill Madder, the executive VP of the Association of Saskatchewan Realtors, said the market has been stable or low for many years and people are drawn to the relatively low prices."

"The increase in sales is happening throughout the province. Agent Richelle Rogers said real estate agents are seeing increases in housing sales everywhere including Tisdale, Humboldt and Nipawin."

"'It (the housing boom) came completely out of the blue,' said Ratcliffe. 'It’s not just Melfort. Sales are happening all over.'"

The Ottawa Citizen from Canada. "It could get harder and more expensive for Canadians with impaired credit to get a mortgage in the months ahead as waves from the U.S. credit crisis begin to reach into Canada, analysts say."

"Canada's small but fast-growing subprime mortgage segment, devoted to riskier borrowers, is headed for a slowdown that could have lasting impacts, Benjamin Tal, an economist with CIBC World Markets, said yesterday."

"Within the past week, two large Canadian lenders, GMAC Residential Funding and MCAP Finance Corp., notified mortgage brokers they would not be providing subprime mortgages to new customers, at least in the near future."

"'We expect over the next six months, we will see a noticeable softening in the subprime activity in Canada,' said Mr. Tal, who says loan growth in the sector has hit explosive annual rates of 40 per cent so far this year and 50 per cent in 2006."

"When it does return to what he calls the 'new normal,' those offering subprime mortgages to riskier consumers will charge relatively more, compared to conventional loans, than they do now, he said. And annual growth 'will be around 10 per cent, rather than 40 per cent.'"

"'All the alternative lenders in the Canadian mortgage market are obviously impacted by the ability to issue paper to raise money for new mortgages,' said Jim Murphy, president of the Canadian Association of Mortgage Professionals."

"The problem 'is very much imported from the U.S. We have a market that is very much healthier in terms of people making payments,' said Mr. Murphy. 'But this is having an impact in terms of the ability to sell mortgages.'"

The Edmonton Sun from Canada. "Home sellers are slashing their asking prices by tens of thousands of dollars as Edmonton's once sizzling housing market continues to cool, says a city real estate agent."

"And new figures from the Edmonton Real Estate Board show the vast majority of sellers are now getting less than they're asking for - a stark contrast to the bidding wars of a year ago that routinely forced buyers to pay more than the list price."

"'There's tons of stuff on the market. There's twice as much inventory in residential real estate today as there was a year ago at this time,' agent Abe Hering told Sun Media yesterday."

"As a result, Hering said he routinely advises clients who've had their homes on the market for awhile to drop their asking price by 10% in order to remain competitive. On an average $417,000 single-detached home, that works out to more than $40,000."

"'There's no sense reducing any product by 5% because it just doesn't work. We're seeing reductions of 10% and more,' he said."

"Jon Hall, with the Edmonton Real Estate Board, said 85% of single family homes that sold over the past 30 days went for less than the asking price. Condos didn't fair much better, with 79% going for less than the asking price."

"'What most realtors seem to be saying is that the sellers haven't adjusted their mindset to the new reality - that we have over 8,000 listings and that buyers have choice,' Hall said."

"He said many sellers are knowingly asking for more than their home can fetch. 'And quite frankly, the realtors are getting a bit frustrated,' Hall said. 'If the seller says, 'I want it listed $20,000 above the market price,' they've got to do it. Ten days or two weeks later, the realtor's coming back and saying, 'I told you so,' and dropping the price.'"

"Carolyn Pratt, president of the Realtors Association of Edmonton, said some investors are trying to dump property. Pratt said she's also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper."

"Keith Mackie, fleet director for Budget Rent-a-Car, sees it every day. He said demand for moving trucks going to Saskatchewan from Alberta and B.C. has recently increased three-fold. 'It seems like a lot of people are going home,' said Mackie. 'There's no doubt about it, it's a significant number.'"

"Hall said many sellers with homes on the market in Edmonton today won't sell. 'It would be fair to say a lot of listings will melt. They'll just disappear,' Hall said. 'They'll just be withdrawn after a typical 60- or 90-day listing period.'"

From KTUU.com in Alaska. "The housing bubble seemed like it would never end as home values soared and loans were offered on terms allowing just about anyone to buy a home."

"Don't have a job? Credit shot? Short on assets? It seemed nothing could keep you out of the housing market. But those practices are coming to an end and for many, it's ending tragically."

"Homestate Mortgage Company's John Carman said it had reached a point where it was almost too easy to get a loan."

"'For awhile, the pendulum swung to where the criteria got easier and easier and easier to get a loan, to the point where we had what we called ninja loans -- no asset, no income, no job, not a very good credit score, no down payment -- you could barely fog a mirror and you could buy a house,' Carman said."

"Jan Jones with the Consumer Credit Counseling Service sees many of those who can no longer afford their house payments. 'We're averaging, right now, about five or six calls a day from people,' Jones said. 'A lot of people right now are thinking, 'If I can just hang on until October when the Permanent Fund Dividend's in, I can fix it all.' What they don't realize is it's probably just going to be a temporary fix.'"

"Some real estate agents say Alaska has seen 600 recent foreclosures, with more on the way. Just about every day, in the public notices section of the newspaper, you can read about the new foreclosures."

"While fault lies with over-eager buyers, many blame mortgage brokers and bankers. The mortgage industry was a largely unregulated one until the Legislature passed - and Gov. Sarah Palin signed - a new law this summer."

"'We're actually asking the state to come in and regulate our industry. I wouldn't do that if I didn't think there was a problem. Yeah, I think there was a problem. I think there were a lot of people getting into the business that probably shouldn't have got into the business. They either didn't have the knowledge or didn't have the ethics to be in the business,' Carman said."

"But for many residents with sky-high mortgages, it will simply come too late. 'Every office we have here has a box of Kleenex because it's a tough situation. I don't like having to sit across the desk from someone and tell them your choices are sell your home or it's going to be foreclosed,' Jones said."