The Roanoke Times reports from Virginia. "The latest figures from the New River Valley Association of Realtors indicate...the volume of sales is down 4 percent from the first eight months of last year, and real estate agents say sellers are facing a far tougher environment than they did at the height of the housing boom. The median price of homes sold in the Southwest Virginia region served by the association actually declined nearly 3 percent for 2006."

"If large numbers of homes are sitting unsold, as some real estate agents report, those slow-moving homes will not be reflected in the sales statistics until they finally do change hands."

"'What happens to the sellers in this market is they're holding on for, pretty much, what the property is worth, which means that they're staying on the market,' said Jim Owens of Century 21 Jim Owens & Associates in Blacksburg and Christiansburg."

"'Buyers are very picky right now,' agreed Louise Baker, supervising broker for Long & Foster's Christiansburg office, who on Friday cited 164 single-family detached homes on the market in Christiansburg."

"Baker said the number of homes on the market was at the highest level she has seen in her nearly 30 years in the business. Jo Alderson, an agent and broker in Radford, echoed that, and she has been in real estate even longer."

"'Prices are beginning to moderate a bit, but they needed to do that,' Alderson added, referring to the unusually fast run-up in real estate value seen in recent years."

"In another illustration of the ascendancy of buyer over seller, Baker cited two homes, one priced at $359,900, another about $458,000, for which sellers were willing to pay cash at closing to lower a prospective buyer's interest rates for the first few years of a mortgage."

"'When that didn't work, we just went back at the different [sale] price range that made it more attractive,' Baker said."

"In other words, they dropped the price."

"'They really need to listen to their agent about what's going on in the marketplace,' Baker said. 'We have some sellers that still think it's 2005.'"

The Laurel Leader from Maryland. "Foreclosures are soaring in Maryland. Prince George's County is leading the state's foreclosure list, with foreclosed homes in 2007 jumping from 2,300 through July up to 2,800 in August, according to RealtyTrac."

"No specific totals were available for Laurel, but RealtyTrac listed 1,100 homes in foreclosure in the 20707 and 20708 zip code areas on Sept. 21. There were 749 listed in the 20723 area code and 397 foreclosed homes listed with a 20724 area code."

"'I can't imagine this area is insulated from what's happening over the country,' said City Council President Frederick Smalls. 'People in Laurel got in homes with Adjustable Rate Mortgages and they have matured, their loan payments have ballooned, there may not be enough equity in the home to refinance, so I'm sure there are people in Laurel in this same situation.'"

"'These types of loans weren't for people to purchase homes but for investors who planned to sell the home in a year. They (investors) want the lowest payment possible and don't care what will happen in future years because they will sell before the rate changes,' said Richard Milton, president of Metropolitan Financial in Upper Marlboro."

"Homeowners are seeing their monthly payments increase by $1,000 or more in many cases, depending on the terms of the loan. For example, Milton said, 'You may be paying $2,700 a month on a $600,000 house when the real mortgage is $5,000. When that amount comes due and you can't pay it you have a problem. You can't sell the home in this flat market, you can't refinance and your balance is now $620,000.'"

"Mosi Harrington, executive director of a group that provides financial advice to homeowners, said she blames unscrupulous lenders for putting borrowers in 'dumb' loans."

"'A lender only has to qualify a borrower for the first year of the ARM, so some (lenders) did these loans even though they knew the borrower wouldn't qualify for the second year (when the interest rate increased),' said Harrington."

"Michael Reza, owner of Breeze Mortgage in Laurel, said some brokers were selling other products, like cell phones, in past years and switched to mortgages when the market was hot to make a quick dollar."

"'Some inexperienced (brokers) are intentionally giving the highlights of these loans and not the cons, and some are green to the business and know only one or two loan products,' Reza said. 'Mortgage financing should be custom fit for the borrower and it's vital to know what your payments will be long range.'"

"According to Phillip Robinson, executive director of the Baltimore-based Civil Justice Network, 'A lot of people in Prince George's County who were prime borrowers (high credit scores) were steered into these subprime loans when they refinanced by brokers they trusted. Now that the introductory teaser rates are over, the loans have become unaffordable and unmanageable.'"

"'All new developments in Laurel, Bowie and Upper Marlboro are seeing foreclosures,' he said."

"Milton blames the developers of the creative mortgage loan products, builders and Wall Street for the increased use of the unconventional loans."

"'It's not just the brokers' fault, but the product developers and regulators who allowed the loan products to be out there,' Milton said. 'Wall Street made money on these loans, and builders were allowed to triple the cost of their homes and they aren't worth it.'"

"And due to a flat real estate market, those who are selling their homes before going into foreclosure, are going about it in creative ways, such as throwing in plasma television sets with a sale. 'I had one client who threw in a car,' Milton said."

The Citizen Times from North Carolina. "The Blues Brothers at the Biltmore Estate. Bruce Hornsby playing a private party in Jackson County. Helicopter and hot air balloon rides. Catered food, acrobats, fly-fishing lessons, fireworks."

"If you’re buying upscale property in Western North Carolina, you can expect to be feted — in a big way. Local developers are upping the ante when it comes to extravagant parties for buyers."

"'Over the course of time we’ve had Chris Isaak, Michael McDonald of the Doobie Brothers, and then this year we’ve had Bruce Hornsby and Bad Company,' said Jason Maring, marketing director at Bear Lake Reserve, an upscale community planned for 800 homes in Jackson County."

"The Asheville area has plenty of high-dollar developments, too, so look for the trend to continue. Two decades ago, million-dollar homes were a rarity, and even as late as 2002, Buncombe County had just 38 homes with an assessed tax value of $1 million or more. In 2006, a property revaluation year, the number jumped to 484."

"Western Carolina University economist James F. Smith said such extravaganzas are not new to the real estate industry, but they may be escalating in WNC, where upscale developments abound."

"'Even as tremendously expensive as these things are, if they sell one lot from that, they’ve made that back and more,' said Jack Teague, who has bought property in Seven Falls. He may have a point, many of the lots in Seven Falls go for about $300,000. Homes will cost three to four times that."

"Smith, the economist, notes that the parties also serve as a way to get investors who’ve bought a lot to get busy building a home — and paying for it. That keeps cash flow coming in for developers and builders."

The Charlotte Observer from North Carolina. "At The Vineyards on Lake Wylie this afternoon, potential homebuyers can sample wine, look at boats and take helicopter tours."

"A handful of southern Mecklenburg neighborhoods have gone to similar lengths to sell houses. And many communities are targeting brokers and buyers with luncheons, open houses and promises of rebates, upgrades and other perks."

"Some say the efforts are a creative way to generate buzz. Others say the incentives are a sign of a slowing housing market in Charlotte, developing on the heels of a nationwide slump."

"'I think it shows that builders are going to any and all lengths to sell their product and create hype,' said Brian Passarelli of RE/MAX Executive Realty in Ballantyne. 'If people get the sense that things are going quickly, they might be forced into making a decision quicker.'"

"The Vineyards event is meant to promote the first four neighborhoods in the 600-acre community, with homes ranging from the $250,000s to the $600,000s. The event is free, but organizers are 'highly encouraging' people to consider buying a home, said Demi Clark, marketing director for builder D.R. Horton's Charlotte division."

"Longtime agent Dan Cottingham said such incentives could be signs of a slowing market. Part of the reason is the nationwide slump, and another part is that developers here continue to roll out new homes, crowding the market, he said."

"'We have a market that's gaining in inventory, and that always happens when the market slows a bit,' Cottingham said."

"Still, incentives work, mainly to help buyers justify a purchase, he said. 'I've never been able to convince someone to do something they don't want to do,' he said. 'But it is a positive.'"

"Debe Maxwell of Coldwell Banker's SouthPark office, said incentives aimed at the general public can be fruitless. 'It's an expense, I feel, that doesn't generate purchases,' she said."