10 TV reports from Ohio. "An excess of high-priced condominiums is forcing developers to get creative. A slowdown in the downtown condominium market is forcing developers to either drop prices or put them up for auction, 10TV's Kevin Landers reported. 'I think we're going to sell them for less than what we hoped to sell them for,' said Caryles Watch Condos developer Thomas Fortin."

"Eight of the lofts will not have a minimum bid, Fortin said. That means that no matter what someone bids, the developer will accept it. "

"Realtor Larry Schottenstein blames the condo cool down on slower sales in the suburbs. 'If they can't sell their home in Dublin, they aren't going to move downtown,' Schottenstein said."

"Colleen Gilger, the city's downtown development director, said that developers need to lower prices so that condo sales can pick up. 'We definitely have more inventory at a higher price point and there's definitely a need for more downtown housing at a variety of price points,' Gilger said."

The Columbus Dispatch from Ohio. "The foreclosure news keeps getting worse. In both central Ohio and the state, foreclosures increased sharply last month, mimicking a national trend."

"A new report said 2,930 homes went into foreclosure last month in central Ohio, up 37.6 percent from July."

"For the state, 17,793 houses entered foreclosure, ranking the state fifth nationally. That was a 33.6 percent increase from July and 138 percent more than foreclosures initiated in August 2006, according to RealtyTrac."

"'We've had such an artificial inflation of the problem that we need an urgent response to minimize the damage,' said Ohio Treasurer Richard Cordray said."

"Many of the loans, some of which adjust in as little as two years, were issued in 2005 and 2006 during the height of the housing boom. 'There are a bunch of bad loans that are going to have to work their way through the system,' Cordray said."

The Monroe News from Michigan. "Plenty of homes. Too few buyers. It's the recipe for what Kim Sachs, president of the Monroe County Association of Realtors, calls 'a price-sensitive market.'"

"And it's what makes it relatively easy to buy a home, yet relatively tough to sell one."

"It's no secret that Monroe County's housing market has flattened in recent years. It's also no secret that some people are caught between mortgage payments that are too high and incomes that are too low. Prices are down. Foreclosures are up."

"'Our job as Realtors has become increasingly hard this past year,' says Fran Londo of Edward Surovell Realtors. 'There are so many people in trouble.'"

"Although home values have been slipping, many home sellers still have misperceptions that their homes are retaining, if not gaining, value."

"'We all feel our homes are worth a million dollars but, in reality, what it comes down to is what the market is willing to pay and what homes have already sold for,' says broker Annette Perna-Taormina. 'If not priced right, the home will lose potential buyers and will be on the market longer and then everyone gets frustrated.'"

"'Pricing is critical,' agrees Marygrace Liparoto of Re/Max Experts. 'Updating and maintenance are not upgrades and are not a factor in pricing,' she adds. 'If the roof was just replaced because it needed to be, the price of the house doesn't go up because of it.'"

"'If your home is not selling, serious sellers need to consider how much it is costing them to keep the home,' Ms. Londo adds. 'If it's a $1,000 per month, consider dropping the price by what it would cost to maintain the home for a year.'"

The Detroit News from Michigan. "A glut of homes on the market combined with a sharp rise in foreclosure sales have driven Metro Detroit home prices down 17.7 percent since their peak three years ago, according to new data."

"The region's median home price fell from $188,275 in August 2004 to $154,919 in August 2007, according to data from Metro Detroit's largest MLS. In Wayne County, the drop has been a staggering 35.6 percent."

"'The low prices are changing attitudes on both sides of the market,' said Steve Cole, an agent in Birmingham. 'Sellers are being very unrealistic about what they're expecting to sell for; everyone thinks their house is the exception to the rule. Buyers are also expecting to have an offer at half the asking price accepted.'"

"Count John and Dana Declark of Warren among those who have seen their home investment shrink. Back in 1984, the Declarks bought their modest three-bedroom home not only to provide a roof over their family's heads, but also as a retirement nest egg."

"Just a few years ago, the value of their home seemed to grow by the day. Today, the Declarks have their house up for sale for $162,900, more than $10,000 less than its estimated worth just three years ago."

"'We decided now is the time,' Dana Declark said. 'Values are going down, people are losing their jobs. Looking at how many houses are for sale around here, we figured it's now or later, when it could be worse.'"

"In Wayne County, 305 homes that were sold in August, or 18.4 percent of the county's total, were foreclosure sales, the Realcomp report said. That compares with 10.2 percent in August 2006."

"'The only way this gets solved is by having a lot of people taking a huge hit in their home prices,' said Don Grimes, a senior economic research specialist at the University of Michigan. 'Until people make that decision, it'll just keep dragging on and on.'"

"Alan and Lauren Ducharme of New York City are betting low prices will yield them a big home with a small price tag in Brighton, where they're returning to be closer to family. Looking around their target neighborhoods in Brighton, the couple is confident they'll be able to shave $15,000 to $20,000 off asking prices simply by waiting."

"'We've been keeping our eyes on a few homes and seeing how long they're lingering,' Alan Ducharme said. 'We're betting that if we wait until the right time, we can drive a hard bargain. They'll get sick of that 'For Sale' sign eventually.'"

The Grand Rapids Press from Michigan. "Foreclosures continue to be up in Kent and Ottawa counties. Kent recorded 657 foreclosure filings last month, up 105 percent from August 2006 and 55 percent from July. Ottawa recorded 137 filings in August, up 128 percent from last year and just more than 5 percent from July."

"The state saw 15,565 foreclosure filings last month, which is 11 percent higher than July and 127 percent higher than August 2006."

"The Kent County Register of Deeds tallied 281 properties going to a sheriff sale last month, one of the steps in a foreclosure process. That compares with 193 in 2006 and 159 in 2005. The August number brings the total this year to 2,115, according to Chief Deputy Register Jerry Czaja, compared with 2,478 for last year."

"'It looks like it's going to be over 3,000 this year,' he said."

"Home sales in the Grand Rapids area last month were 3.5 percent lower than August of last year and nearly 18 percent lower than August 2005."

From ABC 7 Chicago in Illinois. "The rate cut is too little, too late to rescue many Americans who got caught in the mortgage mess. A new report out Tuesday shows foreclosures more than doubled from this time last year."

"In Illinois, there were 72,000 filings last year. In Cook County so far this year, the number of filings is up by more than 50 percent."

"The Federal Reserve's decision could help builders. Overnight, the cost for developers to borrow big money for projects, such as the Granville condo complex on Chicago's north side, will go down. And that could spur more construction and lower prices."

"'A half-point is a big difference in a project of this size, and that cost savings will be passed on to consumers,' said Bill Platt of the Access Group."

The Star Tribune from Minnesota. "As the housing slump worsens, home builders are resorting to tactics typically reserved for Labor Day furniture sales and year-end auto blitzes."

"National builders with overbuilt developments in suburbs such as Maple Grove and Woodbury are now paying condo association dues and closing costs, as well as giving away upgrades worth tens of thousands of dollars in the hope of wooing buyers in a saturated and sluggish market."

"Betty Hardle in Columbia Heights, has been in the home-building business for nearly four decades. She said that incentives certainly aren't new but that the scale is greater 'and the giveaways are more popular in this downturn than any other I've seen.'"

"Area home sales posted their worst monthly showing in August in more than a decade, according to numbers released last week by the Minneapolis Area Association of Realtors. In the past year, demand for new construction has dropped nearly 23 percent."

"There are a record 10.39 homes on the market for each active buyer, more than double the inventory per buyer in September 2005, according to the Realtors group. Average price per square foot of new-construction units is down 8 percent."

"Most of the incentives are coming from larger, publicly traded builders such as K. Hovnanian, which have monthly production and sales schedules to meet and shareholders to satisfy."

"'National builders have lumber contracts and lots of other things they've contracted for that they can't stop,' said John Shaw, manager of the Edina Realty corporate office in Edina. 'They would rather build a home at low profit in order to keep going than to stop the corporate machine.'"

"Eva Tangen of Coldwell Banker Burnet, said she's bringing more buyers to look at new-construction homes these days. Incentives are making nicer homes more affordable, which makes it tougher for existing homes to compete."

"'They can get brand new for the same price,' Tangen said."