A report from the Tennessean. "Homes sales fell 25 percent in September — their sharpest drop since 1991, but prices edged up slightly, a sign that sellers are continuing to hold out for higher prices despite a dramatically slower market. Richard Courtney, the Greater Nashville Association of Realtors’s president, said in a statement that sales may have been deflated by buyers’ looking for better deals."

"'It may be that potential homebuyers are waiting for the market to get better so they can save money, and that’s simply not the case,' he said."

"But appraiser David Lafferty said that it’s sellers who are holding firm, refusing to budge from their prices amid the slower market."

"'It depends on your inclination to sell: Do you really need to sell your house, or do you want to put it out there at a high price and it not?,' he said."

The Outer Banks Sentinel from North Carolina. "Dare County has felt the crunch of a sluggish real estate market for the past 12 months evidenced by land transfer fees down more than 34 percent."

"Adding to the financial squeeze is a 78 percent increase in the number of foreclosures in the county. Between Aug. 31, 2005 and Aug. 31, 2006, there were 217 foreclosures. From Aug. 31, 2006 to Aug. 31, 2007, the number jumped to 387."

"The increase is startling when compared to the percentage increase across the state which is 7 percent."

The Morning Call from Pennsylvania. "The average price of an existing home in the Lehigh Valley fell last month for the third time this year, while the number of homes sold fell for the 16th consecutive month."

"At the same time, the number of homes coming on the market rose 11 percent in September, according to statistics from the Lehigh Valley Association of Realtors."

"September's results show a strong continuation of the slowing trends that began last year. The outsize increases in prices and the fast pace of sales that became common during the boom years of 2004 and 2005 are now a thing of the past."

"'It is not like a perishable good. If you don't sell your home, it will not go bad,' said Bethlehem economist Kamran Afshar. 'If you are not selling, [the price change] is a paper change.'"

"Experts have also said the slowing market has provided a needed correction to the excesses of the boom years, in which buyers had little power to negotiate. The large number of homes listed for sale this year has provided prospective buyers with lots of choices, and the ability to reject many of the properties they see."

"According to LVAR, which does not distinguish between new listings and relistings, the number of homes listed for sale in the first nine months of the year, 13,915 homes, has surpassed the amount of new listings in all of 2005."

"The lull in sales and the slower rate of price increases comes after blockbuster years in which low interest rates and an influx of people from New York and New Jersey brought new buyers into the market and sent prices soaring. Last year was the fourth consecutive year that prices for existing homes in the Valley climbed by double digits."

"Some real estate agents say the influx of buyers from the east has begun to slow. That's because homes in New York and New Jersey are sitting on the market longer, and high gas prices and the lengthy commute are deterring some prospective buyers."

"Now a tightening of borrowing standards has served only to further reduce the relatively small pool of buyers in the market. As foreclosures have increased, buyers with shaky credit histories are no longer qualifying for mortgages."

"Sellers can no longer be reluctant to accept offers or reduce prices,' wrote Jeffrey Burnatowski, a real estate agent in Allentown. He added, now is 'not the time to hold out for the 'best' price possible.'"

The Express Times on Pennsylvania. "Home sales in the Lehigh Valley continued to decline in September while prices slipped, according to a report released Tuesday by a real estate group."

"The September results seal a summer that, compared with the prior boom years for the once-hot housing market, failed to sizzle. According to the Lehigh Valley Association of Realtors, 554 home sales were recorded last month. That's 18 percent fewer than September 2006."

"Add up July, August and September and the summer months posted a 15 percent decline in sales from the same period in 2006, according to LVAR figures."

"'This is a significant correction,' said Kamran Afshar, a Bethlehem-based economist."

"Afshar noted that sellers are not rushing into the market like years past. For the past three months, LVAR's new listings rose 5 percent from last year to 4,559." "'It's still a high number but not anything resembling euphoria,' Afshar said. 'It seems the euphoria is out of this market.'"

"Prices also declined a bit, a contrast from prior months where prices rose slightly even as total sales declined."

"'For the majority of people, it has no effect,' Afshar said. 'For those who are looking to buy, this market has become a lot more interesting because things are a lot more flexible now.'"

"Other data revealed in LVAR's monthly report indicate that homes are taking longer to sell and pending sales, an indicator of future activity, are down. The agency listed 392 pending sales for September, down 30 percent from 560 in the same month last year."