The Baltimore Sun reports from Maryland. "For a man with about $175 million riding on an unconventional condominium project set to open in the spring, Patrick Turner seems remarkably unworried. Never mind that the real estate market is in the dumps. Never mind that no one has ever put condos in a converted grain elevator or really knows how many people want to live in one. And never mind that not one unit at Silo Point has sold."

"'Everyone said when I bought [the old grain elevator], we were crazy,' Turner said. 'They said we'll never get it done, we'll never get it zoned. It's impossible to do. I think in April of next year, the market will be in a better position. It will start to level off.'"

"Eliminating pre-sales, 'does seem somewhat risky, given the current real estate market,' said Daraius Irani, at Towson University. 'However, they're not making any more water views.'"

The Daily Times from Maryland. "It would be a last resort, but the proposed 500 Riverside condominium community on the downtown waterfront could turn to a renters market for occupants if home sales remain in a slump, says Tom Wentz of Prudential Carruthers Real Estate."

"'The market is not improved dramatically; there is still a ton of new housing on the market and resells are slow,' Wentz said. 'We're not clear on a plan yet.'"

"The slump has created a national buyers market that has forced builders to push down asking prices. Developers of unsold condo units, though, can attempt to cash in on a market of renters who, by default, could land a trendy or upscale apartment-style accommodation, said James Shaw, a principle in Shaw Development LLC."

"'In the future, more would try to put a rental program together; developers would want to establish a market for people who want to rent,' Shaw said Monday."

The Star Exponrnet from Virginia. "In Culpeper County, 117 homes went into foreclosure so far this year, through Oct. 23, compared to 33 homes last year. That’s a 355 percent increase."

"Not surprisingly, most of the foreclosures happened, and are still happening, in the newer developments that went up at the height of the housing frenzy of a few years ago."

"Carlos Garcia, a resident in the Meadows of Culpeper is living that reality. 'I’ll be next,' he said."

"In 2005, Garcia said, he purchased his three-bedroom house on a cul-de-sac for $389,000...and took out two adjustable rate mortgages. The 30-year-old meat cutter started out paying $2,700 a month and said he did not fully understand the implications of an adjustable rate. Two years later, Garcia says he’s facing a 30 percent increase over the next few months to his mortgage payment - to $3,500."

"'I already told them I couldn’t afford it. If they want the house, they can keep the house,' said the husband and father of three."

"A house that went for $300,000 two years ago is now priced to sell in the $200,000-range, said Norma Mayo, a longtime real-estate agent in Culpeper."

"'Everybody complained two years ago there was no affordability here,' she said, 'well, OK, we’re right back where you wanted to be. We are weeding all of those lenders that need to be let out, all the Realtors that came in, they’re out. House prices have come down where people can afford. We’re where we need to be.'"

The Times Democrat from Virginia. "Warrenton-based Realtor Joe Allen considers the current housing slump the worst in his 34 years as real estate broker."

"On when strong home prices may return: 'It probably takes four to five years to get back to the high prices again. The sellers now have got to realize that 20 percent (increases price sales a couple years ago) was never really there, except for those that cashed out. It's a very hard thing to swallow if your neighbor got $800,000 two years ago (and) your house is now worth $625,000.'"

"'It's like the dot-com days. If you cashed out before the Nasdaq crashed in April of '01, then you did wonderfully. After that, you took gas, because all of your wealth prior to that was on paper. It didn't really exist,' he said."

The Virginia Pilot. "Will Kirby's rented out his Norfolk house since he was transferred to California in 2005. His tenants will move out this month. The place has been listed for nearly three weeks. Kirby has already knocked the rent down $50, to $1,300. He's braced to go lower."

"If it stays vacant through winter, 'we wouldn't be eating Ramen noodles,' he said, 'but it would definitely put a ding in what we do.'"

"Kirby has plenty of company these days. 'There are an awful lot more rentals on the market,' said Laura Wenslaff, owner of Home Rental Realty in Virginia Beach, 'and they're not renting as fast as they normally would.'"

"Realtors confirm a significant upsurge in house rentals. And the 'for rent' signs are popping up in upscale neighborhoods, such as Bay Colony and Witchduck Point in Virginia Beach."

"'I've been in the business for 23 years, and these are the most rental vacancies that I've had,' said John Hanson, broker in Virginia Beach."

"And it may not be so bad for the renters themselves, said Old Dominion University's recently released State of the Region report. 'Over the past few years,' the study said, 'it has become relatively more attractive for households to rent rather than to own in Hampton Roads.'"

"Kirby has no thoughts of selling his Norfolk house: He sees it as a long-term investment."

The Daily Press. "It continues to be a difficult time to sell a house and a great time to buy one in Hampton Roads and Williamsburg."

"Sellers suffered through a median price drop of 15 percent to $269,450, and the number of homes sold declined by 39 percent. An oversupply led to a 22 percent sales decline as homes sat on the market 33 percent longer than in September 2006, according to data from the Virginia Association of Realtors."

"The Williamsburg area real estate market, which includes James City County and upper York County, saw its prices fall all year and was down 15 percent in September. The number of homes sold has been erratic there all year, but the drop was a brutal 39 percent in September."

The Rock Town Weekly on Virginia. "Area home sales plunged 35.4 percent in September, while home prices softened 4.3 percent that month, according to the Virginia Association of Realtors."

"Real estate markets around the state are experiencing an 'adjustment,' according to Virginia Association of Realtors President Melanie Thompson. 'The past three years were extraordinary for real estate markets,' Thompson said. 'It’s somewhat misleading to compare this year’s more normal markets to the historic highs of the past three years.'"

"And, she said, the housing slump has created opportunities for some — namely, buyers. 'There’s substantial inventory,' Thompson said. 'And sellers are having to face reality in their pricing.'"

From My Fox Washington, DC. "The town of Herndon is worried they might loose 1 of 6 homes to foreclosure! Homeowners in Herndon are in need of help. More than 200 homes are in foreclosure. The community is worried that number could increase to 1000 if something isn't done soon."

"The Dulles Regional Chamber of Commerce is teaming up with the TPI Mortgage Group and several banks in Herndon offering free one-on-one counseling and seminars all week for homeowners struggling to make payments."

"The company is even trying to draw people in off the street, anyone, even those who are close to throwing in the towel."

The Washington Post. "Everyone talks about finding alternatives to foreclosure. What people don't talk about is how difficult they can be to pull off."

"Take, for example, the 'short sale,' which can happen when a home's value has fallen below what the seller owes on the mortgage. In theory, everyone wins, at least compared with a foreclosure."

"However, buyers thinking about acquiring a home this way should understand that it can be a long road to a short sale. Negotiations are far more complicated than with a typical purchase. You may have to attempt several deals before one goes through."

"There will be weeks, if not months, of delay. The home you get could need lots of work. And you could lose several hundred dollars in upfront fees on each failed attempt."

"Why volunteer for such a hassle when the local market is glutted with similar homes that you could purchase more easily? It's about money, of course."

"'I wouldn't bother unless the price is way lower than the market,' said Bobby Samson, an agent who focuses on the Route 28 corridor around Dulles Airport. He said the price would have to be 10 to 15 percent below market value just to catch buyers' interest."

"The local MLS doesn't compile statistics on how frequently short sales are happening, but real estate agents and lenders say they're seeing them more often, and plenty of thwarted attempts."

"'It's been pretty prevalent in our market, that's for sure,' said Laura Triplett, branch manager for SunTrust Mortgage in Woodbridge. We can expect to see more as long as home prices fall and as more adjustable-rate mortgages reset to higher rates that borrowers can't afford."

"Not only will the lender need to be convinced it's the best deal it can get, but a title insurance company may have to sign off on the deal as well. Title insurers decide case by case, according to Wesley Justice, assistant VP for loss management at United Guaranty Residential Insurance, which sells private mortgage insurance to borrowers with low down payments."

"They're more inclined to do it when borrowers can demonstrate a financial hardship, such as a job loss or illness. Even then, they're skeptical."

"'Quite frankly,' he said, 'sometimes some of the hardships they're going to be [deceiving] us about.'"

From CNBC. "A little over a year ago, mid-September 2006, there was a little blurb in the Washington Post about the then-president of the National Association of Realtors, Tom Stevens, not being able to sell his Virginia home."

"It was really the beginning of our coverage of the housing downturn, and so we found it marvelously ironic."

"The house had been on the market for a year, with an unchanged price of $1.45 million. Being the annoying reporter that I am (see video clip), I cornered him after a hearing on the Hill, just to needle him a bit and see what he’d say."

"'I didn't listen to my agent. That's what consumers need to do. They need to listen to their agent. If the agent says you need to adjust the price, then you need to adjust that price, we're in a different market today,' Mr. Stevens admitted politely."

"And it’s an even more different market today. Stevens, who is a Senior VP of the nation’s largest residential real estate brokerage, still can’t sell the house."

"Mr. Stevens pulled the house off the market in early 2007, and now it’s back for $1.285 million. So if you start from the top, that’s approximately 766 days on the market, $165,000 price cut, and still no bites."