The Columbus Dispatch reports from Ohio. "C.V. Perry & Co. spent the better part of six decades turning the fruits of its customers' labors and good fortune into dream homes. That was yesterday. Today, the company is gone. Some of the homes that bear the company's stamp still stand, barely, unfinished shells looking more like ruins than residences. Elsewhere in McCammon Chase and other developments across central Ohio, there are 25 other homes that C.V. Perry & Co. started but never finished. Now, it's a coin flip whether they'll ever be completed."

"Home builders of all sizes are struggling as sales plunge and the inventory of homes on the market soars. 'Nobody's doing well,' said Greg Smith, a Century 21 agent. 'To talk a client into doing a new build is very difficult. I wouldn't put my money there, that's for sure.'"

The Sandusky Register from Ohio. "The American dream is quickly becoming the American nightmare for Erie County homeowners. The Erie County Sheriff's office recorded fewer than 90 properties foreclosed in 1991, and the number is expected to reach 400 this year."

"Perkins Township resident Joe Harvey lost four properties to foreclosure after he failed to make mortgage payments. Harvey, who had never missed a payment in more than 10 years, felt the mortgage squeeze late last year when his home loan interest rates rocketed to 11 percent. He tried to work with the banks, but they couldn't reach an agreement."

"'I felt real bad because I lost a lot of money,' he said. 'I definitely tried several times to get a fixed rate, and they wouldn't budge. I was losing more than I was making, so it was time to bail out.'"

The Bowling Green Daily News from Kentucky. "A pair of builders who were once a driving force in the local speculative housing market say they’re being driven out of business, and they blame declining demand in the face of a saturated supply of homes here and elsewhere."

"'You can’t make somebody buy a house if they’re scared by what they’re seeing and hearing,' said Mike Henson said. 'There is an oversupply, and demand is just not there.'"

The Journal Gazette from Indiana. "The county issued 53 home construction permits last month, according to the Home Builders Association of Fort Wayne. That fell from 105 permits issued in October 2006."

"Existing Allen County home sales last month dropped nearly 23 percent in this environment, according to the Fort Wayne Area Association of Realtors’ MLS."

"'It’s perceived that this is not a good market, said Sharon White, president of Premier Inc. Realtors, 'but it’s an exceptional market if you’re a buyer.'"

The Chicago Tribune from Illinois. "Speaking at two events at the trade group's annual convention here, Lawrence Yun, chief economist for the National Association of Realtors, forecast the first year-over-year home price decline since the Great Depression."

"Yun said that in addition to the nation's overall economic stability, two factors -- buyers wearying of waiting around for sellers' asking prices to bottom out and a gradual return to stability in the mortgage market -- would fall into place at some point next year to set sales back on a positive track."

"Yun said that the housing meltdown resulted from a 'period of greed' and blamed mortgage lenders looking for big commissions, global investors seeking 'juicy returns' and bond-ratings agencies turning a blind eye to risk."

"'In the greedy environment we encountered, some people, in my view, were misled into entering home ownership too early,' he said."

"Yun said some of his optimism was based on regional improvement. He said the Midwest's housing market, for example, was a bright spot. 'There is absolutely no bubble in that region,' Yun said. 'It is perhaps underpriced.'"

The Bloomington Pantagraph from Illinois. "Renters hold the key to unlocking the domino effect of home sales in the Twin Cities. A renter who buys a house frees up a seller to buy another house, which will then allow another homeowner to move, said Greg Zavitz, a real estate agent in Bloomington."

"'A renter is able to pull the trigger and make that offer while a homeowner — until their home sells — is a looker,' Zavitz said."

"Because of a slowdown in the national housing market, homeowners now think twice before buying without selling their homes first, Zavitz said. But renters never have to worry about making a sale before they can buy, a fact that might be even more to their advantage now."

"Central Illinois renters can find good opportunities to move from rent to own in a buyer’s market where price reductions are common."

"Plus, renters appeal to sellers because they don’t have a home to sell first, Haas Riley said. A home seller won’t worry about an offer falling through because the potential buyer can’t sell his or her home — or that a sale will fall through for the potential buyer, she said."

"With first-time homebuyer programs, buyers can have very small out-of-pocket costs similar to an apartment’s security deposit, Haas Oliver said. And homeowners will be able to build their own equity, she said."

"'Now you just bought an asset as opposed to paying your landlord’s mortgage,' Haas Oliver said."

From ABC News in Michigan. "A depressed Michigan economy hasn't helped car dealer Michael Thiede, whose income is based on sales. His income has decreased by 30 percent in the last year. With a new baby, Thiede sees selling the family's house as the only way to avoid financial ruin."

"But the task has been more difficult than the family expected. 'It's been a real struggle,' said Michael, of Macomb Township, Mich. 'Foreclosures have really increased dramatically in our area specifically.'"

"Dozens of houses in the Thiedes' neighborhood, including his next-door neighbor's home, are for sale. Even area real estate agents said it's the toughest market they've ever seen."

"'I've been in the business 41 years, and this market is probably the worst it's ever been in my career,' said one agent."

"Michael had his price set at $389,900. But in a tough market, when creative selling tactics don't work, sellers should be prepared to lower their asking price, especially before the holiday season begins."

"There are 25 other homes for sale in the Thiedes' neighborhood, and 12 of those are foreclosures. Some of them are priced as much as $50,000 less than the Thiedes' asking price."

"'Good Morning America' real estate contributor Wendy Bounds said sellers shouldn't ask questions like, 'How much is my house worth?' or 'How much profit can I make?' Instead they should think 'How much can I afford to lose?' and 'How long can I live here and pay the mortgage without risking foreclosure?'"

The Pioneer Press from Minnesota. "An intensifying housing recession is zapping community banks across the Twin Cities - not with belly-up mortgages, but with failing construction loans for the housing behind them."

"Since homebuyers slammed on the brakes, developers, builders and families across the region have been defaulting on construction loans for all manner of new housing, leaving community banks holding the bag."

"Six of the 20 most-exposed banks in the country, ranked by the percent of overall bank assets that are in nonperforming construction loans, are based in the Twin Cities, according to TheStreet.com Ratings. Nonperforming means the loans are unlikely to be repaid."

"Failing construction loans at the six Twin Cities community banks ranged between 3.6 percent to 5.2 percent of the banks' total assets in the second quarter, according to Philip van Doorn, TheStreet.com Ratings bank analyst. By comparison, the ratio of nonperforming construction loans to total assets for all banks nationally was 0.06 percent in the second quarter."

"'I've been in the business 40 years, and I've not seen it like this,' said Gene Haberman, president of Citizens State Bank in Hudson, which has $201 million in assets and nearly $10 million in construction loans unlikely to be repaid. 'It was like a line was drawn in the sand, and all the building stopped. No one was prepared for that.'"

"'Is it concerning to us? Obviously. Is it an issue of solvency? Absolutely not,' Haberman said. 'The good news is it is real estate, and it ain't going away. We have collateral.'"

"Haberman and Marshall MacKay, CEO of the Independent Community Bankers of Minnesota, say banks may have become too casual with their real estate underwriting."

"'I guess the obvious answer has to be yes, because if we knew what we now know, we would have put bigger margins in,' Haberman said. 'We followed traditional guidelines.'"

The Star Tribune from Minnesota. "The number of Twin Citians who put their houses on the market last month was up modestly from a year ago, while the median price fetched by homes that sold was down, according to Twin Cities-area Realtor groups."

"'It's opportunity time out there for buyers. We've been shouting this from the mountaintop for some time, and smart buyers are beginning to take notice,' said Deb Greene, president of the Minneapolis Area Association of Realtors. 'Sellers are motivated, there's an excellent inventory of well-priced, high-quality homes to choose from, and mortgage rates are phenomenal.'"

"Still, the market remains clearly in correction mode. Closed sales were down 17.7 percent in October compared with October 2006. For the first 10 months of 2007, sales are almost 16 percent lower than last year at this time."

"Just how motivated were sellers last month? The Minneapolis Area Association of Realtors said sellers received only 93.1 percent of their original list price, down significantly from two years ago when sellers were getting on average 97.7 percent of their asking price."

"John Murphy, sales agent and a specialist in the western suburbs, said that given the level of inventory, prices could come down even more. 'It doesn't necessarily mean prices have to come down a lot,' he said. 'But 5 to 10 percent off the current asking price seems reasonable. Whether or not that will get buyers back into the game is hard to know.'"

"He added that there are still plenty of buyers, but many are being patient and are waiting for listings to 'age,' or to sit on the market until a seller makes a price reduction or gets desperate."

"'Buyers are still looking for deals,' he said. 'And most sellers aren't willing to give them the deals buyers are looking for.'"