A report from the Oklahoman. "The mess in the mortgage industry is hitting home for some Oklahomans. Bob and Dorothy Harper of Yukon grudgingly put their dream home up for sale Jan. 16. They had it custom built in 2002 to fit their every desire. 'It's not easy to come out of this house,' Bob Harper said. 'It's everything we worked our whole lives for. We'll never own anything like this again.'"

"A real estate broker with variable income, Harper took an adjustable loan, figuring he'd refinance it later. He took out a second to furnish it."

"Three years later, the interest rate on Harper's 30-year loan reset from more than 6 percent to 11 percent. The hike coincided with Harper's wife's hip replacement surgery, which caused her to lose her livelihood as a beautician."

"'We were like deer caught in the headlights,' Harper said. 'We liquidated our 401ks, Roths, everything to hang onto the house and pay our bills.'"

"Refinancing wasn't an option because in today's crippled mortgage industry, lenders are making few, if any, stated-income loans — the type of loan that helped the Harpers buy the house. The couple have listed their 2,153-square-foot home for sale and priced at $220,000, $8,000 less than what they paid for it."

"Tamela McSwain married and moved into her husband's home in Mustang in September, but has been trying unsuccessfully to sell her home in west Edmond since late July. The newlyweds have been carrying two mortgages, at about $3,500 a month."

"'I'd like to dump the second mortgage, but I don't want to be silly and just dump the house,' McSwain said. She already has dropped the price on the 1,975-square-foot home $3,400 to $198,500."

"Houses that sold in January took an average of 95 days from listing to closing, according to the Oklahoma City Metro Association of Realtors. That was three days longer than in December, when marketing came to a virtual standstill after an ice storm knocked electricity out for days across the metro area."

"'We're doing pretty well,' said Marolyn Pryor, president of the Metro Association of Realtors. 'I think the word's getting out. We haven't had near the low offers we were getting.'"

"Pryor said the slowdown isn't surprising considering the increase in the number of houses on the market since the end of the 2002-2005 construction boom."

"'Builders are certainly exercising discretion in regard to inventory, and keeping tabs on the pulse of the market,' said Jeff Click, VP of the Central Oklahoma Home Builders Association. 'It's really a psychological condition within the market marked by delusions that Oklahoma City is suffering from the same ailments found elsewhere in the country, a real estate hypochondria of sorts.'"

The Enid News and Eagle from Oklahoma. "Anna Blubaugh, of Century 21 Homes Plus, said the Enid market is doing well. Some owners also are helping with closing costs, but have not taken discounts, depending on where they choose to start the listing price."

"'It’s market driven. Condition, location and price are always the same. I’ve been at it for 50 years and it hasn’t changed,' said Jim Nicholas, of Nicholas Realty."

"The only down market in Nicholas’ career was the period between 1984 and 1990, he said, but a recovery began in 1987. Rates in the last five years have allowed people who thought they could afford $200,000 homes to buy a $400,000 home, because the interest has been reasonable, he said."

From Tulsa World in Oklahoma. " The approximately 5,670 foreclosure filings in the metro area represented a 3.66 percent drop from the year before, according to RealtyTrac ...although the city's foreclosure rate of 0.912 percent of all households made it the 56th highest."

"'We didn't enjoy the bubble, so now we're not going to feel the pain of the bust,' said Steven Admire, president of Advantage One Mortgage."

"Margo Mitchell, executive director of Consumer Credit Counseling Service in Tulsa, welcomed the news, though she expects local foreclosures will start piling up soon."

"'We've had a lot of calls in January with people struggling, and we're now seeing a lot more past-due situations than we did in the fourth quarter of last year,' she said."

The Times Record News from Texas. "The Wichita Falls housing industry took another hit in January, but Wichita Falls Association of Realtors president John Wilson it not rattled by the numbers. A total of 85 homes were sold last month, compared to 148 in January 2007, and the total number of active residential listings for January hit the 916 mark."

"'We anticipated it would be down, but I didn’t know it was going to be that much,' Wilson said. 'If you are a buyer, it is tremendous for you now.'"

"'The national media still has people scared. They have been bombarded by the national media. People get to believing it,' Wilson said. 'It is a mental thing right now. People are sitting and waiting for the sky to fall. All the economic indicators here show it is a great time to buy a house, or a car.'"

From NBC 5 in Texas. "A North Texas Realtor is making the most of the flood of foreclosed homes on the market. Real estate agent Tess Langevin started a bus tour to connect buyers with foreclosed houses. Foreclosures throughout the Dallas-Fort Worth area are setting record numbers. More than 4,100 are scheduled for next month's foreclosure sale."

"'We have felt it, you know, but we have a steady stream of buyers,' Langevin said. 'I think what they're looking for are deals. We don't want all of these houses sitting empty and deteriorating.'"

"Take one home on the tour -- it's $180,000 cheaper than other houses in the neighborhood."

"In one Desoto subdivision, 13 homes are for sale between $150,000 and $250,000. Of those 13 houses, 10 of them are foreclosures. Robert Zitske's house has been on the market for nine months. He's lowered the price three times and still hasn't found a buyer."

"'I think at this point, I'm able to break even with the price listing that I have,' Zitske said. 'Beyond that, I'm losing money.'"

"The banks now own many of the homes in the neighborhood. They are willing to sell at deep discounts, making it difficult for people such as Zitske to compete. Realtors said some sellers end up with 30 percent less than what they paid for their house."

"'They're not going to be able to leave this neighborhood, leave this house, without having to spend money,' Jon Warren of Realty World said."

"The only upside is for buyers. One 3,900 square-foot foreclosure is selling for $181,000."

The Palestine Herald from Texas. "While national news media have broadcast stories about slumping real estate markets and rising foreclosures, local realtors say that’s not reflective of Anderson County."

"Demand for homes has driven prices up over the past three years, said realtor Mike Whitworth, noting that homes in Westwood which sold in the $62,000-$72,000 price range in 2005 now were averaging more than $80,000 each, with many selling in the $90,000 to low-$100,000 range."

"A combination of lower-than-average cost per square foot, more people wanting to leave larger areas such as Houston and Dallas and supply and demand are helping drive home prices higher, he said."

"'We have been cheaper for a long time. We used to have over half of our inventory (of homes for sale) in the $50,000-$100,000 range. Now more than half of our inventory is over $100,000,' Whitworth said."

"While that may push some home ownership out of reach for those looking for housing under $60,000, he said, the same home may seem like a bargain to someone moving from an area with much higher housing costs. 'They’re selling homes for $200,000 and coming here and getting more for their money,' Whitworth said."

The Killen Daily Herald from Texas. "Fort Hood Area Association of Realtors president Marcia Worthington thinks the negativity in the news might have had some effect. She credits the industry with offsetting any jitters by maintaining good media relations and pumping up morale with the association's newsletter for members and regular advertisements about the good points about the local housing market."

"Although home sales dipped in the local area while so many troops were overseas, market forces seem to be taking hold for hope on the horizon, regardless of what the national market does."

"'We'd see more effects of the nationwide troubles here if we didn't make a conscious effort to combat them,' she said."

The American Statesman from Texas. "Sales of Central Texas homes fell 10 percent in January, the seventh month in a row that year-over-year sales dropped. The 1,321 sales last month were a two-year low, based on data from the Austin Board of Realtors. The number of Central Texas homes on the market increased by 24 percent to 8,727 active listings."

"Jim Gaines, research economist at the Real Estate Center at Texas A&M University, said the market was almost too tight last year, when there was about 3 months worth of homes for sale in January. He said that level 'is almost unsustainable and probably not a good thing over a long period of time.'"

"Sellers must 'get real or be prepared to take longer to sell, and even then you'll take longer to sell with an adjustment,' he said. 'You have to deal with the market you're in, not the market you wish it to be or the market it was a year ago.'"

"The struggles of the national housing market are changing the face of development in Central Texas, delaying some projects and causing big builders to back out of others."

"'The national home builders have almost completely pulled out of the market, not just from a lot-development standpoint but also from a home-building standpoint,' said Chris Ellis, a principal with Endeavor Real Estate Group. 'They have either dropped their positions and land they were looking at or sold their positions or are actively looking to sell their positions.'"

"'The local guys know the demand is still there, and the national builders know the demand is still there, but Wall Street is cutting them off,' Ellis said."

"Dallas-based DR Horton had options on lots at Headwaters at Barton Creek, a project east of Dripping Springs that will have 1,000 single-family homes and a 1,000-acre park. Rather than develop the lots, however, Horton agreed to be bought out."

"'Their home office told them to cut back, and they agreed to back out on a mutually agreeable price,' said Dick Rathgeber, who is one of the developers behind Headwaters."

"Three of local developer Bob Wunsch's Central Texas projects have been stalled because of the national real estate downturn. 'Some of our projects have been delayed a year,' said Wunsch, CEO of Waterstone Development."

"'Now that the large national builders have pulled back and walk away from deal after deal after deal, there are opportunities that have allowed ... all the local guys to jump back in,' said Clark Wilson (of) Wilson Holdings Inc. 'We'll take increasingly large shares of the market because we will be able to get in and get the land deals and get the good subcontractors and be positioned for the impending boom.'"

"Groundbreaking has been delayed for the condo project called 1155 Barton Springs. Yesterday, Elisabeth Waltz wrote in an email: 'These times seem to call for a measured approach. It may take us a few more months to start construction; we will start when we have 50% or more of the residences sold. (Personally, having been a real estate broker for many years, I would prefer all of them pre-sold).'"

"Owners (will) be shelling out anywhere from $1 million to $4.3 million for the 27 units." "And although it’s located next to a railroad track, the Waltzes have said the building’s concrete and sound-proofing insulation will minimize noise from the railroad."

"'Everyone is amazed on how little impact the train will have, if any. It moves very, very slowly in anticipation of the upcoming 90-degree turn across the lake,' she said.'"

From KRIS TV in Texas. "As Richard Alligood stands on the corner of West Second Street and South Oak Street, he remembers Saturday nights downtown in the city he's now mayor of."

"But now, as the lunch hour approaches, the streets are vacant. The two-year mayor said this is largely due to absentee owners of the buildings. 'It's like a lot of downtown areas in West Texas,' Alligood said. 'It's got a lot of potential, it just needs someone to come in and take it over.'"

"Alligood's not just talking the talk about downtown. He's actually moved there. He's currently refurbishing a living space above his downtown telecommunications business. 'I thought it was unique to do,' he said. 'I've seen them in Austin and Dallas. I've just been amazed by loft apartments.'"

"As part of Pecos' downtown rejuvenation program, there's interest in putting offices and restaurants on the first floor of the old Woolworth's store, with apartments on the second floor. Other housing could soon be available, even for those with slightly higher incomes. Alligood said a California company is looking to build 120 town homes."

"But Alligood knows he faces an uphill battle in a town where trailer homes sit next to restaurants on major streets. Zoning could take some getting used to."

"'It's a complete change of mindset,' he said. 'When you have a city that had no growth and no economic development, and somebody says Let's do this,' you say, go ahead!'"