A report from the Idaho Statesman. "There was some good news for the Treasure Valley housing industry in April, but not enough to offset the bad news in industry figures. Part of the increase is simply the normal upward trend that occurs each spring. And this year's growth hasn't been enough either to reduce the number of homes for sale - the inventory rose in April - or to stop the decline in prices. Meanwhile, foreclosure filings continue to rise."

"'It's going to continue to be a buyer's market,' said associate broker Shaun Tracy. 'This (downturn) will eventually bring us back to affordability in the market, especially if you're a dual-income home.'"

"An IdahoDataProviders report said there 1,498 new notices of default filed Valleywide during the first four months of 2008, a 138 percent increase over the comparable period a year ago. 'And they're just going to keep going up,' said IdahoDataProviders President Charlie Nate."

"Tracy said existing home sales continue to outpace new home sales strictly on price. 'New construction is still priced too high,' he said. 'Somebody who can only afford so much is only going to go with what they can afford.'"

"One example was southeast Boise, where 43 of the 50 homes sold last month were existing homes with a median price of $225,000, compared with a median price of $479,900 for a new home in the area."

"One in seven subprime mortgage loans in Idaho was in arrears during the fourth quarter of 2007, a survey shows. But notices of default did not begin going out in bunches in the Treasure Valley until the first quarter of this year."

"'They should have taken them (the homes) in '07, but waited until '08 because it gave them more time to liquidate them,' said Ed Caron, president of Boise River Properties 'Bankers don't like to take a big hit like that late in the year.'"

"The Mortgage Bankers Association survey found 13.5 percent of the 25,035 subprime loans in Idaho during the fourth quarter had payments that were past due, and 8 percent were 90 days or more in arrears and were considered 'seriously delinquent.' On Monday, IdahoDataProviders announced there were 1,498 notices of default issued during the first quarter of the year."

"'It's especially really going to frustrate the resale market, because investors and individual buyers are going to migrate toward foreclosures and short sales,' said Mike Pennington, an agent in Boise."

The Seattle Times from Washington. "In the first three months of this year, existing home sales dropped 31.8 percent in King County, 35.6 percent in Pierce, and 34.8 percent in Snohomish County, compared with a year earlier. The statewide average was 29.7 percent. Those three counties accounted for 44 percent of the state's 97,630 first-quarter home sales."

"'During softer markets, those households purchasing homes are finding bargains in the marketplace, which allows them to buy more home for the money,' said Glenn Crellin, research-center director. 'The total amount spent may be increasing, but the quality is also increasing, and the median masks some potential price weakness.'"

"Affordability is still a problem. The average King County buyer had just 76.6 percent of the income necessary to buy the average house, the center found. First-time buyers had just 42.7 percent."

"Building permits fell 46.7 percent statewide in the first quarter compared with the year-earlier quarter. Permits were down 44.2 percent in King County, 46.7 percent in Snohomish County, 51.6 percent in Pierce and 32.6 percent in Kitsap."

The Kitsap Sun from Washington. "Very slow appreciation for homes that lost as much as 25 percent of their value make for a double-barreled reason to give up trying to sell, for now. 'We're seeing people taking homes off the market,' said Justin Travatte, broker and owner of Westsound Realty of Port Orchard."

"All that said, the inventory of single-family homes continues to grow in Kitsap County - 22 percent so far this year over the same period last year, according to the NMLS."

"Contributing to any run on rentals might be the fact that more people are facing foreclosure and having to leave their homes, or they are no longer qualified to buy."

"'Our housing counselors have seen in the first two months this year 30 times the amount of foreclosures as of all of '07,' said Sarah Lee, KCCHA deputy director."

"The year-to-date median price for condominiums in Kitsap County is a full $100,000 less than last year, according to the NMLS. Pending sales of homes and condos combined in Kitsap County were down 36 percent in April from a year ago."

"Travatte said that now's the time to buy. 'Most likely, we're nearing the bottom on the prices,' he said. 'In all likelihood, it's going to be the best buying opportunity in a long time.'"

The Tri-City Herald from Washington. "The sales of existing homes in Benton and Franklin counties dropped about 22 percent in the first three months of the year, compared with the same time last year."

"'It's not out of character with what we're hearing about the housing market nationwide," said Glenn Crellin, director of the center."

"But perception is keeping a large number of buyers out of the marketplace, he said. 'They think prices are plummeting; they're not. They think every other house is foreclosing; it's not. Let's hope what takes place in Vegas stays in Vegas,' Crellin said."

The Columbian from Washington. "Clark County home sales and prices continued to show signs of a market correction in April, according to a report."

"A total of 452 new and preowned homes changed hands last month, down 36 percent from the 706 houses that sold in April 2007, according to Vancouver-based Riley & Marks Inc."

"The median price (half sold for more, half for less) of homes sold in April declined to $249,764, down 5.5 percent from the median sale price of $264,000 in April 2007."

"'This is simply an adjustment to a more normal market,' said Kale Dunning, a Vancouver broker. Dunning said he does not expect an upswing in home sales this year, calling the county's recent home-selling boom something that could not continue."

"'No healthy market can sustain it forever,' Dunning said."

"Others say the drop in home sales through the first four months of 2008 - about 38 percent from last year - means investors and house flippers are leaving the market."

"'People are still buying because they're relocating, divorcing or downsizing,' said Rowena Lusby, a Vancouver real estate consultant, who called the April sales figures a return to normalcy. 'People just aren't buying three or four homes and hoping to make money,' Lusby said."

"While Clark County home sales have slowed, foreclosure activity jumped by nearly 238 percent here in April, according to RealtyTrac. Countywide, 304 homes were in some stage of bank foreclosure last month, up from 90 homes during the same month in 2007 and 236 homes in March."

"When added to an oversized supply of houses for sale, the foreclosures are a headache to sell, said sales associate Sharry McNeel. 'The listed price might not be the actual price,' McNeel said, adding that the properties' banker owners will try to negotiate for the highest and best offers. 'And it's taking longer because of that,' McNeel said."

From KDRV 12 in Oregon. "According to numbers just released by the Southern Oregon Multiple Listing Service, a home in Jackson County sits on the market for an average of 117 days. In 2007, the average was 91 days."

"Workforce analysts say the slowdown has affected the construction and manufacturing industries to varying degrees."

"'We're basically in a situation right now where we're operating just to keep our employees employed. We've got a number that are laid off at this point, but we're just looking to survive through this recessionary time,' says General Manager of Timberland Logging Mark Gibson."

"'Our logging operations are down a minimum of 50 percent. Trucking is off 50 to 60 percent. Our construction business is probably off close to 70 percent. So it's had a major effect,' says Gibson."

"Local real estate loan officers say there is a silver lining in the slowdown. With prices so low, people are now able to buy homes they couldn't have previously afforded. However, loan officers warn home owners to hang on to their home as long as possible. They say in the current market, a home owner won't lose money until they sell."

"'Sometimes, they can contact their lender, call them directly, and try to negotiate that into a fixed rate mortgage and make that an affordable property,' says Real Estate Loan Officer Judi Robinson."

The Oregonian. "The empty lot at 1949 S.E. Division St. is going to stay empty for at least another year. Plans for the Seven Corners Condominiums, a proposed mix of market-rate and affordable condos above street-level shops, 'have been put on ice for a year or so,' says Michelle Haynes, housing development director for nonprofit Reach Community Development."

"The reason? The condo market collapse. 'We have a waiting list for our affordable housing units and don't anticipate any problem selling those. Right now, though, is a bad time to go ahead with building market-rate condominiums,' says Haynes."

"Prometheus Real Estate Development, a California firm that plans to build as many as six high-rise residential towers in the South Waterfront district, is backing off plans to build a one-story sales office just north of the Old Spaghetti Factory restaurant."

"Instead, Prometheus will probably put its sales office in retail space planned for its first tower. 'Retail space is going begging' in the new district, says Ellen Brown, Prometheus project coordinator."

"With buyers still wary, the Portland area saw its median home price drop 3.5 percent in April compared with April 2007 -- the biggest such decline since at least 2001."

"The year-over-year decline was the first reported by the listing service in the current housing slowdown. 'That's not startling or surprising,' said Jerry Johnson, a Portland housing economist. 'That's not a disaster scenario, but it's not good.'"

"Portland's home prices have followed a weakening trend since peaking last August at $302,000. Since that peak, the region's median has fallen 9 percent. The Portland area saw the number of closed sales fall 39 percent in April, compared with the same month in 2007."

"The inventory of unsold homes rose to 10 months for Clackamas, Columbia, Multnomah, Washington and Yamhill counties."

"The housing market continues to be worse in Clark County. The once-fast-growing county suffers from an oversupply of new homes. Clark County home prices fell 5.7 percent in April to $250,000, down from $265,000 last April. The inventory of unsold homes was 12 months."

"A lack of buyers across the market is part of the problem, said Kathy MacNaughton, a broker in Portland. MacNaughton cited three factors dampening buyers' enthusiasm: Buyers find themselves ineligible for mortgages under lenders' new tighter credit and income standards. They worry that prices will continue to fall. They fear they won't be able to sell their current homes."

"'This has really become apparent in the last 60 days,' MacNaughton said. 'There's not enough buyers out there.'"

From KTVL 10.com in Oregon. "A surplus of houses for sale is forcing homeowners to find new ways to make their homes stand out."

"Doug Londergan has had his home for sale for more than a year. And while several people came to see the house he wasn't getting any offers. So londergan decided it was time to get creative."

"'Now you got houses that have dropped in market value and a wide variety to choose from at bargain prices,' says Londergan."

"Month after month went by and still no offers. All the while, Londergan says he was on a mortgage rate rollercoaster. 'Because we're in an adjustable rate mortgage we decided let's take advantage of the situation and get out of this adjustable rate mortgage. Because as rates kept going up our mortgage kept going up,' he says."

"He figured, if he was stuck with a nice house and a bad loan, maybe someone else was too. Now Londergan says he's willing to trade."

"'We decided we're going to try this trade or swap. You take over ours, we'll take over yours. You get out of your adjustable rate, we'll get out of ours. Life will be happy for everybody,' says Londergan."

"Realtors say homeowners are trying anything they can to sell their houses. 'They're including appliances, paying closing costs. One seller even included their Volkswagen with their sale. And that didn't work but they kept trying anyway,' says Broker Bobbie Lancaster."

"Londergan says, anything to draw attention to your home and set it apart. 'It's just not the same as having 'for sale by owner' or 'open house.' People are interested because they don't see that kind of a swap [they ask] what do you mean swap?'"