The Journal News reports from New York. "You needn't tell Paul Meda that the housing market in Rockland County has slowed to nearly a crawl in recent years. That's because Meda and his wife, Maria, have been trying to sell their four-bedroom, 2 1/2 bath bilevel for about two years. 'We've actually had offers on it,' said Paul Meda, a retired police officer who now works in South Plainfield, N.J., managing commercial construction projects."

"But the offers, often made by novice home buyers who think it's still possible to get a loan for 100 percent of the purchase price, have fallen through, he said. Having initially listed their 1,900-square-foot Inland Road home for $469,900, the couple have since lowered the price to $411,900."

"The inability to sell has put the Medas in a pinch, since they can't afford to buy another house, one that's closer to his work, until they sell this one. 'If we get a signed deal, we'll start looking right away,' he said."

"Data released yesterday showed the median price for a single-family home fell 10.2 percent to $453,500 in the second quarter - typically the busiest of the year, down from $505,000 a year ago, according to data compiled by the Greater Hudson Valley MLS."

"During the three months ending June 30, transactions fell nearly 29 percent to 280, from 393 in the quarter last year. For the first time in recent history, the inventory of unsold homes in Rockland surpassed one year, according to an analysis by The Journal News."

"Given the current number of unsold homes and rate of sales, it would take 16.2 months to clear the county's inventory."

"In neighboring Orange County, the median price for a single-family home fell 6.2 percent to $300,000 from $319,900 last year; the number of units sold in the quarter fell 28 percent. The data revealed it would take nearly 19 months to sell all of the homes that are on the market in Orange County, given current inventory levels and pace of sales."

"Though median prices fell just 1.9 percent in Rockland and 1.4 percent in Orange, the number of condo units sold in Rockland fell 42 percent. 'At this point in time, we're still not seeing a recovery in the market,' said Ann Garti, CEO of the Greater Hudson Valley MLS."

"Marsha Rand, founder and chairwoman of Prudential Rand Realty, which has 19 offices in Rockland, Orange and Westchester, said until home prices come down further in Rockland, sales won't improve. Rockland may have experienced a greater inflationary push on home prices than other nearby counties, she said."

"'Therefore, we may have to correct a little bit more,' she said."

The Poughkeepsie Journal. "June home sales were down for both Dutchess and Ulster counties compared to a year ago, new reports show. In a year-to-year comparison, June sales fell 26 percent in Dutchess and 44 percent in Ulster. Dutchess prices were down, too, versus June 2007."

"Average home selling prices in Dutchess dropped by 13 percent for single-family free-standing homes, from $409,828 to $357,303. Condominium, co-op and townhouse average prices decreased 7 percent, from $235,240 to $219,916, according to the Mid-Hudson MLS."

"'I do see a cause for optimism through opportunity because ... the price of the sold home appears to be moving more in concert with the financial position of our buyers,' said Sandy Tambone, executive officer with the Poughkeepsie-based listing service."

"Anne Rajs, a Realtor in New Paltz, acknowledged the economy, fuel prices and the uncertainty of an election year may be factoring into home purchasing decisions."

"The mid-range homes between $350,000 and $700,000 aren't attracting people who normally want to trade up, she said. 'Those people are being much more careful about what they do.'"

CNN Money on New York. "Only weeks after moving into their first home in 2006, Margarita Rios celebrated Christmas with her two daughters and their families. They finally had the room to do it right, with decorations outside the Valley Stream, N.Y., house and a nice tree surrounded by presents inside."

"Christmas 2008, however, is shaping up to be a nightmare. No decorations. No tree. No house."

"In February, faced with an unexpected jump in her monthly mortgage bill, Rios stopped making payments and abandoned the home, shattering her life and scattering her family."

"She and her new husband moved into a tiny rental apartment in Brooklyn and are trying to negotiate with the bank to sell the house without foreclosing. One daughter relocated to Queens, while the other is heading back to Mexico with her three children to escape New York's high cost of living."

"Rios knew when she bought the house she'd have to skimp to make the mortgage payments. But she felt it was worth it."

"'It was a sacrifice but at least we'd have a home,' said Rios, who spoke through a translator."

"But counselors at the Nassau County Homeownership Center, to whom she turned for help in January, said they've seen cases like Rios' too many times in recent years. 'That type of loan should never have been made,' said Haydee Rosario, a homeownership counselor at the center."

"Rios was the owner of a $489,000 four-bedroom home. With her daughters each paying $1,500, she could cover the remaining $1,100. The real estate agent said she could refinance within two years and lower her payments."

"Instead, the opposite happened. This past January, the monthly payments jumped to nearly $4,400, overwhelming the family. They were already struggling to make the payments and even a $300 increase was too much to bear."

"Though it was difficult for her to accept, Rios decided to let the home go. 'We just couldn't do it,' said Rios. 'It was taking everything we had. It was just too much.'"

Bloomberg on New York. "Brooklyn apartment and townhouse sales fell 44 percent in the second quarter from a year earlier and prices dropped 1.9 percent. The median sales price declined to $525,000 from $535,000 in New York City's most populous borough. The number of sales fell to 2,031 from 3,601, property appraiser Miller Samuel Inc. said in a report."

"Brooklyn is experiencing a wave of new condo development as Manhattan prices have more than tripled over the last 10 years. The median price in Brooklyn is about half the $1.03 million median in Manhattan. New developments comprised more than half of all condominium sales in the borough."

"Six out of every 10 banks raised standards for home loans to their most creditworthy borrowers in the first quarter, according to a Federal Reserve survey of senior loan officers. The property market in New York City is also slowing as financial firms cut almost 90,000 jobs after taking more than $400 billion in mortgage-related losses and writedowns."

The Westport Minuteman from Connecticut. "John Gerlach, associate professor of finance at Sacred Heart University, a co-owner of a wine shoppe in Fairfield, recently advertised for a part-time sales job that drew 45 resumes - two with Masters Degrees and 17 college graduates."

"'There will probably be the loss of more jobs around here,' Gerlach said. 'As the part owner of a liquor store, we received forty-five resumes. It shows what the employment market is like in Connecticut now. Many of our graduates (Sacred Heart University) are not finding jobs. Last year, many had two and three offers.'"

"Gina Picon, owner of Chic Mommy in Westport, is weathering a significant reduction in customer spending. A maternity boutique, Chic Mommy had developed a growing customer base over six years, but Picon fears the slumping economy is tightening her customer's purse strings."

"'We're in a recession. We see it. People are not shopping like before,' Picon said. 'Many of my customer's husbands work in the stock market and financial institutions. The wives are watching what they spend.'"

The Patriot News from Pennsylvania. "The midstate housing market still favors buyers. The nearly 4,500 homes listed for sale at the end of the second quarter are the most since before 2000, said John Andrews, a real estate agent in Lemoyne. Houses are taking longer to sell, according to Central Penn Multi-List. That means buyers can be more aggressive with haggling, Andrews said."

"That wasn't the case during the housing boom, when fewer homes were on the market. They sold fast -- often within weeks -- and prices were rising so fast that buyers felt they had to pay whatever a seller demanded."

"'Buyers are more particular,' said Michael B. Yingling, a broker in West Hanover Twp. 'A couple [of] years ago, if the house needed to be painted, [the buyer] would take it because it may not be on the market long. Now they want it painted and in move-in condition.'"

"Building permits approved in the Harrisburg area have returned to the 2002 level of 1,200 a year, from an annual pace of 1,600 in 2004 and 2005. About 500 fewer homes sold in the midstate in the second quarter of 2008 than in 2007."

"'The market is going to get softer. By the end of the year, you will see prices start to dip. This inventory can't continue to grow [and not] result in lower prices,' Andrews said."

"Ryan T. Riley, 23, said he was able to get a good deal after he qualified for a 30-year fixed-rate at 5.95 percent. He bought a rehabilitated house in midtown Harrisburg for $140,000, despite having never owned a home and having just one year of employment."

"The seller, WCI Partners, will pay Riley's closing costs. His mortgage company will cover the down payment -- an incentive offered to first-time homebuyers. His only concern is that if he had to sell in the next year or so, he might not get $140,000."

"But he said he is confident that after two or three years, midtown home values will be much higher. 'I found this to be an advantageous time to buy,' Riley said. 'There are mortgage brokers who need clients and need jobs. I think they find creative ways to make it work.'"