The Columbus Dispatch reports from Ohio. "It's an age-old question, one that probably dates back to the mud-brick homes of ancient Mesopotamia: buy or rent? Ken Gold, director of the Ohio State Fisher College of Business Center for Real Estate Education and Research, said there are still good rental deals to be had. 'There were too many apartments built five to 10 years ago, and there is a lot of empty inventory sitting there,' he said."

"And empty inventory equals lower rental prices. 'Drive around and you'll see signs in front of apartment complexes that say one or two or even three months free,' Gold said. 'That sign says that everything is on the table and negotiable.'"

"'If you do not have to sell a house to buy a house, this is the absolute best time to buy a house at a good price in a good neighborhood,' Gold said. 'They're giving away condos in Downtown Columbus. They're just sitting there, empty, and every day it sits there, it costs the developer money.'"

The Lansing State Journal from Michigan. "For-sale signs dot Moorwood Drive in the subdivision tucked between Washington Middle School and Chisolm Hills Golf Club. Few of these houses have been foreclosed on, but those that have are pushing down values in this neighborhood as banks drop prices to unburden themselves of houses."

"One house here sold in April for $150,000, about $79,000 less than the sheriff's deed sale in October that put it into the hands of a bank."

"'This market is horrendous,' said Judy Walker, whose husband left Michigan recently for a job in Alabama. The couple's 1,400-square-foot house is listed at $174,400. Two years ago, Walker said it was appraised for $250,000."

The Morning Sun from Michigan. "The outlook remains bleak for the central Michigan real estate market as Realtors try to explain to their sellers just exactly what they can do to sell their homes."

'Randy Golden, owner of Re/Max of Mt. Pleasant Inc., has never seen a market this bad during his 31 years in the business. 'We are in what I'm describing as a predatory market,' Golden said. 'Buyers are not happy to get a deal anymore, they are going for the jugular.'"

"'We have a lot of brokers and agents who are telling clients that everythings fine, and that they are busier than they have ever been,' Golden said. 'Yeah, right.' That's probably the agent that's working on foreclosures.'"

"'I've got a property at Lake Isabella right now, it was on the market a year ago for $259,000, it's beautiful. Now, foreclosed, I've got it at $161,000. It is move- in condition,and not selling,' he said."

"'It's been hard to encourage people to invest (in real estate),' said Phil Kruska, owner of Summit Realty Group. 'Can we take some lemons and make lemonade? I'd like to say it's challenging, but am I in denial?'"

"Kruska said 'homes are selling, just not everybody's.'"

The Post Tribune from Indiana. "A slumping economy is forcing banks and other financial institutions to pull the reins on commercial lending, officials say, leaving many previously approved municipal housing projects in the dust."

"'It would be very difficult to approve a large residential development now,' said Jack Esala, VP of business banking for Centier Bank. 'There's a large inventory of lots available now, and that's pretty much across the county.'"

"Hobart City building official Caroll Lewis said new home construction in Hobart has dropped dramatically. 'We've issued two new home building permits this year,' Lewis said. 'Last year we issued 57. Nobody's opened a new subdivision.'"

"'The lending institutions are holding back because of the crisis,' Lewis said. 'If we were still in the same position we were three years ago when you could buy a house with no money down, these homes would be selling like hotcakes. In the '70s you had to come up with 20 percent down. We're going to go back to that market.'"

From WNDU.com in Indiana. "Foreclosures in the Midwest are up. According to RealtyTrac, in June 2008, Michigan was the 5th highest state for home foreclosures. Ohio came in next at 6th highest. Indiana was ranked 10th, and Illinois 13th. Nevada and California topped the state list."

"Compare the first half of 2007 to 2008: Indiana had a 26% in home foreclosures so far this year. Comparing Michigan's numbers during the same time, you'll see the state had a 151% increase in home foreclosures in 2008!"

"'They were blindly optimistic that 'my situation today which enables me to get this mortgage...that's going to be me three years from now,' says Realtor Rory Paquette. 'But to the dismay of many, financial pictures aren't the same as they were three years ago. And so you have the same person with that adjustable rate mortgage, three years later, who doesn't qualify to refinance.'"

"Realtors like Paquette, say they've been getting a lot of questions from people looking to buy or sell. 'Buyers are very concerned, how do I know how much a house is worth before I start putting an offer in on it?' he said."

The Chicago Tribune from Illinois. "Now that lenders are more stringent about the debt load a borrower can carry in relation to his total income, they may re-check a borrower's credit before closing, says Ed Conarchy of Cherry Creek Mortgage, Vernon Hills. A significant change can cancel the loan."

"Buffalo Grove real estate attorney Marc Blumenthal relates one recent transaction where, 'the buyer had two jobs, and needed the second income to afford the home.' She lost the second job-and the deal."

"Mortgage firms have always required a certified appraiser to provide a property value before lending. But in this market, when homes linger as prices drop, the purchase amount a buyer contracts for may be higher than the appraised value."

"'You offer $300,000, and then a couple of weeks later, when the lender orders an appraisal, other very similar homes for sale in the neighborhood have reduced their selling price to $280,000,' says Peru appraiser Jim Blaydes."

"The appraisal report will note the $20,000 difference, and lenders will consider the home being purchased to be worth $280,000, he adds. When there's such a discrepancy, the lender often will require more cash upfront. If the buyer doesn't have it, the seller would have to lower the price."

"A couple of years ago, when buyers asked for repairs or a price reduction based on what their inspector uncovered, the issues were generally serious, notes John Haas, a Mt. Prospect real estate attorney. Now, however, the list is getting longer and more nit-picky, Haas says."

"As opposed to the boom times, today's buyer 'isn't worried that there is someone else right behind them ready to bid for the home.' Sellers, who've already agreed to a low price, then refuse to make the repairs, and the contract dies, adds Haas."

The Des Moines Register from Iowa. "Nearly $96 million worth of residential and commercial property in five Iowa counties is under threat of foreclosure or forced sale as a result of the financial demise of Regency Homes, once the state's largest home builder."

"Banking and real estate experts say it could take at least a year to resolve the financial mess, and maybe even longer for lenders to resell property in a troubled real estate market."

"'Obviously, over the long term, there is going to be a lot of real estate - both developed and undeveloped - in the hands of lenders over the next six months to a year,' said Thomas Burke, a Des Moines lawyer representing three lenders. 'You are going to have all kinds of financial institutions that are the owners of these properties and will be trying to get rid of them as best they can.'"

"Almost 300 fewer homes were sold in the Des Moines area in May compared with the previous year. Meanwhile, foreclosures are on the rise in Iowa, as they are nationally. Polk County received more than 900 court orders to sell foreclosed property in the first sixth months of this year. In all of 2000, there were 364 forced sales."

"'This is going to be pretty ugly for a while,' said Melanie Lumley, who coordinates and oversees sheriff's foreclosure sales in Polk County."

The Duluth News Tribune from Minnesota. "Jon Hansen is ready to sell his Superior home and buy a bigger, nicer one. 'I'm not going to sell myself short for what I think it's worth,' Hansen said of his home, which he'll happily live in indefinitely until he receives a decent offer, he said."

"Home sales for the first half of this year in the Duluth area were down by 23.8 percent from the first half of 2007. They're down 17.7 percent in the Superior area. The drop in sales ultimately means a whole lot of Realtors are feeling as if they're working harder for less."

"'We've got lots and lots of tire kickers, and no one's pulling the trigger,' said Jeffrey L. Vollman, a Realtor with Edmunds Co. of Duluth."

"Duluth Area Association of Realtors President Tod Vendberg, said one reason prices might not be dropping more is linked to some homeowners not being able to drop their prices if they want to merely break even."

"And some are walking away from homes in foreclosure, instead of trying to work out a deal with the bank to keep the home or trying to sell it themselves. Edmunds' agents estimated last month that 200 to 300 foreclosed homes are in the pipeline to be sold in the Twin Ports market, or about 12 percent to 18 percent of the total residential listings in the region."

"'A lot of people, they just give up hope once they get their foreclosure letter,' Vendberg said."

"Hansen is trying to sell a home in Superior for about $110,000, and buy a home in Duluth. His home has been on the market for 49 days. It's only been looked at twice.
But he doesn't intend to cut his price, and he's not worried about an interest rate increase that would put a $200,000 house beyond his price range."

"'I'm not going to put in an offer on a house without knowing the future of our house,' he said."

From KETV 7 in Nebraska. "Omaha has not seen the kind of housing slump other areas of the country have endured, but at least one local real estate agent said there are a lot of houses on the market, and it's taking more time to move them than in years past."

"Warren and Linda Wilson will put their home that sits at 52nd and Dodge streets up for auction at 6 p.m. Thursday. There is no minimum bid, but the Wilsons will set a price on the day of the auction and if that price isn't met, there will be no sale."

"The Wilsons have lived in their home for more than 15 years. The Wilsons are retiring and ready to move on. They've already bought their next home in Pennsylvania, closer to family."

"'We have had some people who were really interested, but it's still on the market, so I guess they figure...they can come back,' Warren Wilson said."

"Their home has been on the market since March 1. 'I guess people just think there's plenty of time and we don't have to do anything,' Linda Wilson said."

"Richard Purchase is with CBS Home Real Estate and he's working with the Wilsons. He said there are about 6,000 homes on the market in Omaha. 'There is a lot of inventory around Omaha where people aren't buying it because they know they have all the time in the world and a whole lot of houses to look at,' Purchase said."

Purchase, agent Dick Mikuls and the Wilsons came up with the auction scheme.

"We have so many people sitting on the fence," Purchase said. "If someone likes this home, they're not going to be able to sit on the fence. We're going to be selling this house on July 24."

"The Wilsons said that for them, it is not about the carrying costs. Their home is paid for. But they like the auction idea because it will give them the answer they're looking for."

"'It gives us a certain amount of certainty, because we have our plans,' said Linda Wilson 'We'll either have a house in Omaha or we won't, depending on what happens July 24.'"