The Eagle Tribune reports from Massachusetts. "The number of new homes being built in Salem has hit a 30-year low. In Rockingham County, building permits dropped from 2,071 in 2003 to 749 in 2007, a 64 percent decline, according to statistics recently released by the state. Derry has issued just four permits for new homes in the past four months, Building Inspector Bob Mackey said. Mackey said developers are sitting on dozens of empty lots ready for new houses, waiting for the housing market to improve. 'They're waiting until the demand for new houses picks up,' Mackey said."

"The bad economy has put plans on hold for 288 upscale condominiums next to Atkinson Resort & Country Club in Atkinson, said Harold Morse, general manager of Lewis Builders. 'Everybody is having trouble selling,' Morse said. 'Even though we're outperforming a lot of other builders, there's very little traffic right now. We need some consumer confidence back.'"

"Ed Humunick of Salem, a real estate professional for 30 years, said he believes the housing market will continue to plummet, especially in New Hampshire and the rest of New England. 'It's clear that the market was overbuilt,' he said. 'Easy credit has been available everywhere, whether people could qualify for a mortgage or not. Builders should have seen it coming, but they continued building every year, and the bubble has burst.'"

The New York Times. "Even though the average price for a Manhattan apartment, at $1.5 million, is higher than it was a year ago, some New York neighborhoods have already started to feel the downward tug that has wrenched the housing market elsewhere in the nation. Median prices in Harlem and East Harlem were down nearly 20 percent, to $440,000 at the end of this year’s third quarter, from $549,000 at the same time last year, according to Miller Samuel Inc., a real estate appraisal and consulting firm."

"Similarly, condominiums in Midtown East and Turtle Bay dropped 18.6 percent, to $1.197 million from $1.47 million; and condos in Midtown West and Hell’s Kitchen dropped 8 percent, to $1.01 million from $1.099 million."

"The credit crisis and the volatility on Wall Street will probably spur a continuation of these trends and lead to a universal drop in housing prices, said Michael Signet, the executive director of sales at Bond New York, a real estate agency. 'From everything we’re seeing out on the street, the fourth quarter report will slow prices down across the board in every neighborhood,' Mr. Signet said. 'There’s a lot of nervousness out there.'"

The Philly Metro from Pennsylvania. "For many African Americans in Philadelphia, Barack Obamas election as the nation’s first black president is a symbol of hope. But will his presidency translate to better conditions for blacks in Philadelphia – and across the country? Local political consultant Maurice Floyd weighed in."

"Floyd: 'I think one of the other things he was talking about is affordable housing for people to not only dream the 'American Dream,' but live it in providing them with equal opportunities for first-time homebuyers to buy those homes. I think those homes before this drop were unreachable – even unthinkable – to people in our community…I think where he will come in to help with the housing is to get these banks and lending institutions to open credit so that people can buy some of these houses at affordable prices.'"

The Star Ledger from New Jersey. "It's not impossible to get a mortgage -- even if you don't have a 20 percent down payment lying around and an 800 credit score. Surprised? So was 23-year-old Kerri Kushner who along with her boyfriend, 27-year-old Erik Richardson, bought a two-bedroom home in Old Bridge a few months ago."

"'I was quite frank with the mortgage guy. I told him upfront I didn't think we would be approved for a mortgage because I don't have 750 credit,' Kushner said. On top of that, she had just financed a new Nissan Altima and had co-signed another auto loan to help her boyfriend."

"The New Jersey Housing and Mortgage Finance Agency provides a variety of programs for prospective buyers, including Smart Start, which is designed to help first-time home buyers scraping together a down payment. The program offers a buyer the chance to get a second mortgage to cover down payment and closing costs worth up to 4 percent of the home's purchase price. For Kushner, that translated into $6,000 toward the cost of buying her $170,000 home."

"Another perk: If buyers keep the home as their primary residence for seven years, that second mortgage is forgiven. 'We're trying to save to buy a house, but we were just starting out so we didn't have any money put away for it,' Kushner said."

The Daily Journal from New Jersey. "Area banks and lending companies say they remain ready, willing and able to make residential mortgages, despite the general fiscal crisis in their industry. 'We would have no trouble lending a billion dollars tomorrow -- if people would qualify,' said Marc Goldberg, manager of Gateway Funding's office in Vineland. 'Qualifying has changed very dramatically.'"

"Goldberg said the secondary mortgage markets, like Fannie Mae and Freddie Mac, require the oversight. 'It's very unfortunate that they got pushed into taking the type of mortgages they never used to,' he said. 'The effect has been two things -- No. 1 is to make sure the property we're evaluating is actually worth what we're saying it is. And the other is to make sure the buyer is capable of making the payment -- and willing.'"

The Record on New Jersey. "The case was severe, but the storyline as told by real estate agent Karim Dawli is all too common in some areas: A bus driver with a modest income got a mortgage three years ago to buy a $420,000 house in Passaic, N.J. Today, with payments on her adjustable loan soaring, she is months behind on her mortgage, facing possible foreclosure and desperate for a solution. Dawli is working with her to arrange a deal that may bring in a far lower price than she paid but get her out from under her mortgage."

"'This case is extreme,' said Dawli, an agent in Tenafly, N.J. But, he said, 'there are a lot of cases out there like that.'"

The Observer Tribune from New Jersey. "Valerie and Gary Sylvester and their five children don’t want to become another casualty in the subprime mortgage scandal. But unless the Sylvesters get some last-minute help, they will find themselves homeless when their $1.2 million Birch Street home goes up for sheriff’s sale next Thursday, Nov. 13."

"The Sylvesters’ story is all too familiar. They bought their 1,800 square foot split level in Mendham in 1989 for $197,000. In the ensuing years, Mr. Sylvester, who is a contractor, expanded and improved the home. By 2006, it was assessed at $1.2 million. Two years ago, they went the route of many people when they applied for a refinancing of their home mortgage, hoping for a lower interest rate and to gain some cash to pay off business bills. The refinancing was approved and a monthly mortgage payment was set at $5,100."

"Their troubles began when the mortgage company boosted the monthly payments to $7,100. The family couldn’t afford the bills and the mortgage company moved for foreclosure. The Sylvesters have spent thousands in legal costs to no avail. They have lost in court and an appeal would cost at least another $7,000, money they don’t have. The mortgage company, meanwhile, is demanding payment of $200,000 in legal and other fees and repayment of the second mortgage, totaling $850,000."

"They have pleaded to no avail for help from everyone from Gov. Jon Corzine and Sen. Frank Lautenberg, D-N.J. to Rep. Rodney Frelinghuysen, R-11, and the Morris County Prosecutor. 'I have five children,' Mrs. Sylvester said. 'I can’t be put out on the street. Someone has to step up to the plate.'"

The Washington Post. "Michael Glosserman, managing member of JBG Holding, which is one of Washington's most prominent private-equity real estate firms, and others have amassed hundreds of millions of dollars that they plan to use to troll the area's commercial and housing real estate market over the next year in search of bargains."

"Another prominent businessman who handles investments on behalf of a wealthy local family...talked to me under the condition that I not print his name because the family patriarch doesn't want the attention. My friend said there is lots of money on the sidelines waiting for an attractive opening."

"'The deep discounted values have not materialized,' said the investor, whose client is listed in the Forbes 400 of richest Americans. 'The wait continues...What we haven't seen is the current owner who has come to the point where they are willing to dispose of that asset at the bargain-basement price.'"

"Staff writer David Nakamura, has documented, sleek new buildings with offices, condos, apartments and retail space have risen around the ballpark, but many remain empty. Glosserman said prices for land near the baseball stadium could drop from $120 a square foot to as low as $30, making it too cheap to pass up."

"Others are looking at the recently burgeoning condominium market north of Massachusetts Avenue in the District. 'There are some busted condo deals that are still lurking out there that could be opportunities in the District as well as outside,' said Esko Korhonen, who has $230 million in investor money that he is looking to put to work."

The Daily News Record from Virginia. "For first-time homebuyers and real estate investors, foreclosed properties can provide an opportunity to get a jump on property that is priced lower than usual, said Angela Andrews, a Realtor with Century 21 Real Estate Unlimited."

"'Unfortunately, and honestly, I feel like [having foreclosure properties on the market] is not good from the standpoint that people are losing their homes,' she said. 'That being said, it does provide opportunities for purchasing properties at a lower price and helps to normalize the market because prices had become so overly inflated.'"

"In Rockingham County, 64 properties are listed in the various states of foreclosure, according to RealtyTrac. In Harrisonburg, 33 homes are listed in those various stages."

"In September, one out of every 505 homes in Virginia was in some stage of foreclosure, statistics from RealtyTrac showed. That ranks Virginia No. 11 in the nation for its rate. Foreclosures that month - 6,397 in total - were up 229 percent from September 2007 and up 20 percent from August 2008."

The Virginian Pilot. "While the abundant supply of homes in the region has caused prices to fall and encouraged some prospective buyers to wade into a market amid its biggest downturn in a decade, a study by an Old Dominion University economist found that, for many, renting may still be a better value."

"The median monthly rental price of a three-bedroom house in Hampton Roads is forecast to be $1,287 this year, while the median monthly mortgage payment on a comparable house is $1,441, a premium of about 12 percent, according to the ODU study. The comparison does not take into account annual property taxes or federal income tax breaks for home ownership, both of which would affect the model's conclusion. Real estate agents argue that including those would make up the difference between renting and buying."

'Gilbert Yochum, an economist at the university, said the model was constructed so economists could monitor the baseline measure of what families pay for housing on a month-to-month basis."

"'Before the price run-up in housing, it was very much in the interest of households to buy,' Yochum said. 'That was true all the way to 2003. Only then did you see the ratio climb so rapidly that by 2005 and 2006, the decision to own or rent was seriously moving back to the rent side.'"

"In 2003, the median rent of a three-bedroom home in Hampton Roads was $1,044, while the median monthly mortgage payment was $809. Despite the continuing rise in rental prices during the following years, the prices of homes went up so dramatically that by 2006, the equation had flipped, with rent prices at $1,164 and mortgage payments of $1,457. Greg Grootendorst, deputy director for economics of the Hampton Roads Planning District Commission, looked at the same figures and came to the same conclusion."

"'Even though prices on rentals have increased and housing prices have gone down, those two lines have not crossed back yet,' he said."

"There are signs that could change, however. Prices for existing homes fell 5.4 percent in September in South Hampton Roads, according to the region's local MLS."

"Barbara Wolcott, president of Prudential Decker Realty, said it is impossible to discount the income tax deductions, which offset much of the difference in the prices. Not to mention, she said, for buyers who wait out the downturn, prices will eventually rebound."

"'When you rent, at the end of five or 10 years, you have nothing,' she said. 'If you're buying, you've not only built equity in your home, but the home value will have also gone up.'"

"Ron Pearson, a certified financial planner in Virginia Beach, said that for some it could still make financial sense to buy if they know they'll be in the area for many years and have good job security. Having that long-term commitment is essential to making the math work, Pearson said, because it takes years of mortgage payments to build equity in a home."

"'It used to be, if you were going to be here a year, you could flip the house and make money on it,' he said. 'Realistically, that's not the case anymore.'"