Led by condominiums, housing sales are slowing and prices are falling in bellwether markets such as Las Vegas, Miami, and Orange County, Calif., according to an authority on housing.Speaking to writers and editors at a National Association of Realtors conference in San Francisco, Steve Friedman of Ernst & Young also said leading housing indicators "are flashing yellow in a growing number of markets, including Phoenix, Boston, and Washington, D.C." Mr. Friedman, the firm's national director of housing, said cancellation rates for purchases of new homes are increasing; appraised values are dropping below contract prices; houses are remaining on the market longer; buyer incentives are returning; and more real estate agents are suggesting that buyers reduce their initial asking prices. However, Mr. Friedman said he does not see a national overvaluation problem. "There's no national housing bubble, only 'bubblettes' in markets like Las Vegas," he said. The NAR can be found online at http://www.realtor.org.

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