Mr. Humphrey, who works in the home improvement division of Sears, has made offers on two homes, but the sellers have refused to negotiate. He is willing to spend up to $300,000 and has enough money to put 20 percent down, but Mr. Humphrey said he was worried prices were going to fall farther and could wipe out any money he puts into a home.

“I am not afraid of the monthly mortgage payment, and I am not afraid of taxes, but I am afraid of losing the value I am putting in,” he said. “I believe the right deal will come along, and I am in no rush,” He added

About 35 miles south, outside Tacoma, Irené Foster-Worthy and her husband have received no offers on their three-bedroom, two-bath ranch home since they put it on the market a month ago. The couple plan to retire to a home they are buying on an island near the Canadian border to be closer to their children.

“Only about four people have come to see it, which makes it difficult to sell,” she said.

While some buyers seem to be waiting, many others have been locked out of the market.

Since early 2007, lenders have sharply scaled back the easy-lending policies that powered the boom. Most lenders are now making only loans that conform to the standards set by Fannie Mae, Freddie Mac or the Federal Housing Administration, which all require either a substantial down payments or mortgage insurance.

Image John C. Dugan, the comptroller of the currency. Credit... Mark Wilson/Getty Images

“Once the credit pendulum starts swinging from too easy, it never stops at neutral  it goes to too tight,” said Lou Barnes, a mortgage broker in Boulder, Colo., who said he was turning down about two applicants a week. During the boom, he rarely had to turn down borrowers.