A report from the Buffalo News in New York. "Eighteen months ago, the network of companies run by Robert C. Morgan was one of the fastest-growing apartment owners in Western New York. Now, with two executives pleading guilty to federal charges and another under indictment, the once-rapidly growing business appears to be shrinking, as it sells properties, faces the loss of others to lenders and seeks a buyer for the entire portfolio."

"The Rochester developer's real estate business continues to be under investigation by the FBI and U.S. Attorney's Office. Morgan's son faces charges of mortgage fraud, and his nephew pleaded guilty. His brother is suing him for not sharing the proceeds of sales. His former chief operating officer just pleaded guilty for insurance fraud on some of the Morgan properties."

"The Morgan companies are also facing the loss of other properties to loan defaults and foreclosures, as lenders rein in their exposure by citing the fraud charges as justification to call in the debt. That's the case with the Raintree Island and Paradise Lane apartment complexes in Tonawanda, among others."

"Morgan has not been charged with wrongdoing, but both his nephew and former deputy pointed their fingers at him in their court statements. And, last week, he put his four-bedroom house in the Rochester suburb of Pittsford up for sale, for $990,000."

The Detroit Free Press in Michigan. "A newly constructed luxury condominium building in downtown Birmingham is sitting mostly empty and in trouble with its bank lenders after failing to sell enough $1.7 million-plus condos. The Forefront opened nearly two years ago but has sold only two of its 10 residential condos."

"The three-story building fell into receivership in December after the project's developer, Joseph 'Joey' Jonna of Jonna Luxury Homes, defaulted on a $7.3 million construction loan. The Forefront's troubles raise questions about the depth of the market in downtown Birmingham for new $1 million-plus condos, which several developers are building in anticipation of more affluent empty-nesters downsizing from big houses."

"Residential broker John Apap said demand indeed exists for luxury condos in downtown Birmingham. That is why he says he was so surprised by The Forefront's difficulties in selling units. Apap said that notwithstanding The Forefront's travails, he sees no shortage of buyers for luxury condos priced at $2 million and above. 'A lot of affluent people live in that market, and a lot of them are paying cash,' he said."

The Greater Baton Rouge Business Report in Louisiana. "The multifamily market is grappling with higher vacancy rates and absorbing the surge of new apartments coming online, especially in the student and “class A” sectors, which appraiser Craig Davenport of Cook, Moore, Davenport & Associates says is overbuilt."

"'Winter is here,' declared Davenport, who has predicted for years that the surge of student housing would affect the city’s ability to absorb new units."

From CBS Denver in Colorado. "With June around the corner, most people aren’t thinking about their furnace. However, Colorado weather can be unpredictable. It hasn’t snowed this much in Denver late May since 1975."

"Peter Hansen doesn’t mind the cold, but now he can’t escape it. Hansen and his neighbors have been living without heat in The Royal Oak Condos at 10th and Corona for more than a month. 'It was 30 degrees outside Monday morning. I went in the bathroom, turned on the light and I could see my breath!' said Hansen. After turning two space heaters on, his thermostat reached 55 degrees Tuesday afternoon."

"Hansen says the HOA voted to turn the heat off in April, days after a blizzard. Hansen is in his 70’s. He worries about his neighbors who are much older. 'They had one 80 degree day, so they turned the heat off. Previous boards turned it off too, but they turned it back on,' said Hansen, 'The longer they don’t have to put the heat on, the more money they save.'"

"Neither Hansen nor his unit’s owner received help from the property manager, Emily Bresina. Bresina told CBS4 it’s the HOA’s decision when to heat the building. She says the board is aware of the complaints, but will not turn the heat on due to cost."