Found this myself. Sorry to bother you. This is part of the Maven install not the Maven4MyEclipse. I am new to Maven.
In case any other newbies need this, I had to put a
<settings>
<localRepository> –path to local repository– </localRepository>
</settings>
entry in my settings.xml file. You can place this in your C:\Documents and Settings\<user>\.m2\ directory, or in the \conf directory where Maven is installed.
I then looked at my Preferences for Maven4MyEcliplse, and the path was what I wanted it to be.