Sales Slow in Northeast

This article link to Inman will likely disappear. In the meantime, here is an excerpt.

[Only a few months ago, at midnight on Dec. 31, Joseph and Kianna Jackson gently clicked their champagne glasses together in their New Jersey apartment and made a resolution for the coming year: They vowed to make an offer on their first home by March 15 -- their daughter's second birthday.

But like so many other New Year's resolutions, their promise has so far been unkept. As mortgage rates crept higher in the first two months of 2006 and sales in their local market slowed, the Jacksons decided to postpone their home-buying plans because they think prices could be a lot lower in the summer or fall than they are today.

"A year ago, the market was super-hot and it was hard to find a Realtor or builder who would even return our calls," says Joseph Jackson, a self-employed computer-programmer.

"But now, I'm getting a couple of calls a week from people who want to sell me a home," Jackson says. "I just tell them to call back in a few months, and I'll let them know whether I'm interested in buying again."]

Check out the housing bubble blog for more info on this article.