The New York Times has a pair of reports on the housing bubble. "As clusters of open-house balloons bob across the suburbs of the metropolitan area, from the New Englandy enclaves of Fairfield County, Conn., to the salt-sprayed boroughs of the Jersey Shore, the question remains: whither the housing market?"

"Inventory is expanding, sales volume declining and bidding wars, once commonplace, increasingly rare. In short, the boom is over."

"'A few years ago, sellers were not making their beds and leaving dishes in the sink, and buyers were still coming and buying,' said Cindy DeRose, a sales agent in Irvington. 'It has cooled down enough that sellers just have to do a little more work, frankly.'"

"On Long Island, the number of unsold houses in January stood at 23,470, a 67 percent jump from the year before. In Fairfield County, Conn., the number of houses for sale at the end of last year was 35 percent higher than in late 2004. Inventories in some communities (Norwalk, Easton, New Canaan and Darien) were up more than 50 percent. New Jersey's inventory swelled, too, up 46 percent in January over the previous year."

"For sellers, the new market dynamic can lead to frustration. Gary Harman put his house, in East Hanover, N.J., on the market for $539,000. None of the more than 25 people who came to see it made an offer. He has since dropped the price twice, to $519,900."

"Carol Ann Decker put a town house, in Fairfield, Conn., on the market for $535,000. 'We sold it instantly,' she said. But the buyer got 'cold feet,' she said, and failed to move forward with an inspection. Then three other buyers expressed interest. 'I thought, 'Oh, wow, this is going to be great,' Mrs. Decker recalled. 'But it's been a number of weeks and they're all just sitting and waiting.'"

"Falling for a house is a lot like falling in love. Their love may be blind, but their home inspectors and appraisers are not. 'When prices of homes were accelerating the past few years, people were more willing to accept problems with houses they knew were in bad condition because they could turn it over and make a profit,' Dave Zappulla said."

"According to Mr. Zappulla and other real estate experts, as the market has become less frenzied, buyers and sellers are leaning more on the opinions of inspectors and appraisers and paying closer attention to problems. 'Up until about May or June, people were going ahead and buying homes even if the appraised value did not support the sale price,' Mr. Carter said. 'But the buyer mentality has shifted, and people are no longer in a hurry.'"

"'In fact, we're starting to experience people wanting appraisals before they go to contract' instead of waiting for mortgage lenders to order them, he said."

"(Appraiser) Anthony Messina said that as the market cooled, disappointed sellers were beginning to steam. 'We had one person who had his house in Atlantic County listed for $325,000, and when we appraised its value at $270,000, he started getting angry and calling us stupid,' Mr. Messina said. 'The problem for buyers is that the market is starting to change; you can't just blame an appraiser.'"

"From where Mr. Zappulla sits, which is often in a crawl space or an attic, the bottom line is that buyers are not willing to accept certain things that they let slide a few years ago. 'Nobody wants to pay a million dollars for a piece of junk,' he said."