The Milwaukee Journal Sentinel reports on a familiar housing bubble scenario. "Metro Milwaukee's existing-home market posted a robust 1,155 sales last month, amid a landscape littered with 'for sale' signs. The highest February volume in three years didn't totally offset a sluggish January, however. Sales are down 1.6% so far this year."

"This year's 5,914 newly listed properties and 2,090 sales compare with 4,543 new listings and 2,124 sales in January-February 2005. 'We've got a shortage of buyers at this point,' said (broker) Betsy Wittenberger in Hartford. 'But sellers are not real eager to bring prices down. They'll accept a longer time on the market, which is what it's looking like we'll have this year.'"

"Sensing buyer caution, many sellers are hedging their bets on a home deal, Wittenberger said. 'People are putting their homes up for sale, but not necessarily moving forward on buying another house. That means they have very little risk.' It also means 'a lot of contingent offers,' in which sellers won't buy a new place until certain they've sold their own place, she said. 'We'll have to muster more patience this year,' she said."

"Sellers can no longer name their price, Metro MLS President Tammy Maddente said. 'We're still seeing about a 5 percent increase, but not 20 percent anymore,' said Maddente."

"MLS' Monday report shows that in the first two months of 2006: New inventory is up anywhere from 11.9% in Washington County to 40.4% in Racine County, compared with 2005. Most counties have 20% to 30% more dwellings on the market this year than in 2005, and 40% to 60% more than in 2004."

"The region's sales laggards are: Milwaukee County, 5.2% behind last year with 1,230 sales; Ozaukee County, down 19.1% with 114 sales; Washington County, down 4% with 170 sales, and Walworth County, down 7% with 174 sales."