Newsday sees an end to the housing bubble. "Say one last farewell to the housing boom. In the clearest evidence to date of a housing market shift, the latest Long Island data showed Nassau County's median home price rose only 4.4 percent from March 2005 to March 2006, the smallest annual price gain since May 1998."

"Adding to the pile of evidence, the number of homes for sale is still 74 percent above last year's levels for the three counties, while closed sales in the region are down 6.7 percent."

"Based on the current selling pace, it would take more than eight months to sell the total supply of Nassau homes for sale, and nine months to sell Suffolk's inventory, the highest since 1998."

"The numbers aren't a surprise and some are expecting more to come. (Broker) Ed Gitlin said he foresees 10 percent annual price declines on Long Island, perhaps as soon as June."

"The slower market could affect the overall economy, too, as some consumers may slow spending to make up for higher interest rates or lower housing values. 'Borrowers were using their houses like ATM machines,' said Bob Moulton, a mortgage broker in Manhasset. 'They were taking the money out to buy cars or go on vacation, and it's got to have some trickle-down effect.'"