A New Jersey columnist looks at the housing bubble. "The keynote speaker at a meeting of the New York Society of Certified Financial Planners last week said something that made the audience gasp. Martin Cohen, co-CEO of a firm famous for investing in real-estate investment trusts, simply said it's a good time to buy a single-family house."

"His argument: House prices have declined. There's a lot of unsold houses out there, so you have plenty of choices. 'It's the year to buy a home,' Cohen said."

"Some other speakers at the meeting didn't wholeheartedly agree. 'We're seeing price declines of 15 to 20 percent from the peak,' said Christopher Low of FTN Financial. '"And it will escalate. Buyers who know that prices might be down 15 or 20 percent a year from now will wait.'"

"While real estate is local, there are bubbles, such as in Phoenix, California, Las Vegas, Boston and parts of New York, Low said. Florida has seen a 300 percent increase in the number of houses for sale. 'A lot of people who bought investment properties are trying to get rid of them,' he added."

"Low said he called for a cab recently, and the driver apologized for being late. He explained that he had been on the phone with his real-estate agent. 'Are you selling your house?' Low asked. No, the driver said. He was trying to get rid of his five houses in Phoenix."

From the Tampa Tribune. "Melanie Scala bought her first investment property, an apartment that had been converted into a condominium, in early 2005. Then she bought three more. Scala planned to rent the properties for a couple of years, tucking away a reasonable profit, then sell."

"Finding renters, though, has been more difficult than she anticipated. To compete with other condo owners looking for tenants, she had to lower her rent so much that she is losing about $500 each month. 'You don't think that everyone is trying to do the same thing you are,' she said. 'I'm hoping I'll still make a lot of money on the properties when I sell.'"

"The condo conversion boom in the Tampa Bay area hasn't worked out as well as some expected, and a glut of units has triggered a cooling market. Some investors who hoped to flip properties for a quick profit haven't. They can't find renters and may face foreclosure on the units."

"Interest in apartment-to-condominium conversions has started to subside, said Dan Fasulo. 'When the lenders start to get nervous, the spigot gets shut off,' he said."

"Scala said she's happy with her decisions but wishes there were less competition in the rental market. 'When you have a whole development that closes at the same time, everybody's trying to rent their units out,' she said. It's better to lower the rent to bring in a tenant than to let the apartment sit vacant for several months, she said.'

"'I'm just a young person who's trying to stay ahead of the game,' she said. 'This market's a little more consistent than the stock market these days.'"