A pair of reports on the housing slowdown. "Buying a house in New Jersey this spring? You've got a lot more choices than buyers have had in recent years, according to a new report from an appraiser who tracks the housing market."

"The inventory of unsold homes was up 71 percent in April compared with April 2005, according to Jeffrey G. Otteau, an East Brunswick appraiser."

"While buyers used to bid against each other for houses, now sellers are 'in a scramble to gain the interest of buyers,' Otteau wrote in his latest report. The report echoed his findings for the first quarter."

"Sales contracts in April ran 20 percent below the April 2005 level, and there is now a seven-month supply of houses for sale in the state, up from a three-month supply in the spring of '05."

"The most expensive houses sit on the market the longest. A house costing more than $1 million is likely to be on the market for an average of 12 months in Bergen County, 24 months in Passaic County, 11 months in Morris County and 40 months, more than three years, in Hudson, Otteau estimated."

"After doubling from 1999 to 2005, North Jersey housing prices had to cool off at some point, because there's not an endless supply of buyers able to pay half a million dollars for a starter house."

The Star Tribune has this update from the Twin Cities. "Dogged by too many homes for sale and higher mortgage interest rates, Twin Cities-area home builders last month posted the steepest decline in construction activity in at least a decade. Last month, home builders were issued 769 permits to build 1,052 new units. That's a 27 percent decline in permits and a 44 percent drop in new units from May 2005."

"'What we're seeing is a supply-side response to current market conditions,' said Curt Swanson, president of the Builders Association of the Twin Cities. 'With all of the homes on the market, potential buyers have more options.'"

"The number of homes for sale in the Twin Cities metro area has been at record levels. Inventory for sale is more than 40 percent higher than last year. Pending home sales have fallen 18 percent."

"'Like every industry going through a slowdown, everyone is a little concerned,' said Wendy Danks, marketing director for the Builders Association. 'Our members have to watch their inventory and should be selling rather than taking orders.'"