The Journal News has this update from New York. "It's over. The crazed phase of frenetic home buying in Westchester, Rockland and Putnam counties has screeched to a halt, leaving some industry experts wondering if the sound they hear now is the housing bubble bursting."

"'The market isn't soft. It isn't even slow. It's dead,' said Liz Rosenblatt, an agent in New Hempstead. Scott Stiefvater, a broker-owner in Pelham, said prospective homeowners are still looking at properties. 'They just aren't buying,' he said. 'I'm getting a little worried.'"

"It's gone from multiple offers for more than asking price just hours after properties were listed for sale to no offers at all, even after price reductions. In Wesley Hills, for instance, Rosenblatt recently dropped the price on a four-bedroom, 2.5-bath raised ranch to $495,000 from $545,000. 'There still aren't any offers,' she said."

"Christine Garafola, an associate broker in Armonk, dropped the price on a four-bedroom in Mahopac from $949,000 to $889,000 in less than three months. The owner still isn't getting what he's asking."

"Stiefvater said potential buyers are looking for value but skeptical of bargains. He cited an impeccably maintained four-bedroom Cape Colonial recently reduced to $659,000 from about $700,000. 'The current list price is below market value. But now buyers think something is wrong with the house,' he said."

"The number of homes on the market in Westchester and Putnam counties has swelled from about 1,000 at the end of the first quarter of 2005 to about 1,500 at the end of the first quarter this year. In Rockland, inventory soared from 734 at the end of the first quarter of 2005 to 1,325 at the end of the first quarter this year."

"Real estate brokers have concerns because inventory continues to grow, at an average pace of five to 10 listings in most communities each week. Stiefvater said there usually are about 25 homes for sale in Pelham. Now, he added, it has climbed to more than 80. In Clarkstown, Rosenblatt said, there usually are about six residential properties for sale. 'Right now, we have about 45,' she said."

"Data for the second quarter won't be available until July, but signs of a slowdown already were evident in the first-quarter numbers. Real estate agents and brokers speculate that second-quarter statistics will show an even steeper decline in sales."

"At least some homeowners are panicking. Worried that increased supply will lead to rapid price deceleration, they are rushing to put their homes up for sale. Some of them think the market will only get worse, real estate agents said."

"Peter Bell, broker-owner in Mamaroneck, said most sellers are willing to negotiate and are eager for offers. 'Last year, only about 10 percent of all homes in this area had been on the market for more than three months. Now, at least a third have been on for more than three months. Since more properties are on for a longer periods, you see more price reductions,' Bell said."