The Boston Globe has this update from Massachusetts. "The decline in real estate sales, coupled with a surge in the number of available properties, is forcing some sellers into a bind. Already smitten with a new home, they must make tough decisions. Do they slash their asking price in order to unload their property quickly? Do they let their dream home slip through their fingers while they wait for the right buyer?"

"The number of condominiums on the market in the northern suburbs last week was up 46 percent over what was available at this time last year. The number of single-family homes up for sale in the region is also much higher: 2,666 last week, compared to 1,972 a year ago. But the number of homes sold is declining."

"'The market just came to a screeching halt,' said Ellen Tibbetts in Danvers, who has been a realtor for 12 years. 'I've gone without a pay check for six months now. It's prompted my husband to start calling what I do 'volunteering.'"

"The drop in sales is bad news for many of her clients, including Chris and Heidi Schrock, who own two properties: A three-bedroom ranch with in Hamilton and a cozy four-room Cape Cod-style home in neighboring Wenham. The Schrocks' Hamilton home has been on the market since last July."

"'We've had a string of open houses since February, and multiple private showings,' said Heidi. 'It's tiring. People will say they love the house, but then they'll tell me they have 10 or 12 other listings to go to. There's just too much inventory out there right now.'"

"The Schrocks have lowered their asking price by more than $70,000 over the past year, to $422,500. To date, they've had only one offer, of $476,000. But that was last fall, before the market cooled, when the Schrocks thought they could do better."

"'The offer came with a lot of contingencies, and at the time our home had only been on the market a few months, so it was a no-go,' said Chris. 'We had already purchased the Cape, and knew we could swing the mortgage payments on both properties, so we took a calculated risk,' added Heidi. 'Real estate is always a gamble.'"