Some housing bubble reports from the northeastern US. "During the past several years, many homeowners secured disposable income to cover their bills or make purchases by refinancing or taking home-equity loans. That money translated into new cars, new decks and extra lines of credit. New housing statistics released this week have some North Jersey bankers worried."

"'The equity line was very helpful in driving a purchase market,' said Tom Cosentino, who oversees mortgages for Greater Community Bank in Totowa. 'Now people are coming back saying they spent all that money and didn't realize it would stop.'"

"Mercedes Pedrick, who oversees mortgages at in Elmwood Park, said that luxury homes are still getting snapped up, but sales of single-family homes generally have sagged in Passaic and Bergen counties. 'They haven't been moving as much,' she said."

"Local bankers say that new mortgages, and the refinancing of existing ones, have dried up, especially over the past several weeks. 'It has been quiet, unfortunately,' said Steve Hoogerhyde, a lending officer."

"Pedrick says that prospective homebuyers, especially those in the single-family home market, will continue to sit on the sidelines until the situation stabilizes. 'Those people are riding the wave to see how low values will go,' she said."

The Home News Tribune. "The number of homes for sale in Central Jersey is up 20-to-25 percent from a year ago, said (realtor) Marc Laurano in Highland Park. Fewer speculators and investors and banks and appraisers making stiffer reviews have contributed to it taking longer for homes to sell, according to Laurano."

"Bill Hanley, president-elect of the New Jersey Association of Realtors, said the ratio of homes available changed from 10 buyers for every house a year ago to 20 houses for every buyer this summer."

The News Transcript in New Jersey. "These days it seems like it's just not enough to put a house on the market if you're not willing to throw in a little extra incentive for a buyer; perhaps a Mercedes-Benz. Thino and Susan Cacciolo, of Manalapan, have decided to take a more unconventional route, mainly due to the increasing difficulty in selling a high-end house in the current real estate market."

"'It's called marketing. We're going to do whatever it takes,' said Thino Cacciolo. 'The lack of traffic is because of the tremendous inventory increase in larger, more expensive houses,' he said."

The Daily News Transcript in Massachusetts. "The MetroWest housing market has bucked national trends for months, but figures from June indicate the region has stepped onto the residential real estate bandwagon. Sales dropped in 12 of the 16 communities tracked by HomeFind, while prices dropped as buyers sought out lower-priced properties in 10 of those towns."

The Cape News. "Home foreclosures on Cape Cod, and in two Upper Cape towns in particular, have increased at a dramatic rate according to a new report. Statewide, 4,292 foreclosure notices were filed in land court between April and June 2006, up from 2,585 filings during that same period last year."

"The increase is being blamed in part on rising interest rates and utility costs, but also on the housing boom of the 1990s, when prospective homeowners took out interest-only loans and no-down-payment mortgages in order to get into large houses. That perhaps explains why Cape Cod, known for its lavish seasonal and retirement homes, is recording record-high foreclosures."

The Bridgeport News in Connecticut. "According to second-quarter statistics, single-family home sales in Bridgeport dropped almost 27 percent from 2005 to 2006. Local real estate agent, J.J. Garamella, agreed the market isn't as strong as a year ago. Garamella said he worries that too much new construction is taking place, leading to excess inventory if the economy slows down. 'That's when everything will hit the fan,' he said."

"Too many young people today purchase expensive homes without thinking about what could happen if the future isn't as bright as anticipated, according to Garamella. 'They over-extend themselves,' he said."