Some housing bubble reports from Massachusetts. "Home sales in Massachusetts tumbled 16.6 percent and condominium sales declined 14.3 percent in June. As homes stay on the market longer, the supply of unsold homes is growing, putting pressure on prices."

"'Prices are going to go down, there's no question about that,' said Karl Case, a Wellesley College economics professor who specializes in the housing market. 'The only question is how far and for how long,' he said."

"Real estate agents are increasingly discouraged by an unwillingness among clients to lower their listing prices to spark more sales. There were near-record numbers of active listings in Jun, 56,494 homes and condos. Many sellers are holding out for a high price to help them realize the 80 percent price appreciation that occurred in the market between 2000 and 2005."

"'In order for sales to begin to edge up,' sellers 'are going to have to face reality and adjust their pricing accordingly,' said David Wluka, the president of the Massachusetts realtors. 'They have to take the longer view of what the house is worth instead of looking back one or two years.' He predicted prices 'will continue to decline until the inventory gets eaten up.'"

"A jump in home foreclosures and yesterday’s report of yet another fall in home sales and prices is causing economists to wonder whether the fragile economic recovery might be clipped by the housing market. 'This is not a good situation,' said economist Fred Breimyer, referring to the housing market and its potential ripple effect on the rest of the economy."

"'It’s a whole new ballgame,' said Andre Mayer, chief economic researcher for the Associated Industries of Massachusetts."

"The economy, fuel Prices and climbing interest rates are all factors in the slower market, Mr. Wluka said. 'I think it’s job-related,' he said. 'People are not going to put themselves on the line if they think they may lose their job. I’ve seen people who want to buy, but they have to sell their home first. They’re waiting because they want to do that first.'"

"MAR spokesman John J. Dulczewski declined to predict what the state’s housing market would do over the coming months, other than to say that modest declines in prices would continue until prices are more stable. 'There’s a whole educational process going on right now, with sellers having to understand what’s been going on over the last year,' he said."

The Daily Item. "(Broker) Don Baker said, 'If the house is overpriced, we tell them to go someplace else. There's no sense in spinning your wheels,' said Baker, who has been selling homes in Lynn since 1967."

"According to a handful of local realtors,there's plenty of stock to choose from right now because people tend to sell out of necessity or because of life changes, not because the market is hot or cold. But because of the large stock of homes available, realtors say buyers have been more reluctant to pull the trigger on a sale because a better offer might be right around the corner.'

The Boston Herald. "New figures show Bay State house prices have dropped for five straight months, the market’s longest losing streak in more than 13 years. In addition to declining prices, MAR also reported that the number of houses changing hands tumbled in June for the third month in a row."

"'You can’t keep going up forever, at some point you hit the wall,, MAR President David Wluka said. ,There comes a point where buyers say: ‘We can’t afford to buy this,’ or ‘We’re not going to pay that.'"