The New York Daily News. "Sorry, sellers - you don't have the upper hand anymore. The city's apartment buyers realize the market is tilting in their favor. Instead of frantically throwing themselves at the one suitable apartment they find, many are playing the field. If one seller doesn't like their offer, so what? They've got other options."

"Some buyers are still learning how to function in the new market environment. Broker Richard Ferrari says they should ask the tough questions, and keep pushing until they get answers they like. 'Look out for your own interests,' said Ferrari, a Prudential Douglas Elliman senior VP."

"Don't ask, 'Is the price negotiable?' Instead ask, 'How negotiable is it?'"

"Most of the apartments Richard Ferrari has sold since Labor Day have gone for 90% to 95% of their asking prices. So, don't be shy. As a starting point for negotiations, offer 15% less than the asking price, Ferrari said. 'A buyer has nothing to lose by demanding a lower price,' he explained."

"Until recently, developers have been doctrinaire about not giving discounts. Now, many are willing to negotiate, but you have to ask. 'The prices are no longer set in stone,' said Bellmarc principal Neil Binder."

"If the apartment's in a development project, ask the builder to pay the real estate transfer tax. The tax is 1.825% of the selling price - almost $14,000 for a $750,000 apartment."

"Don't ask, 'What will this apartment be worth in three to five years?' No one really knows the answer to this question, Ferrari said. Don't force the broker to fictionalize. The right question is, 'What's this apartment actually worth right now?'"

The Herald News from New Jersey. "The 'For Sale' sign is an unwelcome addition to Manuel Maldonado's neat little yard. The Maldonados, like many other homeowners, faced financial difficulties and refinanced with a nontraditional mortgage, the kind of adjustable-rate loan that has inundated the market over the past few years."

"Now, mortgage payments eat up Maldonado's entire monthly income."

"Equity Source Home Loans said the value of the Maldonado's home had grown to $345,000. They offered the family a $230,000 adjustable rate mortgage, with monthly payments of $2,330, more than Maldonado's take-home pay."

"But Equity Source verbally promised them that they could refinance again in six months, the Maldonados said. With better credit, they'd get a lower interest rate and smaller monthly payments, Equity Source told them. The Maldonados signed."

"Adjustable-rate mortgages have been around for years, but recently have shot up in popularity. When housing prices exploded in the early 2000s, mortgage brokers began offering them widely. The loans have proliferated in New Jersey because of rapidly rising home values."

"Many of the loans are sealed with verbal promises that never pan out, says Christina Cowell, a New Jersey attorney specializing in predatory mortgage lending. It is geared toward soliciting business, Cowell said. 'The loan officers are kids from off the street,' she said. 'They don't know about banking law.'"

"Staying with the existing ARM was no better for the family. The loan will readjust in 2008 to a double-digit interest rate, and could go as high as 14.3 percent, according to the loan. If the Maldonados try to stay in their home with the existing loan, they could become one of a growing number of homeowners ending up in foreclosure."

"According to a Fair Lawn-based company that tracks foreclosures, between September 2005 and 2006, New Jersey foreclosures increased by 71 percent. 'The house is killing me,' said Maldonado."

The Asbury Park Press. "Kara Homes Inc. has virtually no chance of surviving in bankruptcy and should be liquidated, one of the home builder's biggest creditors said in court papers."

"East Brunswick-based Kara, one of Monmouth and Ocean counties' biggest home builders, ran out of money and filed for Chapter 11 bankruptcy protection on Oct. 5. The company's 22 affiliates, subsidiaries set up for each of its developments, subsequently filed for bankruptcy as well."

"If the case is converted to Chapter 7, secured creditors such as North Fork Bank would be first in line to get paid. Some subcontractors who haven't been paid and customers who have made downpayments but have yet to see their homes built, would be reimbursed if any money remains, experts said."

"North Fork in court papers said it is owed $21.6 million plus interest and fees for loans it made to Kara for its Mt. Arlington project in Morris County. The bank said Kara has tainted its reputation so badly that it would have trouble selling homes even if it secured financing."