Industry News

A housing chill in the Northeast

Part 2: Buyers reclaim negotiating power as region's sales and price gains cool

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Editor's note: Though experts are divided over what the next 90 days may bring for the housing market as a whole, they all agree on one point: Each region of the nation has its own unique set of circumstances, and how those factors shape the attitudes of home buyers and sellers over the next several weeks will also help to decide how local home sales and prices will fare through the rest of this year and beyond. This four-part series looks at regional trends that are emerging as the peak spring home-buying season gets under way. (See Part 1.) Only a few months ago, at midnight on Dec. 31, Joseph and Kianna Jackson gently clicked their champagne glasses together in their New Jersey apartment and made a resolution for the coming year: They vowed to make an offer on their first home by March 15 -- their daughter's second birthday. But like so many other New Year's resolutions, their promise has so far been unkept. As mortgage rates crept higher in the first two months of 2006 and sales i...