Princeton Real Estate as well as Montgomery and Hopewell Townships have declines in the numbers of "pended" units in August 2007 vs. 2006. A sale is listed as Pending when the seller accepts a sales contract on the property. The reason this number is significant is because it is an indication of number of sales in the several months. About 80% of pending home sales usually close within two months. When the index falls it signifies weakening of the housing market. With the tightening of credit it is possible that some buyers will pull out of pending transactions and that less then 80% of the pending will actually close. 

“Credit Flue” is Wall Street Journal’s calls for the situation affecting the housing market  "credit flue" (in the article By Sundeep Peddy). According to the National Association of Realtors the pending sale index of previously owned homes fell 12.2 percent in July compared to June. 
The Federal Reserve’s “beige book” says the time for the housing rebound has become more uncertain because of the tighter lending standards and higher interest rates.

Here is a look at the numbers for "pended" units in Princeton, Hopewell and Montgomery. 

Princeton Borough and Township

• 59% Decline in August 2007 vs. July 2007.

• 50% Decline in August 2007 compared to August 2006.

• Largest decline 67%  (Aug. 07 Vs. July 07) in the <$750,000 price categorycategory.

• No decline in July 2007 vs. June 2007

• 39% Decline August 2007 vs. August 2006

• 24 % Decline July 2007 vs. June 2007

• 34% Decline in August 2007 vs. July 2007

• 36.4% Decline in August 2007 vs. August 2006