It's not happening in CT. No bargain hunting here.
I see houses that have been on the market for nearly a year in CT in places like Bethany, Ansonia and Woodbridge. In Milford they go fast.
Not in NJ either, unless you're looking for a "bargain" on a McMansion. Nothing under 400k is going to come down significantly here.
I bought in 96. Refinanced with no equity withdrawal and got a 5.75 Fixed.. in 2004.
CT has been nice to me. The market doesn't jump around too much either.