. >> reporter: at halstead property in hoboken new jersey, there's only one word to describe business: inconsistent. a stone's throw from manhattan's stronger real estate market hoboken offers buyers everything from modern condos to historic brownstones. halstead broker eugene cordano says hoboken housing is trending in the right direction, but it's not there yet. >> conditions have been somewhat up and down. it has been fits and starts of activity and slow periods. >> reporter: beyond hoboken, many towns and cities are coping with residential markets that aren't even close to stabilizing. new home sales are close to record lows. sales of existing homes are hardly much better. sure a government tax break gave the sector a temporary boost late last year and into 2010. but, once the credit expired this summer, foreclosures continued to flood the market and sales cratered again. in past economic recoveries housing has led the way. economist jonathan basile says conditions this time are very different. >> some structural unemployment, high unemployment and the inability for people to come