As much as we all appreciate answers from other agents, when agents from other states answer a question about NJ, they are not always aware of what is happening right here. Real estate is very very local !!!
I don't know much about the Whiting NJ market, but i can tell you that the most recent reports about NJ were as follows: (bear in mind that the market areas are defined by the federal governments OBM office):
Area: NY/Northern NJ average sales prices
2009 year end: $381
2009 2nd quarter: $379
2009 3rd quarter: $393
2009 4th quearte: $375
2010 1st quarter: $380
2010 2nd quarter: $393 increase of +3.7% compared to 2nd quarter 2009
In my area (defined as Edison area but it also includes other parts of other counties) the increase was +4.3%.
Your best best is to speak to a LOCAL realtor in the areas you are looking in and find out what's happening in that market. Since mortgage rates are still at historic lows, if you are ready, willing and able to purchase, and the numbers work for you...go ahead.