What's happening in your housing market this weekend? Lots of open houses, probably. Here was one readers' request. "I want to know how everyones local markets are. I’m outside of Philly (West Chester) and the market is at a standstill with sellers refusing to lower prices just yet and the houses that are selling are the ones priced reasonably."

"Also inventory, natually, is building up. But just in the past few days of noticed alot of very, very overpriced houses come on the market. I’m talking about houses that are barely $300,000 with an asking price of $400,000 plus. That kind of overpricing hadn’t been to evident so far this spring."

And one economist sees a weak housing market in New York. "Merrill Lynch & Co. Inc., chief North American economist David Rosenberg says better-than-expected U.S. new-home sales in March are partly a result of price cuts offered by builders."

"Mr. Rosenberg sees many ominous signs: Over the past 12 months, actual sales are down 0.7 per cent in the United States, but the inventory level has ballooned 39 per cent and an astounding 85 per cent in the condominium market. This backlog of unsold inventory will only get worse before it gets better, he warns."

"Meanwhile, spending on home renovations is slowing, mortgage applications have taken a dive in April, and a recent survey of home-buying intentions recorded the lowest reading since November of 2004."

"In New York, Mr. Rosenberg..thinks (housing) is already rapidly deflating in price and resale prices will likely start to deflate this summer."