What are you observing in your housing market this weekend? Here are some from across the US, starting with posts from the topics thread. "We are down 5-10% here in Northern Virginia / DC Area suburbs. I have friends selling a townhouse in Ashburn asking 400k when similar comps from fall of 2005 were 430-450k. Who knows what the closing price will actually be? It has been on the market for about 6 weeks."

"We will see a much better downward trend in a few months because it takes awhile for the comps to be updated. New homes are also starting to be reduced to similar to the asking prices on existing homes on MLS. A few more price reductions and we will see new home pricing undercutting the existing inventory. This is more pronounced for the exurbs where lots of huge developments are underway and inventory is piling up."

From LA. "Depending on the area, I’ve seen (smaller) price increases, stagnant prices, and price decreases. It seems like this whole thing only started to 'turn' last fall, and is only now starting to pick up steam."

From Florida. "Florida is in a transition period now, David Lereah said. 'Sales are coming down, but prices are staying up. So don't get that false sense of security. A cleansing is taking place,' Lereah said. '(The market) is getting healthier. We are getting rid of the germs, speculative germs.'"

"'The market is being cleansed,' Lereah said. Lereah predicts prices will slip in many parts of Florida as a buyers' market takes hold and sellers revise their expectations downward. 'Someone always takes the punch bowl out of the party.' Lereah added. 'We're not supposed to go crazy in the real estate world,' he said. 'We're supposed to go crazy in the stock market."

From Denver. "Foreclosures have had an impact on the home selling market by driving housing inventories up to record levels. By most accounts, it's a buyers market in metro Denver. There's a record 29,000 homes for sale. 'If you're a seller you've got to put your best foot forward,' (broker) Jim Hatfield said. 'You're house needs to be tricked out and detailed out and landscaping needs to be fresh and the paint needs to be fresh and you need to have a competitive price.'"

From Nebraska. "The U.S. real estate market is clearly slowing, especially in areas that used to be the hottest, Berkshire Hathaway Chairman Warren Buffett said Saturday. Buffett said at the annual meeting that 'significant downward adjustments' in house prices are possible, especially at the high end of the real-estate market and in situations where homes were purchased as investments."

"'We've had a bubble to some degree,' he said, noting that Berkshire has a good view of the market through the thousands of real estate agencies it owns. 'We see a slowdown every place.'"

A poll in California. "Is this a good time to stay away from real estate? Are people scared away from the housing market due to these factors? An informal Los Angeles Business survey asked this very question this week."

"An overwhelming majority, 67 percent, said that, yes, the low sales and high prices are keeping them out of the housing market."

"Comments from readers backed the results: 'Absolutely. The real estate market is overdue for a massive correction, particularly condos and single-family homes.'"

"'Absolutely not the time to buy a home! Climbing interest rates, high prices,low rental income; the investment isn't even long term, it's potentially disasterous at this point.'"

"'The high price of housing was one of my top 3 reasons why I moved out of the state of CA. I was looking in the condo market, but I was pushed out of that market by people who were pushed out of the single-family home market. So the high price of housing also created a domino effect for some buyers like me.'"