Some reports on what's happening with realtors. "A record 10,000 Realtors have convened in Washington, D.C., this week to meet with their congressional delegation to discuss top concerns for the real estate industry. Realtors are also asking members of Congress to support the act which would permanently bar big banking conglomerates from entering the real estate business."

"Realtors are also asking Congress members to defend the tax rules that protect home ownership, especially the mortgage interest deduction. If tax benefits associated with ownership were reduced, NAR said, property values would likely decline."

"Misrepresentation claims continue to be the largest source of legal troubles for real estate brokers, said Laurie Janik, general counsel for the NAR trade group. Agents and brokers should not make any statements about future market conditions, Janik also said. 'Don't say anything like, 'This well will never run dry.' It's a sure recipe for disaster,' she said."

The Wall Street Journal does a Q&A. "Question: Why is it so hard to get good data on housing-market prices, especially in major metro areas like Washington, D.C.? Are there no reliable indexes? I disagree that Realtors will help much, even for information on price cuts in your target neighborhood. Most Realtors just want to sell houses, and 'now' is always the best time to buy."

"A: Wouldn't it be great if you could get all of the information you need to buy and sell your home on one free Web site? Don't get me wrong, there's a lot more useful real-estate-listing information floating around in cyberspace than there was even two years ago. But much of it is controlled by Realtors, who, as you have pointed out, seemingly don't want anything but 'happy news' getting out, and don't really want consumers to be empowered."

Realtor Magazine has some tips, titled 'Cooler Market Ushers in Its Own Lexicon.' "It helps to have a decoder ring when you read today’s real estate ads, newly spruced up to wow buyers in a tightening market. Here are some definitions:"

Old World Elegance. The word luxury is so 2005.

New Price. The seller dropped the asking price, but doesn't want to put it bluntly.

Price Reduced to Sell: Sometimes the direct approach works.

Intimate: The new euphemism for small.

Grand. It suggests glamorous things like sweeping staircases in duplexes -- and sweeping prices to match.

And here are some anonymous comments from the field. "We asked on our blog, 'How is the housing market in your area?' and readers were quick to answer. And, alas, the news isn't good: almost every other answer either contained the phrase 'rising inventory' or 'buyer's market.'"

"One said that Northern Virginia (NOVA) is 'overflowing' with inventory. Noting that a lag is expected between rising inventories and price reductions, the poster said, 'About now is when prices are expected to start downward.'"

"Southeast Pennsylvania is a buyer's market, 'for sure,' according to one reader who said, 'I've seen several ads by agents, 'Buyers Wanted! Call Us!' There have been many price reductions, the poster said."

"In Phoenix, Ariz., 'inventory is high,' according to real estate consultant Greg Markov, who pegged Phoenix inventory at 40,000 active listings, compared with less than 12,000 listings a year ago. 'Suburbs are hurting most,' Markov said. 'People are reconsidering driving an hour to work with $3 a gallon gas prices. Sellers are reducing prices an average of 5 to 10 percent to get the properties moving.'"

"California's real estate market was one of the hottest in the country. But now, according to one poster, it's a buyer's market in Marin County in northern California, 'especially high-end where things are selling 75 percent on the asking dollar. Bad press, high interest rates and rising stock market (are) hurting expensive homes here.'"