What are you seeing in your housing market? Motivated sellers in the classified section of the newspaper? Builder incentives on a billboard? Anecdotal accounts of the market slowing down? Here's some from the topics thread. "One of my students told me just yesterday that she and her mother are having to move. They rent half a duplex from her aunt, who has four rental properties, all with ARMs."

"They have reset, and now the aunt is having to unload all of her properties, because the payments have nearly doubled and the rents will no longer cover them. This is, I suspect, only the very beginning."

Another from California. "Hearing lots of ads on the radio up here in the Bay area advising people to break their ARM, and then the subtlety in the ad is that they will put them into another arm (saying five year fixed, etc). They are continuing the loan churning without any regard to the customers they are supposed to be servicing."

"Then hearing that Chris O’Donnell at the O’Donnell group cares about you and will get you a 40 yr, 5 fixed, at low rate, etc (till I get sick from all of the lying). We will have real stories all over about ARMS resetting."

Another noted the absence of a spring rally. "Something that I find astonishing is that there was no spring sales rally in real estate this year. Usually the buyers come out in spring and the market takes off. This year was the opposite. The sellers came out and that trend doesn’t look like it is done yet."

"The other funny thing is the CNN headline of 'If you’re a speculator … get out now.' So how many months ago was it that CNN was running headlines about RE being the next sure thing? Six months? The tide has really turned and quickly and we are no where near low tide yet. Where are all the economists that were saying first of all that there was no bubble and then that the landing would be soft. We haven’t hit the ground yet, but this doesn’t look like it will be soft!"

"Its funny to see bond yields rally the last week after having been stuck at 4%ish for so long. It seems the stock market is waking up to the deficit and housing bubble situation and starting to take things into account."