What are you seeing in your housing market this weekend? Homebuilder price reductions and incentives? Some reports from around the US. "The slowdown in Baltimore's housing market continued into May, with sales dropping as homes lingered longer on the market and listings piled up. Sellers often found themselves resorting to price reductions to snag buyers."

"For the past several months, sales meetings at W.C. & A.N. Miller Realtors have ended with agents announcing how much prices on listings have been reduced, said agent Jerry Murphy. He said the seller of a home he listed in the city's Guilford neighborhood put the home on the market for $699,000, reduced it to $649,000, then ended up signing a contract for $625,000."

"'Buyers these days are usually making an offer and if that offer doesn't get accepted, going on to the next house,' agent Trent Waite said. 'There's so much inventory on the market, it doesn't always make sense to pay full asking price.' A refurbished two-bedroom rowhouse in Butchers Hill had been reduced from $350,000 to $300,000. And with the help of Waite, (the buyer) negotiated to an even lower $265,000 and settled on the house last month."

The Boston Globe. "Sales on Cape Cod fell nearly 10 percent last year, and that trend has only worsened this spring. The glut of homes for sale is threatening to drive prices down, and more sellers are reducing their asking prices, agents and housing specialists said."

"'I don't know that I'd be jumping into this market right now,' said Barnstable County Register of Deeds John Meade. 'Who knows what it's going to do.'"

A reader posted this from the Falls Church News Press in Virginia. "A leading real estate agent in the City of Falls Church has reported to the News-Press that, with the cooling off of the residential property market throughout the region, single family homes here are now selling on average 'for about 10 percent below their assessed values.'"

"The report from the realtor, who has a long-standing reputation for doing a major business in Falls Church, indicates that the City may face not a slower rate of growth in values, but an absolute decline in values."

"There has been no scenario discussed publicly at City Hall to date that has taken this prospect into account, although by comparison to the earlier budget projections, the impact of a net decline in residential real estate tax revenues would be little short of catastrophic."

"As for Falls Church’s prospects for new commercial development taking up a greater share of responsibility for delivering tax revenue to the City’s coffers, this is prospect is now dimming as all current plans for projects in the City’s commercially-zoned corridors are heavily tied to condominium components, and the condo market throughout the greater Washington, D.C., metro region has become overbuilt and has tanked badly."