What do you see in your housing market this weekend? Has the spring rally fizzled into a summer slump? Here are some observations from the topics thread. "There’s an ad running in the free weekly paper for a new condo complex on the beach in Biloxi. Unit prices are in the $350-$500k range. The developer is promising discounts to families displaced by Katrina, but since we’re talking an area where the average family income is $36K a year, there seems to be a bit of a disconnect going on."

Another added, "I’ll report on specific projects here in Southern Delaware. The beaches here are beautiful. But, the over building (IMO) is vast. The speculators are now stuck. They thought that prices can never go down because they were on/near the beach. The listed prices here are still very high, but try selling for the list price. The prices are just starting to go soft, but I believe that this is just the start. Stay tuned."

A reader in Arizona. "As I was continuously driving along 40 around Flagstaff, I was noticing how it looked like tinderwood ready to burn. I guess I was right, and it has started early. It is going to be a long hot summer for those folks living next to tinder-trees. AKA So Cal fires about 5 yrs ago."

One heard this on-air. "Have the Rob Black show on in the background (Financial advice show in Bay area). His quote was 'the housing boom is over, the housing boom is over, the housing boom is over.' And compared it to the tech stocks in 2000. More media confirmation."

From an ad. "Still hearing Eric Estrada pimping WA real estate and some idiotic informercial from JG Banks saying how easy it is to make a fortune in probate real estate, come to our free show and 'BUY my OVERrated, OVER priced, and will BK your program if you actually do what is written.'"

The Orange County Register. "Ladera Realtors are saying, in the words of realtor Ron Luna, that the news is 'not bad news, but certainly realistic news.'"

"'Sellers have the expectations that are a little unrealistic, given the number of homes out there,' (realtor) Angelina Kirkpatrick said. Kirkpatrick reported that in January there were 198 homes available for sale in Ladera. Now there are 354. Luna said it could grow to 400 by June."

"'There is so much more inventory,' Kirkpatrick said, 'Buyers have more to choose from.' As an example she notes that Ladera Ranch is having an average of 12 homes go into escrow every month."

"'The reality is most homes are worth almost exactly what they were 6 months ago,' Luna said. 'Moderate appreciation is the way it's going to be probably for the next few years until people's income catches up to housing prices.'"