What do you see in your housing market this weekend? Builder incentives? From Arizona. "As the real estate market declines, so does the number of jobs related to the industry. Thus far layoffs among homebuilders have been minimal, and real estate agents say their numbers are still strong. 'Here’s the bottom line, nobody knows what’s going on,' said Ron LaMee, Arizona Association of Realtors vice president of information services."

From Seattle. "You've probably heard something like this before: 'Every child is unique and special. It's the same for a city's personality. It's just as easy to think of Seattle as special; defying the trends ahead. Our regional narrative continues to insist that we remain a red-hot real estate market, ignoring the cautionary data. The rest of the country might be experiencing a pop in the housing bubble, but the 'we're different' idea suits our perception of ourselves."

"I would suggest Seattle is riding its wave, too. The real estate numbers reflect the swell in the tsunami ahead: In King County we keep building (a 43 percent increase in housing permits), while home resales are shrinking (down 13.7 percent from a year ago). Our inventory of available homes is huge as we shift into an era when no one wants to be the last person to buy a home at its most expensive price."

The Globe and Mail. "For those of you who have just sunk all your savings into a new house in Toronto,..you may have just bought at what some experts are calling the tail end of a long seller's market. Out in the field, people for whom real estate is business are already noticing the pendulum swing."

"'Prices seem to have softened somewhat, that's for sure,' observes broker Niels Christensen. 'There are more houses selling for under asking price now than there were for the same period a year ago.'"

"There are signs that Greater Vancouver’s elevated real estate prices may ease back in a soft landing, rather than a burst bubble. The report notes housing demand in Vancouver has been softening since the beginning of the year while listings have risen."

"TD defines a bubble as when buyers bid home prices up beyond underlying fundamentals on the expectation of further price gains. 'It is, by definition, impossible to identify a bubble before it bursts, since rational investors would refuse to hold any asset whose price was certain to fall,' it notes. The report also says there are clear signs the U.S. housing market is falling back to earth, dampening U.S. economic performance and possibly spreading to affect Canada."