What do you see in your local housing market this weekend? Lending problems? "'I have never seen it as bad as this in 16 years. It can’t have bottomed out, there are still all those bad loans out there,' said Margaret Massitti, a real estate broker in Cleveland, Ohio. 'People just walked away from their homes. Now it’s worse. One buyer had agreed a mortgage on a two-bedroom home, he had agreed to put down 5 per cent [deposit]. Last week, the lender now says he no longer qualifies.'"

Lower appraisals? "'We have noticed recently that the incidence of down valuations has increased over the last couple of months, as the market has slowed down. Most down valuations have been in the 5 per cent to 10 per cent range, with the occasional one which is much heavier,' said independent mortgage broker Ray Boulger."

"James Scott-Lee, spokesman for The Royal Institution of Chartered Surveyors, confirmed: 'Surveyors need to look at the whole market and not just the particular property. Because prices are cooling, we may well see more instances of down valuations.'"

Signs of contagion? "Some of Canada's biggest subprime mortgage lenders are pulling out of areas of the business, at least temporarily, indicating that problems in the commercial paper market have spilled over to affect some Canadian consumers."

"Jim Murphy, CEO of the Canadian Association of Accredited Mortgage Professionals, said 'this really has nothing to do with the Canadian real estate market.'"

"It stems from the problems in the commercial paper market, which are the result of trouble in the U.S., he said. The housing market in Canada is still strong, and the changes are only applying to new applicants, he said."

Or foreclosures? "As foreclosures surge both nationally and in New Hampshire, a local organization that has helped many people purchase their own homes is also offering free counseling on how to hold on to them."

"As to the scope of the problem, 'I've never seen anything like this before,' said foreclosure counselor Gail Engle, who had 26 years of experience with a local bank prior to joining the land trust back in May."

Media reaction? "With the mortgage meltdown, foreclosures on the rise and property values in freefall, TLC's 'Property Ladder' and about a half-dozen other shows have started to address the downturn. Nets like TLC, HGTV and Bravo are now running into the real-life dramas among homeowners and real estate flippers as the market moves from boom to bust."

"'We're starting to see it now in the stuff we're filming,' says Brant Pinvidic, TLC's senior VP of programming. 'It's gone from, 'Oh, I can get so much money for my house' to, 'Oh my goodness, what if I don't sell my house?'"