What do you see in your local housing market this weekend? Economic indicators? "The housing market took a big hit in September: Oregon residential permits plummeted to their lowest level since September 2000, said Tim Duy, economist and the author’s index."

Subprime related problems? "Indianapolis-based Indiana Children's Wish Fund has been caught in the national subprime mortgage lending crisis."

"The small not-for-profit, which grants wishes to terminally ill children, filed an arbitration claim after an investment it had in an intermediate-bond fund lost about $50,000 between late June and late September on an initial investment of $222,812. The bond fund had more than half its assets in mortgage-related investments as of mid-year, according to the filing."

Online posters? "A slumping stock market, sky-rocketing gas prices, an expected increase in energy costs, and home foreclosures, make up a full economic plate for many Valley residents."

"In online discussions people post comments such as, 'Smaller stores are down 20, 30, 40%. This is going to get very ugly. Less Tax $$$$ for Arizona which is already in big trouble.'"

Indication of defaults? "The phone is buzzing for brokers who specialize in selling foreclosed properties, and that's attracting dozens of new agents into that small but growing segment of the market."

"Craig Murphy, co-owner of one of the biggest foreclosure specialists in the metro area, estimates that there are 30 to 35 agents in the Twin Cities that have more than 20 active listings of foreclosed properties."

"A year ago there were only four or five firms with that many, he said. Epic has about 180 listings today, six times the number it had a year ago."

"Based on the amount of adjustable-rate mortgages issued a few years ago, Murphy thinks the foreclosure activity is at the start of a busy three- to five-year run. 'Short of government intervention and the lenders stepping up to the plate, or a miracle from God, we're going to be inundated [with more foreclosures],' he said."