What do you see in your local housing market thsi weekend? Lower prices? "What is striking about the mansions and tree-lined roads of this exclusive suburb of Detroit is not the elegance and wealth — it’s the real estate signs. Almost 700 homes are currently on the market in the five Grosse Pointe communities, according to brokers, twice as many as in the same time in 2005."

"And since June, prices for the most expensive houses have dropped by around $100,000 a month."

More foreclosures? "The Mortgage Bankers Association estimates that 1.35 million homes will enter the foreclosure process this year and another 1.44 million in 2008, up from 705,000 in 2005."

"The projected supply of foreclosed homes is equal to about 45% of existing home sales and could add four months to the supply of existing homes, says Dale Westhoff, a senior managing director at Bear Stearns. This is a 'fundamental shift' in the housing supply, says Mr. Westhoff, who believes that home prices will drop further as lenders 'mark to market' repossessed homes."

"Foreclosed homes typically sell at a discount of 20% to 25% compared to the sale of an owner-occupied home, analysts say. Lenders are eager to unload the properties, and the homes tend to be in poorer condition."

"'People didn't leave the house happily,' says Jason Bosch, a broker with Home Center Realty in Norco, Calif. 'There are often signs of that. There's used, dirty carpet. The grass is dead.' Mr. Bosch says he now has about 120 bank-owned properties for sale or in escrow compared with none a year ago."

"Real-estate agents, who look at prices for comparable homes, or comps, say the sale of bank-owned properties can have a big impact. 'One month the comps are showing one price and then a bank comes in and sells a property for $30,000 less,' says Randal Gibson, a real-estate agent in Henderson, Nev. 'All of the sudden, that's the new comp.'"

"Foreclosures in St. Tammany Parish surged nearly 700 percent in the third quarter this year compared to the year-ago period as homeowners struggle to make exorbitant mortgage payments caused by a post Hurricane Katrina housing frenzy."

"'A lot of people after Hurricane Katrina had to buy when prices were extraordinary high and extremely inflated,' said Susan Ameen, a realtor in Mandeville. 'They needed housing and could barely afford the house note. Now the littlest thing could set them back. That's pretty frightening.'"

Or corporate news? "It's a far cry from late October, when Countrywide CEO Angelo Mozilo said he expected the fourth quarter to be profitable - comments that drove the stock up to $17.11 the next day. The mortgage giant's stock is now trading at nearly half the $18 conversion price for the $2 billion of preferred stock that Bank of America bought back in August."

"Countrywide is facing mounting foreclosures and loan delinquencies from borrowers who were hoping to refinance before their low-interest teaser rates soared. The company has said that nearly 24 percent of the $118 billion in its subprime servicing portfolio is in some stage of delinquency. That equals about $27 billion."