What do you see in your local housing market this weekend? Lower prices? "Billy Joel has closed on his latest beachfront house, a 1-acre Sagaponack property. One of several celebs with a constant eye out for Long Island real estate, Joel paid a little more than $11.6 million for his latest home. He got $2.3 million knocked off his new home and in June negotiated a $2-million markdown on his first Sagaponack home."

"Whether he would have gotten those discounts two years ago during the housing boom is unclear, because in the last few months a few Hamptons real estate veterans have been wondering whether even the luxury market has been slowing, as it has for the rest of Long Island."

"Usually, buying and selling activity is seasonal, with spring and summer strong and the end of year quieter, but the housing boom fudged those lines, with bidding wars and deals all year. 'Last couple of years, there has been no season,' said Paul Brennan, regional director of the Hamptons for Prudential Douglas Elliman Real Estate. 'It's been full-court press all year 'round.'"

More foreclosures? "The foreclosure rate is rising in Wisconsin, according to RealtyTrac. There were 2,506 foreclosures in Wisconsin in October, a 67% increase from September."

"Patrick Essie, executive director of the Wisconsin Association of Mortgage Brokers in Madison, said the October numbers were surprising. 'Why it was bunched up in October as opposed to September or August, that is something that we don't know,' he said. 'Bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes.'"

More industry woes? "Suncoast Roofers Supply Inc., Tampa, FL, has filed for Ch. 11 bankruptcy protection. In its bankruptcy filings, the roofing supplies distributor reported a 57% decline in sales over 2006 due to the decline in housing and related markets."

"It serves more than 2,500 contractors as well as retail customers through its network of warehouses in Florida. The distributor estimates that it has an 11% market share in the Florida roofing products market, giving it the No. 2 spot."

Reckless Boosterism? "Who knew calling Farmington (NM) 'home sweet home' could be quite so sweet? The 'Today Show,' NBC's national morning news program, featured Farmington on its Friday broadcast in a segment about spotting good real estate investments. Real estate expert Barbara Cororan talked about four up-and-coming real estate communities nationwide, and Farmington made the list."

"Cororan said the area is 'still affordable, but prices are on the rise,' said Tonya Stinson, marketing manager at the Farmington Convention and Visitors Bureau."

"'We have people moving from other places that had money to spend,' said Margaret McDaniel, executive director of the San Juan Economic Development Service."

"Texas’ slower home appreciation rate and a continued, global interest in the state as a place for business contribute to the Dallas-Fort Worth area’s evading of a housing crisis, according to real estate groups."

"'With the influx of population into the Metroplex, people have to have homes,' said Sherry Matina, CEO of the Greater Fort Worth Association of Realtors. 'Different Metropolitan areas around the country have had their day in the sun, we are having ours now. We’ve waited a long time for it.'"

"'Last year, 2006, was the best real estate market Dallas-Fort Worth has ever had,' said Sue Meyer, Coldwell Banker Dallas/Fort Worth president. 'This year will be the second-best. How could you call that a slump?'"

"Despite the all-around rosy picture, Matina said 'there are pockets of Tarrant County where the foreclosure rates were very high, but that really doesn’t happen that much in the inner city. It’s usually outlying areas of brand-new construction.'"

"First-time homebuyers who never should have qualified for loans, as well as out-of-state investors, are the victims of foreclosures in those areas, she said."

"'The Metroplex and Dubai seem to be where all the interest is,' Matina joked."

Reports related to the housing bubble? "Q. My dad died in October and left me a house valued at about $150,000, but he owed close to $225,000 on the property because he had borrowed against the home to pay for his medical bills. Now prices for the homes in his neighborhood have dropped."

"I don't want the house (or to take over the loan) because the property is worth about $75,000 less than my father owed on the mortgage. Is it possible to reject a property that is left to you in a will, or must I be stuck paying the mortgage bill because Dad gave the home to me?"