What do you see in your local housing market this weekend? Lower prices? "The housing slump hit Mecklenburg County hard last year, with building permits for new homes down 29 percent to the lowest level in at least 10 years. Builders saddled with unsold homes are cutting prices. 'We think the market has definitively softened up tremendously in Charlotte,' said Rick Bell, CEO of Turnberry Homes."

"The high-end Nashville builder has stopped building in the Charlotte area and cut prices on its remaining houses. 'Our misfortune should be someone else's fortune,' Bell said. 'They can get a very good home for a fraction of what it cost last year.'"

Cancelled projects? "Portman Holdings, citing an uncertain economy, is postponing development of One Charlotte, a high-end, 40-story condo tower planned uptown next to the Westin Charlotte. The Atlanta developer had planned to start construction this summer of the project, which includes 99 'urban estate homes' priced from $1.5 million to $10 million."

"Charlotte multi-family housing analyst Emma Littlejohn said One Charlotte's $1-million-plus target buyers, like people in the broader residential market, are having difficulty selling homes and can't easily move up to a luxury condo."

"'Their values have eroded and they, therefore, are not buying at the top of the market,' she said."

Or foreclosures? "A large number of foreclosed homes is pushing down home sale prices locally, Realtors said. 'The market is flooded,' said Kathy Carroll, president of the Youngstown-Columbiana Association of Realtors. 'We have an overabundance of houses.'"

"About 20 percent of the home sales in the area are foreclosed homes, said Dan Crouse, past president of the Warren Area Board of Realtors. 'Banks are offering them at an incredible price. They want these homes off their books,' he said."

Advice about renting? "Homeowners across East Anglia have seen thousands of pounds shaved off the value of their homes in the last few weeks, according to a report released today."

"'I think prices are falling and I think we are probably at the stage where we do not quite know where prices are going,' said Carl Eastwood, a partner at Bidwells estate agents in Norwich. 'With the stock we have from last year, the ones that are selling are the ones where people are reducing the price. If prices have not been reduced, they are not shifting at all.'"

"'My advice if you are selling is to listen to your agent. You might have to accept that your house is worth less than it was last summer,' he said. 'If you are a prospective first-time buyer in rented accommodation, sit tight. Prices are not going to go up, you are best to bide your time.'"

Industry boosterism? "For those who believe that housing is going to stage a turnaround, the next month may be a last chance to get a home at a bargain price. That's because, if the early spring selling season gets off to a strong start, incentives and discounts may soon be a thing of the past."

"'There are signs that consumers are growing a bit more confident and that there is some pent-up demand for new homes,' said Jack Sorenson, president of U.S. Shelter, based in Hoffman Estates."

"Some builders said they are redesigning townhouses, to make them more affordable. Multifamily housing is comprising a larger portion of the local market. 'We won't see any further lowering of prices,' said Chris Naatz, VP of sales and marketing for Pulte Homes/Dell Webb in Schaumburg."

"As for land prices, 'in some cases, land is worth 40 percent less than it was a few years ago, and builders are eager to clear if off their books,' said Andy Konovodoff, president of the Illinois division of Town & Country Homes in Lombard."

A related slowdown? "A national slump in housing starts and the shaky health of the home mortgage industry are key factors in RY Timber’s decision Monday to temporarily shut down its mills in Townsend and Livingston. Each mill employs 100 workers, and each has an annual payroll of approximately $2.5 million, said Scott Stern, Montana operations general manager for RY."

"Stern, who has worked in the lumber industry since 1971, said that the wood products industry had major layoffs in 1980 and 1981. 'It was a market-driven housing thing,' he said. 'The market was every bit as bad then as it is now.'"