What do you see in your housing market this weekend? Speculation? "A dream chance of owning a brand new condominium in the heart of Manhattan has turned into a nightmare for dozens of Irish-based investors who signed contracts to purchase apartments in a new development on the East Side two years ago, only to be recently informed that the entire building was sold to New York University."

"But now, the Irish investors who signed contracts to buy an apartment sight unseen have been left bitterly disappointed. 'I’m still stunned over what’s happened because it is so grossly unfair,' one Irish purchaser. 'We signed our contracts and handed over our money in complete good faith, and this is what happens. I know that real estate dealings can be tough, but this just isn’t right.'"

"The booming seller’s market is becoming a buyer’s market as it normalizes from an estimated 248,000 Hurricane Katrina evacuees...that deluged the Baton Rouge area in September 2005, buying just about anything sight unseen with a roof or slab at full price or higher."

"It’s a 'buyer-seller market' now, says Judy Burkett, president-elect of the Louisiana Realtors Association. 'You’ve got to really price that house close to market. We price our houses pretty much what they are going to go for. The prices are not inflated. I don’t think there’s a bubble here.'"

Complaining sellers? "Michigan's real estate market has been in a slump for the past few years because of a number of reasons. 'The complaint of home sellers is that the prices and the values of their homes have decreased,' said Realtor Jean Watts in Ann Arbor. 'Also a complaint of home sellers is that buyers want too much. They want the seller to do everything.'"

Inventory problems? "Staggering new numbers show 10 North Texas counties reporting a foreclosure increase in 2008. Five of the 10 are up more than 20%. Compared to this time last year, foreclosures are up 42% in Kaufman County, 38% in Denton County, 27% in Tarrant County and 15% in Dallas."

"And as the foreclosures rise in the Metroplex, so is another problem: thieves preying on the misfortune of others. When realtor Ann Stewart arrived at a foreclosed house in Hurst, she was flabbergasted. Just months ago the home listed for $990,000. Now that thieves have walked off with everything including the kitchen sink, it's listed at about $500,000."

"'You could come into a home like this and conceivably have to spend $100,000 to replace what they've taken,' Stewart explained."

Failed projects? "About three years ago, developer Wayne Colmer said the demand for dozens of his newly built Morro Bay homes far exceeded his supply. Now, the part-time Morro Bay resident said construction of his latest project—the Black Hill Villas, approved by the California Coastal Commission earlier this month— will be on standby indefinitely until the housing market improves."

"'We hope to continue building in SLO County,' Colmer said. 'But right now we won’t see anything good with Black Hill Villas.'"

Housing bubble spillover? "Marin's cooling real estate market spells trouble for the College of Marin and other schools whose budgets depend on local property taxes. 'Next year will be the last of our marginally good years,' said Al Harrison, vice president of operations at the college. 'The 2009-10 school year will be the beginning of our troubles.'"

"'Nobody is unaware how housing prices nationwide and a lack of confidence in our monetary policy have put us at risk locally,' said Trustee Philip Kranenburg. 'We have to put our financial house in order.'"

"'I really hope I'm wrong,' Harrison said. 'I've never lost sleep since working for the College of Marin. But I've begun buying sleeping tablets, because I think I'm going to start losing sleep this year.'"