What do you see in your housing market this weekend? More construction? "With the rest of the country still reeling from the worst housing crisis since the Great Depression, New York will today unveil fresh plans for its tallest residential tower. The Beekman Tower, a 76-storey, 867ft luxury apartment building that will loom over lower Manhattan, is a symbol of the unallayed appeal of the city and the continued ability of ambitious projects in the city to draw financing."

"New York added 40,800 jobs in April compared with a year earlier, its economy grew by more than 3% in the first quarter, and house prices are largely holding up."

"Rae Rosen, senior economist at the New York Fed, says the economy is still taking time to climb down from last year's exuberant growth. 'What we see right now is a gradual decelerating in the pace of growth and we expect that to continue throughout the year, slower and slower,' she said. 'Eventually we will hit... a decline, but right now we are well above zero.'"

More foreclosures? "The number of foreclosures rivals the number of home sales in some Bay State cities hit hardest by the current housing crisis."

"Almost as many homes were foreclosed in Lawrence, 156, as were sold, 184, during the first four months of the year, according to the Warren Group, the Boston real estate tracker. More than 45 percent of all real estate transactions in the city are now bank seizures."

"Dorchester saw 244 foreclosures compared to 340 sales during the first four months of the year, or 41 percent of the total. In some parts of the Brockton market, the number of foreclosures now outnumbers the number of sales."

"'It is certainly disturbing,' said Thomas Callahan, head of the Massachusetts Affordable Housing Alliance. 'It has the effect of depressing the market.'"

Lower prices? "Maine home sellers appear to have stopped holding out for top dollar. After months of decline in the number of houses sold, prices in April finally followed suit, with the median cost of a single-family home dropping by 11.3 percent compared to last year."

"The number of houses sold dropped 23.1 percent for the month, compared to 2007. 'I would agree that the market is in a process of correcting itself here in Maine,' said Lou Demers, a Realtor with Maine Coast Properties."

"'My feeling is the real estate market moves on a collective mentality,' Demers said. 'I think what's happening right now is buyers are hesitant to buy because they want to wait until we hit bottom. The question is where is the bottom? No one seems to know that.'"

Builder problems? "At least a dozen banks have filed lawsuits seeking payment and property from one of Iowa's largest land developers."

The mounting lawsuits against Oaks Development, owned by John C. Kline and Randy Walters, come as lenders meet and liens pile up against Regency Homes, which halted operations a month ago."

"Don Neiman, a Des Moines bankruptcy attorney for nearly 40 years, said he's never before seen the 'depth and severity' of the residential fallout now hitting central Iowa builders."

"'It's not just the big people who will get caught. It's going to be the smaller subcontractors and the suppliers who get scraped off' with the foreclosure lawsuits, said Neiman. 'They would end up receiving nothing. It's amazing the number of limited liability companies that these builders either owned or controlled or were a percentage owner of. It's going to take some time to put your arms around ... to determine how deep this is.'"

"Firefighters are blaming construction materials used in newer houses for the speed with which fires are racing through the buildings - and giving them less time to battle the flames. Six firefighters were injured Sunday afternoon battling a fire in a Leesburg home in which lightweight construction materials - including vinyl siding, plywood and lightweight wood supports - were used."

"An exhaustive report following the death of Prince William County firefighter Kyle Wilson last year highlighted lightweight construction as a reason the fire intensified so rapidly and was blamed as a factor in the death."

"'From a fire safety perspective, we know that lightweight construction is going to fail quicker that the traditional materials,' said Melvin Byrne, division chief of the Virginia Department of Fire Programs and a Loudoun County volunteer firefighter."

"However, because of the cost of materials, especially the skyrocketing price for lumber, lightweight materials are essential, he said. 'Without lightweight construction, none of us would be able to afford a house.'"

Economic fallout? "The Canadian economy shrank unexpectedly for the first time in five years, according to figures released yesterday by Statistics Canada, raising alarm among some economists that the economy is on the verge of contracting."

"It was the first quarterly decline since the second quarter of 2003, the federal agency said. 'Certainly, you might argue that we are seeing the early signs of a recession,' Ted Carmichael, chief economist of JP Morgan Canada said."

"The U.S. slowdown has side-swiped Canadian manufacturers - especially those in Ontario - who export more than 70 per cent of their products across the border."

"'Anyone who thought that the downturn in the U.S. economy would not seriously impact Canada should have a look at the real GDP figures for the first quarter,' TD Bank Financial Group stated in a report."

"'This might be the appropriate time to forget decoupling scenarios and revert to the old cliché of when the U.S. economy sneezes, Canada catches a cold,' the report said."

"The city will eliminate hundreds of positions as it copes with a budget shortfall and a slowdown in tax revenue, City Manager Dale Fisseler said in a letter to employees. 'I am convinced that these budget cuts will require us to reduce the workforce by several hundred positions,' Fisseler wrote."

"Fort Worth is hardly alone in facing revenue shortfalls. State and local governments nationwide are struggling to make up for declining revenue and are considering layoffs, service cuts and other measures to make ends meet."

"A recent study estimated that at least 27 states are facing a combined $47 billion in shortfalls next year. 'The bursting of the housing bubble has reduced state sales tax revenue collections from sales of furniture, appliances, construction materials, and the like,' the study stated."