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"With the housing market in a funk and prices swooning, this...."

what does "prices swooning" mean? I get price going up? and why the dictionary definitions don't make sense?

There are what i've found:
Swoon:
1. feel faint with joy: to be overwhelmed by happiness, excitement, adoration, or infatuation
2. fall in faint: to experience a sudden and usually brief loss of consciousness
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Never heard it before, but I think the "sudden loss of consciousness" would apply. A slow, steady decline would be "under control" in a sense, but when someone swoons, she tumbles, or drops quickly, out of control. "Collapse" is a word that comes to mind, as applied to a person who suddenly faints, or to the twin towers on 9-11.
This must be old news, because some feel the market has nearly bottomed out. The thing that doesn't apply here is "usually brief."

- A.
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akdomWith the housing market in a funk and prices swooning,
The prices are feeling faint (!), starting to lose consciousness (!), and feeling weak in the knees (!). It won't be long before they hit the floor.
The expression is based on the metaphor "Up is valuable; down is worthless." Houses are currently losing their value.
CJ
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Comments  
1. Much of the nation's economy is experiencing something of a swoon, but West Virginia seems to be sheltered to some extent because of the growing interest in energy.
2. Colo. delegates swoon over Palin’s speech.
3. After all they've done, Jets can't swoon over Miami.
4. After basking in endlessly glowing profiles and watching the campaign press corps ogle and swoon at his feet for the last 19 months, Obama lashed out yesterday at his friends in the ...

Thank you for your help Avangi. Thanks to your explanations, now I understand the meaning of "swoon" as "a sudden drop", which is employed in sentence 1. But could you help me understand the meaning of swoon in sentence 2, 3, and 4?
Examples 2. and 4. fall under your definition #1 in your OP, particularly the "adoration" / "infatuation" aspect.

I recall that in the 40's the word "swoon" was widely applied to girls who thought a particular guy was just incredibly dreamy and handsome. "She just swooned over him." "She was just swooning over him." Frank Sinatra was very young then, and girls who attended his performances were close to fainting with emotion. I'm sure many actually did.

In modern times the reactions are more animated, as when girls at rock concerts remove their unmentionables and throw them up on the stage. After all, fainting is so Victorian!

As for #3, I can only guess, since I've not kept up with the recent scuttlebutt on American football. Perhaps it means the Jets have recently shown themselves to be a winning team, and should not allow themselves to be intimidated (faint and collapse) by the awesome reputation of Miami. (This analysis may be completelely out of line with the facts. I have no idea.)

- A.
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 CalifJim's reply was promoted to an answer.