The Florida press is reporting on that states housing bubble. "A deluge of homes for sale is hampering South Florida's housing market, causing sales to slow considerably and prices to retreat from last fall's record high. With November's $391,100 peak a distant memory in Broward County, some analysts expect year-over-year median-price declines during the next few months."

"More than 20,300 single-family houses, condominiums and town homes now are listed for sale in Broward. That's a 321 percent increase over April 2005. 'People have to let go of what was and get used to what is,' (agent) Cathy Prenner said. 'Any sellers who have their wits about them are adjusting prices. Fifty percent of the properties out there are still overpriced.'"

"(Broker) Douglas Rill in West Palm Beach, remains pessimistic. 'I'd love to say it's getting better, but I don't think the market has hit bottom yet,' Rill said. He points to an Acreage home for sale where the buyer recently slashed the asking price from $399,000 to $299,000 and still hasn't received an offer."

"Some warn that rising interest rates and a glut of homes for sale mean this slowdown could take several years to shake out. 'This has been a housing market bubble for the last three years,' said Gregory Miller, chief economist at SunTrust Banks. 'Housing bubbles don't dissipate or correct spontaneously.'"

"Sales of existing single-family homes in Volusia and Flagler counties dropped a whopping 31 percent in March. Winifred Grimshaw's three-bedroom/three-bath condo has been on the market for several months now. She dropped the asking price Tuesday, for the second time, from $825,000 to $789,000. 'There are so many (condos) on the market,' said Grimshaw."

"In Miami-Dade, the number of homes for sale has almost tripled in the past nine months. Pat Dahne, chair of the Realtor Association of Greater Miami and the Beaches, said sellers are now offering to pay association fees and even financing costs for buyers. Some sellers are now offering buyers, and agents who bring in buyers, all sorts of incentives, including Cadillacs, cruises, airline tickets and money."

"Real estate brokers sold 45 percent fewer single-family homes in the Sarasota-Bradenton area during March than they did a year ago, the highest in the state. 'Vacant lot sales slipped further into a deep freeze,' Hofer said, noting that only 14 of Charlotte County-North Port's 6,300 listings went under contract last month."

"'At that pace we have a 400-year supply of lots to sell, assuming no new listings,' (agent) Dave Hofer said."

"As of mid-April, Sarasota brokers were faced with 7,057 active listings, a level four times the 1,626 listings of early July, said (agent) Steve DuToit. At the current rate of sales, 85 per week, it would take 83 weeks to clear the decks of listings, if no new ones were started."

"He recently started tracking a new number that provides a valuable clue that prices will go down more before they go up: 20 percent of the many homes on the market are vacant. Just those 1,471 vacant homes represent almost the total number of active listings in July."

"'Those folks have to make a decision. They are making mortgage payments, paying taxes, paying association fees, paying for lawn care, paying for utilities. They need to decide what to do to get that property sold or rented,' he said."

"The market looks very soft to (realtor) George Huhn in Venice. 'I can tell you that the builders and developers that I know are getting extremely anxious,' he said. 'The resale residential market is just horrible. One gal I know has 35 listings. She had one showing last weekend. The whole weekend.'"

"There are four houses for sale within 200 yards of where I live,' Huhn said. He is now seeing the early signs of what he describes as 'distress selling,' where owners who already have shaved 10 to 20 percent off their asking price are now looking at offers 10 to 20 percent below that reduced level."