Some housing bubble reports from Florida. "Sales of existing homes in the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) overall decreased for the first time since last July. Inventory rose by 1,593 homes in March. There are now 14,559 homes on the market, giving buyers the most choice they have had in years. That is because the number of newly listed homes in March 2006 rose to 7,112, up 126 percent from last March."

"Manatee's March figures 'are finally verifying a softening in median price increases and continue to reflect a major reduction in the number of sales,' said Dale Friedley of the appraiser's office. Single-family home sales dropped 46 percent in March compared with the same month last year."

"Housing experts still believe there is a shortage of apartments in Southwest Florida but the decision to keep apartment complexes is a start to fixing it. Because the housing market is currently falling and many condo conversions are not doing well, complexes that planned on making the switch to condos have decided to stick with leasing apartments."

"Sandra Friedrich explained that the complex wanted to make the conversion to condos in February, but they have recently decided not to make the switch. 'At the time there was some interest in doing a condo conversion,' said Friedrich. 'With the changing market conditions they've decided to go back to leasing.'"

"Six communities with 1,571 units, three in Broward and three in Palm Beach County, have made the switch from condo conversion sales back to rentals. Some are dubbing it 'the great conversion reversion of 2006.'"

"'A bank that has made a short-term loan for a converter would want to be sure the rental cash flow would cover the new, longer-term loan's servicing,' (banker) James Dockerty said. 'Many conversions were bought at very high prices at a cap rate to yield 3.5 to 4 percent, and the developers may find themselves 'upside down,' with more loan than equity in a changing market.'"

"Clearly, word hasn't reached Desoto County that the post-Charley real estate boom is over. The bubble burst. Real estate agencies are having weekly retirement parties. It's over, people."

"Look around. The 'for sale' signs are everywhere. See any 'Sold' signs?"

"Still, you'd never know the boom went bust by looking at local real estate guides. You'd think this was an investor's paradise. Ridiculously inflated prices mean everyone is stuck where they are. Few can afford to buy a house equal to what they already own, much less a better house. On this Florida foyer, need meets greed, and neither yields."

"Consider some recent real estate guide listings: 'Words can't describe,' the ad begins. If they could, they would describe a dinky mobile home on a half-acre for $144,900. State Road 31 property, the guide says, is 'HOT' and you can buy an acre fronting that road for $95,000. Daily dust is free. Sooner or later, sellers are going to have to 'get real.'"