A pair of reports on the Florida housing bubble. "More proof of the South Florida housing slowdown: roughly a quarter of the 379 condominiums at The Moorings in Lantana are for sale. A real estate agent with a listing there says many of the sellers are investors looking to bail. Analyst Jack McCabe doesn't have specifics on The Moorings but said some condo projects have even a larger percentage of units for sale."

"The Moorings was one of Palm Beach County's hottest condo developments when Related began marketing it a few years ago during the real estate boom. Buyers camped out overnight for chances to buy there. Related even needed a police presence to maintain order."

"Plenty of real estate speculators across the region are getting nervous because they can't afford the payments on these investment properties. The time may come when they'll have to dump the condos for a loss, McCabe said. A lot of people are on the hot seat,' he said. 'They got into real estate but were not that solvent.'"

The Palm Beach Post. "For anyone not convinced that the housing market has lost some pep, now there's this: A growing number of the 'condo conversions' that eroded South Florida's supply of rental housing during the past two years are reopening their doors to renters."

"With the condominium market flooded, at least three Palm Beach County complexes have abandoned their conversion plans and turned back to renting, said Jack McCabe. In all, they represent almost 1,300 units."

"McCabe documented another 284 units in Broward County, and he suspects there are 500 more would-be condos reverting to rentals in the two counties. 'We're undergoing a tremendous transition in the marketplace right now, and the sales velocity has slowed,' McCabe said."

"With condo sales slowing, the need for another source of revenue is especially pronounced, since most condo converters went with 12- to 18-month financing, McCabe said. To refinance with longer-term loans, developers will need income. 'I think that some developers and owners have decided that the best route to go is to go back to apartments, to fill them up,' he said."

"The Treasure Coast also has seen hundreds of apartments converted to condos, and, now, some returning to rentals. The Estates at Stuart, a 237-unit complex that converted to condos last year, has opened a leasing office and is advertising its rentals. Stuart real estate broker Mike Morgan said he thinks the owner was forced to return to renting because the condos didn't sell as quickly as expected. The company set a Martin County record when it paid $45 million for the complex early last year."

"'I think it's going to take some time to go through this adjustment, maybe it's a year, maybe it's a year and a half. Nobody knows for sure,' Brad Hunter of MetroStudy said. 'It kind of depends on the psychology of home buyers.'"