The Sun Herald has this second half of a series on home sales. "When asked who is looking at homes in North Port, the answer is mixed. What is missing are the investors looking to get in and out quickly. 'The people looking to 'flip' houses are pretty much leaving the market,' (realtor) David Schertle said."

"'We are offering 50-year mortgages, and the interest-only loans, and there are buyers showing interest in different types of financing,' said Nora King, mortgage broker in Warm Mineral Springs.'The credit market has certainly tightened up; the qualifications alone are harder,' King said."

"'The 'affordability' of housing is directly related to the availability of financing, and creative alternative financing is what is driving the market,' King said. 'It used to be that the borrowers could have a 30 to 35 percent debt to earnings ratio, now it's closer to 41 percent,' King said. 'That is, borrowers can spend 41 percent of their monthly income on housing cost.'"

"North Port realtor Bob Mason thinks the housing market has definitely slowed down. 'There are a lot of resales, older homes, back on the market,' Mason said. A search of the MLS in North Port shows approximately 670 new houses (built in 2005 and 2006) for sale in North Port. A second search brings up a total of 1,335 available homes, including existing older homes."

"'There is no question that the growth in North Port has slowed down and leveled off. There are basically a lot of houses on the market,' Mason said."

"According to Mason, a lot of houses were sold to investors in the range of $180,000, with the expectation of doubling their money. Some builders were securing the new construction investments with minimum down payments. When the prices started to level off, the investment buyers simply told the builders to keep the house and the $1,000 down payment."

"'A $1,000 forfeited is a write-off, not a loss for a land speculator,' said Mason. 'It's not a good practice for the builders, though.'"

"'I agree with the general consensus around town, that the housing feeding frenzy is over,' confirmed King."