A pair of reports from Florida, starting in Polk County. "Only one feature of The Ledger's Polk Business Barometer, new housing permits, is heading south. But although building permits issued in May fell 27.4 percent to 637 single-family homes, the decline appears to be a temporary blip in an otherwise growing industry."

"'If you look at building permit numbers over the years, last year was driven by investor frenzy, the expectation that home prices would go up 30 percent a year every year,' said Mike Hickman, a Lakeland home contractor. 'All that (the May decline) tells me is that the get-richquick speculators have left the market.'"

And the Palm Beach Post found a couple of condo bubble contrarians. "Amid what many call a glut of condos in West Palm Beach, two developers are spending big to put up even more units. Co-owner Pasquale Renzi said he hopes to build 600 to 800 units on the property, which is just north of another condo project, The Whitney."

"Premier's Bradley Deckelbaum said he plans 170 units on the site, which is between two other planned condos, Barcelona Square and Prism."

"One real estate expert was incredulous that developers are still betting on a market that many consider already overbuilt. The city of West Palm Beach says 5,200 condo units are planned or under construction in the city. Jack McCabe puts the number at 6,600 units."

"'A very large oversupply is going to hit the market,' McCabe said. 'There just isn't anything to justify the volume of units that are currently under way, let alone any new units being announced.'"

"Both developers said they've found a niche in the market, although they have different strategies. Premier Developers is aiming for the high end of the market, Deckelbaum said. 'Our project, I'm sure everyone says this, is a little different from what's already out there,' Deckelbaum said. 'We build condominiums as primary homes. It's not your typical investor and second-home project.'"

"Renzi's units, on the other hand, will be smaller and priced from $300,000 for a one-bedroom unit to nearly $1 million for a three-bedroom unit, which Renzi called the 'affordable' end of the market."

"Renzi bought the property from residential developer Kenco Communities. Kenco's broker in the sale, Neil Merin, predicted Renzi will begin building as the glut eases. 'We're overbuilt,' Merin said. 'We have an inventory that needs to be absorbed. By the time (Renzi) gets ready to build, it'll be three to four years, so he'll probably do all right.'"

"'I don't think there's a glut,' Renzi said. 'But this is the time when people are getting scared, so it's a good time to get in.'"