The Florida Press reacts to the May numbers. "Local sales of existing single-family homes and condominiums in May continued their double-digit downward spiral for the fifth straight month, the Florida Association of Realtors said Tuesday. "

"'When prices have been artificially increased by speculators flipping units back and forth, always at a higher price, that works fine until you reach the end of the 'greater fool theory,' when there's nobody out there to pay a higher price than you paid,' said real estate consultant Jack McCabe. 'We reached that point at the start of 2006,' McCabe said."

"'Thirty percent of the market is investors, and they got burned at the end,' said Mike Dooley, president of the Florida Association of Realtors. 'It takes a lot for their properties to be absorbed.'"

The Miami Herald. "Fewer homes are selling, as reflected in the numbers released Tuesday. The result: a ballooning number of homes with 'for sale' signs across South Florida. The big question now is just when the stalemate will end and where the market will then go."

"'This is probably the precursor to prices finally starting to come down and sales activity picking up again,' said (broker) Pat Dahne in Coral Gables. She predicts prices for single-family homes will drop early next year and spark renewed buying, but the condo market will take longer to recover."

From Florida Today. "Kevin Manuel, who is in the process of moving to Brevard County from the Cleveland area after taking a new job, said he is proceeding slowly as he shops for a home. 'All the people I've talked to are extremely motivated, 'price negotiable,' Manuel said. 'Week to week, I see the prices dropping.'"

"The news was bleak for condominium sales in Brevard. Sales fell 76 percent for the year, with 60 sales in May, compared with 246 in May 2005. The median sales price for condos fell 11 percent to $196,700 in May, from $220,000 a year earlier."

The Naples News. "Some agents, such as Naples Area Board of Realtors President Jo Carter, said she’s telling people if they don’t need to sell right now, then don’t do it. On the flip side, she said, she’s letting buyers know they have a lot more opportunities now."

"MLS numbers show the average price of all Naples-area homes and condos peaked at $794,353 in April and have declined to $682,443 in June, Carter said."

"(Broker) Joe Ballarino said the number of people getting into the real estate business appears to have leveled off. 'There’s just not enough money to go around,' Ballarino said."

From Daytona Beach. "The ever-rising prices for existing houses in the Volusia-Flagler market are little comfort for Florence Flint. The Ormond Beach resident has been trying to sell her house in Lake Walden Cove since May 25. 'I don't think the Realtors here know how to go after customers now. They are not assertive enough,' she said."

"Sales of existing condominiums locally also fell in May, down 64 percent to 73 units, compared to 200 in 2005. The median sales prices of condo units also dropped to $222,500, compared to $266,700 in May 2005."

The News Press. "The number of homes sold in Lee County plunged 24 percent as the inventory of houses on the market hit a record high. 'I think you're going to see a little bit of coming down in the market in Fort Myers. It can only boom so long,' said Gordon Burnam, who is closing this week on a new home in south Fort Myers."

The Sun Sentinel. "South Florida's housing market continued its yearlong slump in May. 'They're seeing prices reduced and they say, `Maybe it's just as well that I wait a few more months and see how good the deals get,' West Palm Beach analyst Brad Hunter said."

"The market was bound to cool as prices rose to unsustainable levels, analysts said. They also cited rising mortgage rates, insurance prices and property taxes, as well as a glut of homes for sale. Sean Robertson and his wife decided to rent. 'That's going to be better for us,' he said. 'I didn't want to get stuck with outrageous rates for insurance and property taxes. And I'd like to see the market soften a little bit more.'"