Some housing bubble reports from Florida. "Incomes throughout Florida have failed to keep pace with runaway home prices. Since 2003, median home prices in Florida have soared 77 percent as the real estate boom swept the state, but incomes grew a meager 1.4 percent. One West Palm Beach man doesn't have to read Tuesday's report, called 'Florida Priced Out' — he's living it."

"Jamie Dryer, a 48-year-old consultant, is also an experienced securities broker and a former budget adviser to President Ronald Reagan. 'I am surprised at the lack of outrage by the voting public, and especially businesses, which will suffer unless something is done,' Dryer said Tuesday. 'It's unacceptable.'"

The Palm Beach Post. "Following a year in which local builders couldn't build fast enough to keep up with demand, new-home sales are slowing and cancellations are rising. The shift is prompting builders to offer everything from status automobiles to free granite countertops, stainless steel refrigerators, cash incentives and discounts."

"'Hurry Home One Day Sale!' shouts an ad in Wednesday's newspaper by giant home builder Lennar Corp. 'Buy a home on Saturday, July 22, and claim your share of the 8 million dollars being given away! Any reasonable offer will be accepted!' Looking more like a Macy's end-of-season clearance sale than a typical real estate ad, it also offers special financing and 'food, fun and amazing savings!'"

"But a leading new-home expert says buyers expecting to be handed a million dollars are going to be disappointed. 'Lennar is not giving $8 million away,' Bill Hall says emphatically. 'They're a public company and their stockholders would go ballistic.'"

"'Builders are trying to combat a lethargy that's probably caused by people being afraid of buying a house today and finding out the same house is priced less in two months,' said housing economist Bradley Hunter. 'Lennar is basically saying 'make an offer,' figuring that's a good way to make people feel comfortable that they can get a good deal.'"

"Buyers are not going to see prices tumble, said Hall. 'Builders might offer cash at closing instead of upgrades, or buy down the interest rate,' he said. 'The buyer out there is in a little bit of fantasyland thinking he will get a reduced price.'"

"But Realtor Sarah Mazor oin Boca Raton says it's still a good time to buy. "'This is the time to do it before the market gets back to a normal pace and these incentives disappear,' said Mazor. A lot of condo conversions are waiving developer fees or paying the first year's mortgage, she said. One large home builder is offering $30,000 at closing, she added, while others are pledging to sell homes at lower prices if they go down after buyers sign contracts."

"'It's up to consumers when they decide it's safe to go back into the water,' said Hunter. 'They will go back to thinking of a house as a path to a lifestyle and not a way to get rich.'"