The USA Today reports on failed condo projects. "There's relief in sight for some renters as the oven-hot real estate markets cool off: A huge number of new condos could be converted into rental properties over the next 18 months."

"In Las Vegas, Phoenix, San Diego, Washington, D.C., and much of Florida, an estimated 25% to 40% of condos under development or apartments that were converted into condos for sale will be put back on the market as rentals, says an investment brokerage firm."

"In recent months, though, the inventory of condos for sale has swelled. And buyers have vanished. Developers are turning condo projects into apartments or canceling them. Some landlords are inviting back tenants because they can't sell the units."

"The 'reconversion' trend is accelerating. In Atlanta, Lane Co. is all but abandoning condo development. Two of its current projects are now destined to be apartments."

The LA Times. "The recent craze for converting apartment buildings to condominiums, which is drawing political heat in Los Angeles and elsewhere, may be slowed by market forces before City Hall has a chance to act."

"One possible indication of a coming slump was the number of people willing to pay $1,800 for investment advice on the topic. Only about 50 signed up for a two-day West Coast Condo Conversion Conference."

"'Even six months ago, this room would have been packed,' said Delores Conway (of) the USC Lusk Center for Real Estate, as she glanced around at dozens of empty chairs in the chilly auditorium."

"With interest rates up, real estate prices stagnating and many new condo units coming on the market, the easy money possible for conversions two years ago is a thing of the past, Conway said. 'The whole market has slowed down. The speculators are gone,' she said. 'I think condo conversions are always the last part of the cycle.'"