Some housing bubble reports from Florida. The Palm Beach Post, "Sales of existing single-family homes in Palm Beach County posted the biggest second-quarter decline in the state as one of the hottest real estate markets in the nation continued to cool down, a Florida Association of Realtors report shows."

"Indeed, home sales dropped in all 20 markets in Florida, with all but two posting double-digit slides compared with the same quarter a year ago."

"Condominium sales in Palm Beach County plunged deeper than single-family home sales, with a 44 percent drop in the second quarter compared with second-quarter sales in 2005. Treasure Coast condo sales fell 41 percent over the same year-over-year period."

"'Flippers are not buying property now, but they are the ones holding a large part of the inventory,' said Jim Sahnger, of Palm Beach Financial Network. 'Those buying homes today are primarily for their principal residence, and they are offering fair prices, but that's still in excess of what property sold for last year.'"

"'Properties have not been on the market long enough to force downward pressure on prices,' said (broker) Chappy Adams. 'Unless a seller really, really needs to sell, they will try it out for a while at the price they were used to over the last six months.'"

"The Florida Association of Realtors in Orlando said the state's housing market overall was following the national trend. The 'declining strength of the domestic economy' is 'a stiff wind in the face of the existing real estate market,' said David Scott, a University of Central Florida finance professor."

"Sales of houses and condos slipped during the second quarter of the year in Collier County. The number of houses sold in the county last quarter was down 44 percent from the second quarter of 2005. Condo sales decreased by 53 percent during the second quarter this year compared to last year."

"Sales of existing homes in the Sarasota-Bradenton market fell 39 percent during the second quarter. Sales were down 28 percent in the Charlotte County-North Port market. in Southwest Florida, condo sales dropped 46 percent in the Sarasota-Bradenton market during the quarter. Condo sales in the Charlotte County-North Port market dropped 96 percent."

"Home sales fell by 23 percent in Miami-Dade county. Sales are slowing because of a glut of properties on the market. The rapid price escalation during the past five years has prevented many people from buying homes. Rising insurance premiums and property taxes also are hurting potential buyers."

"Some sellers are getting desperate, lowering asking prices and offering perks to buyers and their agents."

From Florida Today. "Second-quarter home sales in Brevard dropped 28 percent compared to the second quarter of 2005. Second-quarter condominium sales fell 78 percent. Local real estate officials say properties are taking longer to sell, and inventories continue to grow."

"(Broker) Nicholas Rahal in Rockledge, predicts future housing reports will show the median housing price dropping. 'Selling prices are dropping,' of some properties, Rahal said. 'There's no question about it.' Every day, Rahal reviews the latest MLS offerings in Brevard, and he notices dozens of downward price adjustments on types of homes."

"J.R. Fuller, broker in Melbourne, agrees that some prices are down, but they're falling from what he and others have called an artificially high perch. 'We haven't really dropped prices,' Fuller said. 'But we're returning to reality.'"