The News Press reports on the WCI numbers in Florida. "Bonita Springs-based WCI Communities said Wednesday that orders for its condominium towers have screeched almost to a halt, and businessmen across Lee County said the residential construction industry as a whole is slowing dramatically."

"'We are backing down on the tower business, we can't offer the incentives or financially motivate people' to buy, said CEO Jerry Starkey. Total new orders were down 62.4 percent, but towers were down 82.6 percent to $57 million, and the number of units ordered fell 88.8 percent."

"'We don't think the bottom is here yet, we think the bottom is six months away,' said Ed Bonkowski, a Fort Myers-based real estate broker who said he represents $25 million from investors. 'The sellers of property are in denial right now that they're not going to lose money on their deals, and they will. The main thrust is the speculators: They have completely disappeared off the face of the Earth.'"

"The signs are everywhere that the downturn is taking place throughout the industry. 'The answer is an unequivocal yes,' said Rad Hazen, (who) provides landscaping plants for builders locally and around Florida. 'It's statewide. Almost everybody is saying there's a downturn in major projects. A lot of the business seems to have dropped off.'"

"Underlying the doldrums, said real estate broker John McWilliams, is the huge 2005 run-up in prices that came to an abrupt end early this year. 'All day, every day I've been in price-reduction meetings with the sellers,' many with lots or houses in Lehigh Acres, he said. Sellers are finally coming to their senses, McWilliams said. 'The obstinance is over with the sellers who didn't want to believe this.'"

"The numbers bear out the coming hard times, said Lee Building Association VP Michael Reitmann, who notes 'new permits (have) slowed quite dramatically.' Only the strong will survive, he predicted. 'It's going to affect those people who are not good businesspeople and aren't watching very closely what they're doing. The days of just being order takers in the residential market are over,' he said."

The Naples News. "Once one of the hottest places in the country for real estate, Southwest Florida has turned into one of the slowest markets for WCI communities. 'Active adult (communities) in Florida was the largest decline,' Starkey said. 'The east coast of Florida is down, but less so than the west coast. West coast continues to be the weakest of all areas.'"

"The company also saw a spike, almost a doubling, of cancellations, up to 30 percent from about 15 percent. The decline is causing the company to look at cost-cutting measures, including recently announced layoffs. 'It continues to be a tough environment. We don't know if it will continue for three quarters or seven or eight quarters,' Starkey said."

"Other builders in the area are feeling the same pains. Last year, Mercedes Homes sold more than 300 homes. This year, said Lisa Perry, VP of sales, 'I would like to see 175. We are pushing for that. With the investor influx we had in the last two years, it was great for sales then, but now we're competing with our own inventory,' Perry said."

"A market correction to some extent was in order because the pace of the last couple of years was unsustainable, said Alan Foster, of Divco Construction. His company builds primarily high-end single-family homes and even that segment is feeling the impact of investors dumping homes. 'We are competing against homes that we sold to investors before,' Foster said."

"Any market segment where there was speculative building is now facing hardships, said Mark Raudenbush, a general contractor. 'It's reverse musical chairs. Anyone left holding a chair when the music stops is the loser because they have a chair they couldn't sell,' Raudenbush said."