The Gainesville Sun reports from Florida. "What a difference a year makes. In Alachua County last month, only 215 homes sold here, a 26 percent decrease. The number of condominiums that closed in the year-to-year comparison took a nose dive as well; 41 percent fewer this September than last."

"'We have definitely begun to see the effect of declining housing sales,' survey director Chris McCarty said. 'As inventory continues to build and houses sit on the market longer, sellers will ultimately realize that they have to reduce their asking prices. This will have multiple effects, particularly on those that are in a position where they must sell, and those that rely on their homes as their primary source of wealth.'"

"'We manage a condominium whose yearly insurance went from $15,000 to $120,000. It's a bad, bad scene,' Aaron Bosshardt said."

The TC Palm. "The surge in new-home construction in St. Lucie and Indian River counties has contributed to a glut of unused inventory, a housing report suggests."

"Metrostudy reported 362 homes completed but unoccupied east of Florida's Turnpike in St. Lucie County in the past three months. Metrostudy projects it will take 8.7 months to fill those homes. The 697 unoccupied units west of the turnpike are an 8.9-month supply."

"'There's no doubt that there's an excess of newly built developer homes on the market as evidenced by boosted developer incentives,' said broker Sally Daley. Separately, Tradition in Port St. Lucie came in first in South Florida for new home starts, with 873 units started, however only 235 families moved into those homes. The Newport Isles subdivision in St. Lucie County came in fifth on the list with 429 new starts and 299 move-ins."

"'They keep waiting for the bottom to fall out but builders have already offered some very good incentives. They don't want to lower their prices too much because they want to keep the value that they sold at before,' said Richard Hope, president of the Treasure Coast Builders Association."

From Florida Today. "A University of Central Florida study released Friday forecasts a slower-growing economy in the first half of 2007, mostly due to a continued sluggish housing market."

"In Brevard County, the median selling price in September for a single-family home was $206,100, the lowest level in 11/2 years. That's 6.3 percent below the August price of $220,000 and 8.5 percent below the September 2005 price of $225,300. It was the third consecutive monthly drop."

"The number of home resales fell 30 percent September, compared with September 2005. Excess inventory, particularly in Florida's condominium market, will create lower prices for homebuyers. 'This, however, does not constitute a bursting bubble,' Sean Snaith writes in his report."

The Tampa Bay Business Journal. "Consumer intent to purchase new housing has fallen to its lowest levels since 1991 fueled mostly by the exit of many speculators in the market, Tony Polito, director of Metrostudy's Tampa division, said. Tampa had 4,228 single-family starts during the third quarter, a 33.2 percent drop."

"Pasco County saw one of the largest housing start drops, declining more than 50 percent. Hillsborough County's starts dropped 28.5 percent."

"Polito said the highest level of finished vacant inventory is located in both Hillsborough and Pasco counties. Finished vacant inventory has exploded, jumping 137.6 percent to 3,970 units, compared to 1,671 units the quarter before."

The Florida Times Union. "'Things have definitely slowed down, but it's not like it's a depression," said Roger Day, president of the Clay County-based Rosewood Homes."

"'The last three years have seen a lot of growth, but 2005 was absolutely the craziest year of all,' said Martha Dickerson, for Coldwell Banker on Fleming Island. 'I would call this a normal market. Before, it was almost like a fantasy world out there.'"

"Much of that spike can be attributed to South Florida investors who came to the area hoping to 'flip' houses and make a tidy profit. 'They wore out the market down there, and then they moved up to the Jacksonville area,' said (developer) Roger Arrowsmith."

"But when appreciation and sales slowed, many of the investors walked away from the finished homes, thinking it was cheaper to lose tens of thousands of dollars in deposits rather than pay for closing costs and then perhaps have to carry a mortgage for awhile. 'So we have an oversupply of finished houses,' said Arrowsmith."

The Naples News. "The market needs to burn through its huge backlog of inventory, said Mike Timmerman, managing director of Hanley Wood Market Intelligence. Current levels are at two to three years of inventory, he said."

"It may get a little worse, at least for some purchasers, before it gets better. 'The black eye we have had is investors,' Gates said. 'Instead of selling to homeowners we were selling to speculators.'"

"That means there will be foreclosures coming down the pike for those who made unwise decisions and got into the market to make a quick buck, Timmerman said. The 'unique' mortgage products that were created to get everyone into a house will also, 'come back to bite us and harder than we think,' Timmerman said. 'We all got into where everyone is living for the day,' he said."

The St Petersburg Times. "The statewide telephone survey conducted for the St. Petersburg Times highlights the angst over the rising cost of living. Cheri Riznyk sees no other way for her family to afford a home. 'We pretty much do plan to leave here in another a year or so,' said Riznyk."

"The couple is among the 1-in-3 Floridians who said in a newly released poll they have seriously considered moving out of the Sunshine State."

"James Kelly owns two houses in South Florida but is considering moving to Tennessee, where he just bought a home, because taxes and insurances are eating away at his money. He thinks Florida living is chipping away at everything he has acquired."

"'The price of living down here and the land is going up tremendously,' Kelly said. 'Florida is getting just like California. ... It seems too hectic and a lot of money.'"