The Palm Beach Post reports from Florida. "Palm Beach County's existing-home sales took the biggest nosedive in the state in the third quarter, plunging 49 percent compared with the same period last year, the Florida Association of Realtors said Monday. Treasure Coast sales also took a beating, falling 44 percent in the same period."

"As a result of the third straight quarter of declining home sales, inventory has risen to record levels. A total of 21,428 homes were listed for sale in Palm Beach County in October, compared with 8,333 in October 2005, according to Illustrated Properties Real Estate."

"The median price of an existing single-family home in Palm Beach County fell 5 percent from July through September, to $380,900 from $399,900 in the third quarter of 2005. Treasure Coast prices fell 6 percent."

"'No one can afford to live here,' said David Levin, principal of David Levin & Associates in Delray Beach. 'Whether sales are down 30 percent or 50 percent, this part of the world is so out of whack relative to median home prices and median incomes.'"

The Herald Tribune. "The Sarasota-Bradenton market led the state during the third quarter in dropping median sales prices. Sarasota-Bradenton posted an 11 percent decrease in median sales price, from $340,900 during the third quarter of 2005 to $302,900 during the most recent quarter, the Florida Association of Realtors reported."

"Those data did not include sales for September in Manatee County, a generally less expensive market that might have demonstrated more price erosion. Charlotte County-North Port saw its median sales price drop 5 percent, from $229,100 to $216,500 during the most recent quarter. Naples registered a 9 percent decline while Fort Myers-Cape Coral registered an 8 percent drop year-over-year."

"Local real estate agents said rather than looking at the quarterly report, they are focused on the big picture: the region's year-to-date performance. 'We prefer to focus on the association's year-to-date numbers, rather than the FAR statistics,' said Felix Power, president of the Sarasota Association of Realtors."

"The association said that year-to-date figures show the 'dramatic run-up in both sales and prices experienced in 2003, 2004 and 2005.'"

The Journal Online. "In the Volusia-Flagler market, Realtors reported that sales of existing homes totaled 2,139 in the third quarter, down 43 percent from 3,730 in the third quarter of 2005. The median price stayed close, though at $213,700, down just 4 percent from $222,200 last year."

"Stuart Hoffman, chief economist at PNC Financial Services Group, said he thinks the housing market still hasn't reached its low point. 'I think the permits numbers point to yet another flight of stairs down on housing before we hit the basement,' he said."

From Florida Today. "The Florida Association of Realtors (said) Brevard County housing sales dropped 34 percent in the third quarter. The median sales price dropped 9 percent in that period, to $215,500 from $237,800 a year ago. Brevard's record-high median sales price was $248,700, set in August 2005, according to FAR."

"(Broker) Jason Hart said there still is a considerable amount of new-home inventory that must be absorbed. Also, there are more positive comments about the Brevard housing market from out-of-state buyers vs. local sellers. 'The people coming down to the area are just looking for a good deal,' Hart said. 'The locals are awaiting to see what the market conditions are going to do.'"

From TC Palm. "Buyers in the Fort Pierce-Port St. Lucie-Stuart area, which includes Martin County, snapped up 44 percent less than the 2,016 purchased during the same period last year. The median price for an existing home was $252,000, down 6 percent from $267,500 in the same period of 2005."

"'The market isn't going to improve anytime soon, especially on the Treasure Coast and most especially in Port St. Lucie,' said Jack McCabe, CEO of a real estate consulting firm in Deerfield Beach."

The St Petersburg Times. "In the Tampa Bay area, third-quarter home sales decreased by a whopping 43 percent. There are lots of houses to choose from. If the median prices seem high, they're probably being pushed up by big homes, which are still selling well."

"'I can tell you this,' said Bob Memoli, a broker-owner in west Pasco, 'that every day, I'm getting constant, big price reductions on homes.'"

The Ocala Star Banner. "One of the major engines of economic growth in Sumter County & new home construction has throttled back substantially. 'It has slowed down significantly,' said Robbie Rogers, Sumter County's director of planning and development. 'From our point of view, it's the same slowdown that's being felt nationwide. The bubble has burst.'"

"Data show an 84 percent drop in construction permits for single-family homes in The Villages between January and October. The numbers plunged from 529 permits in January to only 83 in October. 'They've been hit extremely hard,' said Sumter County Commissioner Jim Roberts. 'This is a well-oiled machine that is grinding to a halt right now.'"

"'I think there's a reaction to the explosive growth that we had last year,' said real estate agent Tom Grizzard. 'I've heard... how they've got quite a few unsold homes on the market, and they've cut back on construction.' The slowdown is countywide, he added.'

The Tampa Tribune. "A waterfront Mediterranean-style home on Treasure Island sat on the market for more than a year listed at $1.1 million. Finally, an offer came along the sellers couldn't refuse: Someone wanted to pay $1.4 million."

"But there was an unusual stipulation: $300,000 of the purchase price would go back to the buyers or to third parties, the listing agent said. It took three appraisers, all hired by the buyers, before one came back with an appraisal for $1.4 million. Relieved to finally sell the house, the owners went along with the deal."

"Such home deals are sweeping the nation. The trend worries lenders, some who say they've unknowingly approved loans for inflated prices, and have since discovered they're on the hook for mortgages worth more than the home. Industry experts say there are hundreds of problem mortgages yet to surface."

"J.T. Pelt, company president and chief executive for Linsky & Reiber Real Estate and Title Services in south Tampa, said his agency didn't do anything wrong, and if lenders missed the details it's because they didn't pay enough attention. 'In retrospect, maybe I should have done more due diligence,' Pelt said. 'But I'm not the closing police.'"