The Ledger reports from Florida. "September brought more hard times for the local housing market as new home construction and home sales fell sharply, according to The Ledger's monthly Polk Business Barometer. Polk's 295 single-family building permits last month plummeted 82.6 percent from a record 1,692 in September 2005. September's percentage decline, the largest in Ledger records, beat the previous record of 62 percent in August."

"Mike Hickman, president of Lakeland-based Hickman Homes, said Polk and other areas are now seeing a 'market adjustment' after the feverish pace of building and real estate speculation in 2004 and 2005. A continued slowdown in housing could affect hiring levels in affiliated industries, said Hillsborough County economist Kevin Brickey."

The News Press. "Builders in unincorporated Lee County, Bonita Springs and Fort Myers Beach pulled 444 permits for single-family houses in October, according to the Lee County Community Development Department. Compared to October 2005, a record-setting month, single-family residential permits are down 48 percent, the department reports in a statement released this morning."

The Orlando Sentinel. "Masterpiece Homes, a major home builder in Volusia County, trimmed about 30 jobs this week, more than a third of its staff, in reaction to the slowing market for new homes. Founder and President Bob Fitzsimmons also took an early retirement as part of the restructuring."

"'This was in reaction to marketplace changes,' said Executive VP Dean Amann, of the parent company. 'It's a normal course of business. We had overstaffed the organization" during the building boom of the past several years.'"

The Tampa Tribune. "A New York lender fears it is on the hook for millions of dollars in loans that now total more than the New Port Richey properties are worth. Lehman Bros. filed suit in Tampa on Tuesday against a group of investors, title companies, a mortgage company and an appraisal company involved in potential mortgage fraud at a Pasco County condominium complex."

"Fifteen defendants used overvalued appraisals in a 'scheme to defraud' the bank, according to the lawsuit. The 13 properties each were appraised for $733,000. The lawsuit says the triplexes are worth 'barely one-third' of that value."

"Lenders across the country are investigating mortgages that may be worth more than the market value of the properties. Part of the problem, they say, is that lenders usually don't spot problem mortgages until buyers start missing payments."

"Lenders are discovering overvalued loans now for two reasons, said Doug Pollock, a mortgage investigator in Sanford. For one thing, fraudulent loans were easily overlooked during the past five years' real estate boom. Second, industry professionals may be tempted to participate in fraudulent deals to attract business, Pollock said."

The Herald Tribune. "Piero Rivolta is not completely convinced of the great baby boomer influx that is gospel to so many of the region's real estate professionals. Though there are millions of boomers getting ready to retire 'not too many of them are Great Gatsby boomers' who can afford condos priced in the millions, said Rivolta, the developer of the Rivo condominium on Main Street in Sarasota."

"Rivolta unabashedly acknowledged the frothy pricing of the past several years. 'People lost their minds' in valuing Southwest Florida land here in recent years, he said."

"During the recent pullback in residential financing, largely because developers are increasingly unable to meet lender deposit requirements, development activity has been shifting to retail, office, hotel and apartment construction, said panelists."

"'Watch out for raw land deals right now' was the message from one panel of bankers. Land with no immediate development plans is almost impossible to finance, as is highly speculative property that depends on substantial rezoning or unusual permitting."

"Single-family home sales are off by a third statewide this year, down by 42 percent in the Tampa-St. Petersburg market and by 28 percent in Sarasota-Bradenton. Condo data was even worse, with a 41 percent statewide drop this year. Sarasota-Bradenton condo sales were hit harder, down 55 percent in 2006. Tampa-St. Petersburg condo closings fell by 41 percent."

"Overall residential prices are down across the board by as much as 14 percent, Guido said."

The Sun Sentinel. "The National Association of Realtors is advertising in some of the country's largest newspapers, hoping to persuade skeptical consumers that it's a good time to buy a house. The Washington, D.C., trade group cites interest rates near historical lows, a plethora of homes to choose from and the security of a long-term investment."

"'Nobody is telling that story,' Tom Stevens, president of the Realtors group, said."

"Part of a $40 million public awareness push, the full-page ad appears today in The Wall Street Journal and USA Today and will run Sunday in The New York Times, Washington Post, Los Angeles Times and Chicago Tribune."

"Prices of existing homes in South Florida and other parts of the country have declined, compared with a year ago. Many buyers say they're waiting for prices to fall even more, causing homes to stay on the market for months."

"'We see people on the fence right now,' said Jupiter agent Pat Fitzgerald, chairwoman of a national Realtors committee that agreed to start newspaper advertising. 'We're looking at them and saying, 'C'mon. Let us show you the benefits.'"

"Realtors associations in Palm Beach and Broward counties say they plan to 'piggy-back' on the national campaign. Mike Larson, an analyst for Weiss Research in Jupiter, said he understands the national association's motive."

"'Obviously, a lot of agents are hurting,' said Larson. 'When agents don't sell homes, they don't make any money. That's what it boils down to. But past real estate downturns have lasted years, and this downturn has a long way to go. I don't see a reason to rush in.'"