From Tampa Bay Online in Florida. "More than a year after launching one of the area's most expensive condo conversions, Bay Communities is trying a novel approach to unload its unsold units at The Hamptons in Tampa Palms. The developer will sell 100 condominiums on Dec. 9 at a public auction, 40 condos will be sold 'absolute' - awarded to the highest bidder with no minimum bid."

"The developer owes the county $1 million in back taxes. The Tampa Palms Owners Association also has a lien on the property for unpaid dues."

"The Hamptons has 315 units, and they were the priciest conversions in New Tampa. As of this summer, Bay Communities had sold just 70 units. With 13 condo conversions in one year, most New Tampa developers gave up and started leasing the units again."

The Palm Beach Post. "Florida led the nation in foreclosure activity for the third quarter of this year as adjustable rate mortgages came home to roost, a report shows. The number of households in foreclosure throughout the state spiked 55 percent compared with the second quarter of this year, and rose 26 percent over the third quarter of 2005."

"In Palm Beach County, one in every 153 households was in foreclosure in the third quarter, up 26 percent over the third quarter of 2005. Foreclosures rose 38 percent over the previous quarter."

"St. Lucie County foreclosures jumped 68 percent over the same quarter a year ago, and 65 percent over the second quarter of this year."

"The median sale price of a Martin County home was $339,900 last year, $182,550 more than a family of four earning the median annual income of $52,450 could afford, according to Florida Housing Finance Corp."

"'If we don't start solving the problem with the price of housing ... we're going to end up with a bunch of companies with no workers,' Seacoast National Bank's Teresa Idzior said. Stan Fitterman, adviser for the Florida Housing Coalition, added: 'Or with no companies.'"

The News Press. "First Home Builders, Southwest Florida's largest homebuilder and a division of national homebuilder K. Hovnanian, will lay off 50 to 75 workers, the company said today. Company officials said they are 'adjusting the team to current market conditions,' according to spokesperson Samantha Scott."

"This summer, Bonita Springs-based builder WCI Communities slashed an undisclosed number of jobs."

"'Our results this quarter continue to reflect the impact of dramatically lower demand for our Florida traditional and tower homes,' said Jerry Starkey, WCI’s president and CEO. 'Traditional home cancellations were about twice our historical rate during the quarter and we also experienced a higher rate of defaults in our Tower Division.'"

"The aggregate value of traditional and tower homebuilding orders for the quarter fell 82 percent over the same period a year ago to $120.1 million, while the number of unit orders declined 81.5 percent to 140."

The Orlando Sentinel. "Eugene Ralph fears his life savings may be lost, the $66,000 swallowed by a bankrupt Kissimmee company whose owner has been arrested by the FBI and charged with fraud."

"Like at least 100 other investors, Ralph was told he could buy a newly converted condominium unit for as little as $150,000, but make no mortgage payments for two years. Ralph bought two units in southwest Orlando that Main Street USA had converted to a condo project. He has never been inside his units; he doesn't even have the keys. But the two mortgages he signed are already in default."

"'I can't even sell them,' said Ralph, who lives in Kissimmee. 'Things are really tough.'"

"Anthony and Evette Cortes of Orlando dug deep into their savings to make a $14,900 down payment on a condo unit in The Villas at Waldengreen. Main Street USA made two mortgage payments, then Main Street USA defaulted on its promise to pay its condo investors' mortgages for the first two years."

"The couple has been making the payments since then, but they say it isn't easy coming up with $1,128 each month in the hope of keeping their investment alive. 'It's tough,' said Cortes. 'I'm working a lot of overtime trying to make ends meet.'"

"The site of the old Langford Hotel in Winter Park, torn down to make way for luxury condominiums and a new, five-star hotel, has been put up for sale, a partner in the project confirmed Monday."

"After the purchase, the buyers announced plans to develop luxury condos and an adjacent, five-star hotel with such amenities as a spa and 24-hour concierge service. The condo hotel was supposed to have somewhere from 110 to 158 rooms. The 23 condominium units have all been built and all but four have been sold, Heistand said."

"He said the condos were not sold with any promise that an adjacent hotel would be built. 'We put nothing like that in contracts,' said Jim Heistand, president of the Orlando investment company that developed condominiums on part of the property. The condos sold for more than $1.75 million each."