The Naples News reports from Florida. "Collier County single-family existing home sales dipped from 333 in November 2005 to 182 last month, a 45 percent decrease. Median sales prices for homes dropped by 13 percent from $479,800 in November 2006 to $415,200 last month. But it’s really not a dismal picture, if one approaches the numbers and patterns logically and systematically, said Realtor Brett Ellis in Fort Myers."

"The market is leveling off to what it was in 2002 and 2003, before home sales and prices went crazy, Ellis said of Lee County sales. 'This is positive,' Ellis said Friday."

"Naples Realtor Phil Wood is optimistic about sales. 'Actually, this year looks like it could be the third best in history, a little ahead of 2003,' Wood said."

The Sun Herald. "This year saw a sudden slump in the housing market. Barbara Rainey, North Port's Building Department's administrative division manager, predicts within six months the city will begin to experience a slowdown in as it reflects with this year's building permits."

"Many homeowners who tried to refinance their homes found out their appraisals came out much lower than they was before the market slump. Many others who have tried to sell their homes, have had them on the market for more than eight months."

"Real Estate investors also have seen the value of their investments drop. Building lot sales have slowed down. Recent data provided by a local Arthur Broslat, a Realtor in Murdock, said in November, there are 2,986 lots in North Port on the market, and only 10 have been sold."

"Property owners are also having issues with their tax bills. According to Broslat, many of these tax bills were 100 percent higher than last year. This has also added to downward prices as many owners do not want to pay high taxes on land that has been losing value, Broslat said."

The Tampa Tribune. "Frank Gregoire, a St. Petersburg property appraiser, couldn't help but chuckle when an appraisal request came through his fax machine this month. It was sent by a California loan originator, and the message was clear: 'Please call if unable to attain this value BEFORE INSPECTION.' Photos of the property, the request said, could not include 'unfinished construction or damage.'"

"Gregoire knew right away that the loan company was trying to influence his valuation of the home. 'It was the most blatant request I've seen,' said Gregoire, who is chairman of the Florida Real Estate Appraisal Board. He said he's seen a recent spike in unethical requests like the one from California."

"Professional appraisers say they're under more pressure to value homes at specific, and often inflated, amounts. This type of fraud requires a string of real estate professionals willing to go along. A key to the scheme is having an appraiser willing to overvalue a property."

"'Without an appraiser coming in at the magic number, the fraud is stopped in its tracks,' said Tampa police Detective Jim Bartoszak, who's working on several loan fraud investigations."

"Appraisers in such deals usually get little more than their typical appraisal fee of $300 to $500. So why would appraisers risk their licenses for so little? Richard Powers, president of the Appraisal Institute, said appraisers are tempted to overvalue a home when they're starved for work."

"Now that the market has cooled, there isn't enough work to go around. 'Appraisers who do this are often guaranteed more work from the client,' Powers said."

"The pressure to inflate an appraisal, he said, comes from mortgage brokers, loan officers and real estate agents, who are also competing for work in a slow market."

"Phillip Wallen said such pressure prompted him to leave the business. Wallen worked as an appraiser in Pinellas County for 12 years and owned his own business. 'Every day I would get calls that I needed to do an appraisal for X amount,' Wallen said. 'There are so many appraisers out there willing to give out whatever value a client wants. That makes it tough for the honest appraisers to compete.'"

"Scott Murphy, who owns an appraisal company in Sarasota, said it's the loan officers that have pressured him to come up with a value to justify a sales price. 'An appraiser may agree to go up 10 to 15 percent to 'prove' a value for a loan officer,' Murphy said. 'Before you know it, they get more and more business, and they're committing serious mortgage fraud.'"

The Herald Tribune. "The sentencing of Taya Parodo closed the judicial door on Todd Kolbe's scheme of artificially inflating property prices to defraud lenders."

"Of the eight people involved in the scam, Parodo is the sixth to be sentenced. Parodo acted as closing agent through her Bradenton-based title insurance company. Kelly Abercrombie, a Sarasota mortgage broker was sentenced to 15 months in prison. Mary Bolan, a Manatee County real estate agent, got six months, while Amy Samelson Kolbe was sentenced to four years' probation for her role as a straw buyer."

"Properties in Sarasota and Manatee counties were purchased for one price and sold to other members of the gang at much higher prices. In the process, Kolbe and other members of his gang produced fraudulent appraisals, earnings statements, income tax returns and rental agreements."

"The bogus loans were ultimately exposed by Fannie Mae, the giant government-backed mortgage company, after the loans had been sold in the secondary mortgage market."

"Home Star Mortgage Services, a New Jersey-based mortgage lender that Kolbe worked for, was forced to repurchase the loans, foreclose on the underlying properties and sell them at a $1.8 million loss."