The Orlando Sentinel reports from Florida. "Resales in the core Orlando market fell 34 percent in November to 1,597 homes compared with a year earlier, the Orlando Regional Realtor Association reported Tuesday. It was the largest year-over-year percentage decline so far in 2006."

"Sellers, adrift in a sea of properties for sale, are feeling the pressure. 'There's a lot of competition out there,' said George Martinez, who has been trying to sell his southeast Orange County condo unit without success for several months. 'I can't even find a renter, and I've been doing a lot of advertising.'"

"Orlando-area condo sales are now dropping even faster than single-family sales, down 44 percent in November from a year earlier, and the number that sold last month (245) was dwarfed by the Realtors' 3,483 active listings. And that doesn't include for-sale-by-owner deals such as Martinez's."

"The inventory of single-family homes listed by Realtors in the core Orlando market, 21,122, represented more than 13 months' worth of homes at the current pace of sales, the most in nearly 11 years."

"'With inventory at an all-time high and interest rates at an all-time low, the present is a unique opportunity for buyers to find the home of their dreams under economic conditions that are unlikely to be replicated,' says ORRA President Randy Martin. 'The latest economic forecasts suggest that the real estate market correction is coming to an end and that home prices will not be going any lower.'"

The Daily Record. "University of North Florida real estate professor Sid Rosenberg says the Jacksonville area real estate market will rebound from anything resembling a bubble. 'Compared to other markets in Florida, it is a lot healthier. However, we are fooling ourselves if we don’t think there’s been a slowdown,' he said."

"In June, the median home price in Jacksonville peaked at just over $213,000. Since then, it has fallen steadily and stood at about $197,000 as of October."

"Rosenberg says the median home price needs to drop about another 15 percent. That would make the local median home price about $165,000. 'A lot of people keep asking prices [that are] too high,' he said. 'This is normal. Some will drop their prices, and we will see slowing depreciation. Housing prices right now are about 13 percent too high.'"

The Sun Sentinel. "The worst of the U.S. housing slump is over, according to the National Association of Realtors, but some analysts in South Florida are more skeptical."

"Analyst Mike Larson in Jupiter said he expects people to put their homes back on the market after the holidays, creating more of a glut. As a result, prices will continue to fall."

"'A peak in supply and a bottoming in prices? I don't think we're there yet,' Larson said. 'I think we're looking at a relatively weak 2007 market.'"

"'Three to five years may pass before housing starts and home sales return to their peaks,' said John Lonski, chief economist for Moody's Investors Service. Sales of existing homes probably will sink 7 or 8 percent in 2007, compared with this year and new home sales may fall 9 or 10 percent, he said."

"West Palm Beach housing analyst Brad Hunter said short-term investors who bought at the height of the boom in 2005 might have to sell at a loss. If those sellers lower their asking prices, more sales will occur, helping the South Florida market rebound, Hunter said. 'But people have been stubborn,' he said."