The News Press reports from Florida. "Property owners hoping for a quick profit left disappointed Friday as bids were low during the first day of a land and home auction in Fort Myers, where 68 residential and commercial lots were on the block."

"Ariel Crespo put two lots in the auction. He had both listed on the MLS for more than $60,000. The bids came in at $22,500 for each. Both lots were off water in northwest Cape Coral. 'I just won't take a bid that low,' said Crespo. 'That's just way too low.'"

"'I'd say they will be lucky to get 10 percent of the sellers to accept bids,' said Cape Coral resident Jim O'Day. 'I wanted at least $145,000 minimum.'"

"Two other lots, desirable because of their size at 11,934 square feet, and waterfront location on the Caloosahatchee River, drew bids at half of their $799,900 listing price."

"Despite the low bids at Friday's lot auction, Cape Coral's Ginnie and David Ward remain optimistic about the sale of their home in the auction today. Their three-bedroom, waterfront home in Cape Coral with deep-water canal and easy access by boat to the Gulf of Mexico lists on the Lee County Property Appraiser Web site at $862,410."

"'The auction today (Friday) was full of speculators,' Ginnie Ward said. 'The auction Saturday will have more end users, people who want a great home. That's a big difference.'"

The Herald Tribune. "Financial problems that have paralyzed a large regional home builder are now smashing into Coast Financial Holdings, a Bradenton-based community bank that loaned about $110 million to the builder's customers."

"The Herald-Tribune reported last week that CCI customers had been hit with a slew of construction liens after the home builder failed to pay electricians, drywall experts, plumbers and a variety of other subcontractors and suppliers."

"The bank warned that if the home builder failed to complete the homes, it could threaten the ability of borrowers to repay their loans, which in turn might damage the 'value of the bank's collateral.' Several banking and foreclosure experts contacted by the Herald-Tribune believe that Coast's loan problems are grave and foreshadow more problems for both the home building and banking industries."

"'It's an alarming amount,' said George Huhn, a Venice-based commercial Realtor and foreclosure specialist. 'One hundred and ten million in loans represents 25 percent of the bank's entire loan portfolio. Hello, has anyone got a flare gun?'"

"Marilyn Schwegman, a St. Petersburg resident who contracted with CCI to build a house in North Port, said she first learned about the company from a local Realtor in 2005. She said CCI officials told her that if she bought a house in North Port, Battle Realty would have it sold again by the time construction was finished."

"CCI also promised to make the payments on Schwegman's $237,150 mortgage from Coast Bank until construction was finished. Schwegman said she had no trouble getting the loan from Coast. 'They came to my house. Filled out a very sparse financial record, and bang, you get the loan,' she said."

"Schwegman now faces more than $25,000 in liens from several subcontractors. 'It's been a rather disappointing and frightening situation really,' she said."

"What amazed consultant Jack McCabe, and other analysts and bankers, is how much of its financial risk Coast was willing take on a single partner. 'I've never heard of so many construction loans funneled to one particular company,' McCabe said."

"Steve Jonsson, chief executive of Bradenton's Flagship National Bank, agreed. 'Four hundred and eighty-two contracts seems like a ton of loans with one bank,' Jonsson said."

The Naples News. "The Naples Area Board of Realtors no longer will provide monthly home sales numbers to the statewide association that calls itself the voice for real estate in Florida. The local real estate board says it doesn’t think the way the Florida Association of Realtors reports the numbers is relevant and that it can do a better job with its own reports, and better reflect what’s going on in the local market."

"This comes as the state association’s numbers have shown sharp drops in home sales and median home prices during the past year in the Naples area."

"The numbers aren’t truly reflective of what’s going on in Naples because they include sales made outside the Naples market, in such areas as Cape Coral and Lehigh Acres, said Joe Ballarino, president and chief executive of Amerivest Realty in Naples. Some Naples members’ sales even extend beyond Lee County to Charlotte County. 'They are accurate numbers,' Ballarino said. 'They are just not relevant numbers and that is an important distinction.'"

"Currently, there are 11,000 listings in the Naples area. That’s an 18-month supply. 'Buyers have a lot more choices available to them this season,' said Spencer Haynes, NABOR’s president. 'Now is a good time to buy,' Ballarino said. 'But the buyer confidence is not there.'"

The Ledger. "The coming months will be a proving ground for local Realtors. They will have to decide who can stick out the market slowdown without suffering an empty stomach. The market is flooded with listings."

"'I believe some (Realtors) are looking for day jobs,' said Judy Cleaves, a Realtor in Winter Haven. 'Real jobs we call them.'"

"The current abundance in new home inventories has builders undercutting existing home sales and making it difficult for local Realtors and their clients. New homes are being priced in the $150,000 range, a significant drop from asking prices a year ago."

"Many real estate agents entered the Polk County feeding frenzy in 2005, looking to make a quick buck. But it was only temporary. And now those Realtor speculators have returned to other jobs."