The News Press reports from Florida. "The developers of a 473-town house community in south Fort Myers are suing 25 people for nearly $700,000 in deposits for not closing on the properties and they want the court to force the investors to buy them. But some of those are being sued said the developers, Palm Beach Gardens-based EH Building Group, took too long to build their units and feel they were misled about some aspects of the property."

"And with the housing market in Southwest Florida softening, they said it is smarter financially to forfeit the deposits than to go through with the contract and buy the property."

"'We don't think they're worth the list price,' said Frederick Ryan of Fort Myers Beach. Ryan is one of six local residents who are being sued; the lawsuit also names buyers from California to New York to the United Kingdom. He said he planned on using the property as an investment, but felt misled by the company as to the proximity to each unit."

"He said he decided to lose his 10 percent deposit, or $26,000, instead of going through the closing and spending nearly $300,000. But lawsuits filed early this week by the company are asking a judge to let the company keep the deposits as well as force the investors to finish the closing."

"For Patti Southall of Fort Myers, the town house was going to be a place to live when she and her family moved to Fort Myers from California. She snagged one of the models in October 2004, when they first went on sale. But she said delays in the building process made her decide to forfeit the deposit and buy another house."

"'Obviously, I didn't need it as a primary residence,' she said. 'So much time's gone by and obviously, the market's not moving like it was. Now, I can't sell that property for $265 (thousand) if my life depended on it,' Southall said."

The St Petersburg Times. "Lenders sued 211 Pasco homeowners for nonpayment in November, up 8 percent from October and 87 percent over 12 months."

"Many were purchased by inexperienced individuals who, egged on by eager developers, real estate agents and lenders, expected to flip the homes for a quick profit. But demand cooled, and now a growing number of these investors are struggling to cover a mortgage they never wanted. Some are simply walking away."

"'I don't think there's any mystery to it,' said Greg Hallam, president of the Mortgage Bankers Association of Florida. 'We lenders don't tell people 'no' often enough. You've got to be a sophisticated person to be in the marketplace, and we probably let some in we shouldn't have.'"

From MarketWatch. "Condominium sales have stalled as investors flee the market and developers who jumped into the sector during the boom of the last three years are turning their attention back to rental apartments, condo and apartment builders said Thursday at the International Builders show here."

"'There were a lot of conversions in Orlando, for instance, but there is now very little appetite for a $250,000 garden unit,' said Steve Patterson, an Orlando builder. 'There is now a shadow market for these units as investors rent those out.'"

"'Condos are here to stay,' said Sharon Dworkin Bell, senior staff VP for multifamily with the National Association of Home Builders. 'It's a growing phenomenon across the country, in places large and small that have never had condos before.'"

The Palm Beach Post. "The condo craze is over, developers declared here today. That may be hard to tell given the number of condominium buildings still under construction in areas like downtown West Palm Beach, but builders and developers attending the massive International Builders Show here said don't expect that trend to continue."

"Indeed, the race by builders and developers to satiate the perceived demand for condo units even had most of the region's high-end rental properties converting to condos. But that all seem to came to a screeching halt last year, as a glut of units collided with a dearth of investor dollars."

The Tampa Tribune. "The frenzied condominium building boom in Florida's major cities appears to be slowing dramatically, and as a result some developers may scrap their plans while others shift to apartment construction."

"'We're faced with having to pay these high land prices and construction prices and still build affordable' units, said Steve Patterson, CEO of Orlando-based Zom Inc. 'We're going to have to push the limits on rents and accept bare minimums on returns.'"

"Many of the converted condos are sitting empty, and investors who fueled the conversion boom by buying up blocks of units are struggling to sell or lease them."

The Herald Tribune. "Coast Bank is allowing customers to 're-title' or reconfigure large-denomination certificates of deposit with no penalty. The large certificates of deposit, time deposits of $100,000 or more and often called 'Jumbo' CD, constitute about 25 percent of the troubled bank's total deposits."

"It is an unusual step and one taken to maximize the availability of FDIC coverage for the deposits, said bank analyst Jim Schutz. Re-titling is very rare. Schutz has only seen the move 'a couple of times in my very, very long career.'"

"Schutz said that holders of Jumbo CDs are likely 'wholesalers or broker deposits,' meaning mostly New York financial institutions looking for high yields. 'But that money is skittish and if there's trouble, it will flee,' said Schutz."

From CNN Money. "Dave Corey has been flipping houses on the side for nearly 30 years, but the latest slump in the real estate market is taking its toll. His latest struggle: Unloading a ranch in Ocala, Fla."

"He thought it would be a quick buy, rehab and sell transaction. Instead, it's been buy, rehab...and sit. For 10 months. After paying $146,000 in January of 2006, he's now out of pocket $160,000 including closing costs and renovations, he said. The list price of $178,900 has drawn zero interest."

"A few years ago, Ocala was a hot spot for investors, mainly Northerners, according to Corey. Those buyers have flown back north. 'I don't see where any new investors are coming in,' he says."

"Corey got the current one directly from a builder so it didn't need much work. With this kind of home, all he does is upgrade some of the features and amenities. But, by the time he was ready to sell, he could no longer get the price he wanted. 'It sat for five or six months,' he says 'Nobody even looked at it.'"

"'Inventory is so high, I heard they had 1,200 homes for sale in [a nearby subdivision] The Villages, it's very difficult to buy and sell,' says Corey."

"Corey thinks he may have solved his problem, at least for now. He entered into a lease-with-an-option-to-buy transaction with a 30-something couple. They're paying $1,200 a month, of which $200 goes into the down payment principal. They pay promptly and he expects them to follow through on the buy option."