The Florida realtors report on February sales. "According to the Florida Association of Realtors...sales of single-family existing homes totaled 10,779 last month compared to 14,080 homes sold in February 2006 for a 23 percent decrease. Florida’s median sales price for existing single-family homes in February was $235,500; a year ago, it was $242,500 for a 3 percent decrease."

"Sales of existing condominiums in Florida also decreased last month, with a total of 3,172 condos sold statewide compared to 4,397 in February 2006 for a 28 percent decline, according to FAR. The statewide median sales price for condos last month remained flat at $212,200; a year ago, it was $213,000. 'Why wouldn’t you buy now? Mortgage rates are still incredibly low and buyers are able to consider a range of inventory,' says May Aston, president of the Manatee County Association of Realtors."

"Among the state’s larger markets, the Sarasota-Bradenton Metropolitan Statistical Area reported the market's median sales price for homes was $294,500; it was $324,200 in February 2006 for a 9 percent decrease."

"The Melbourne-Titusville-Palm Bay MSA reported the existing home median sales price was $201,100; a year ago, it was $232,700 for a 14 percent decline. The market’s existing condo median price was $168,800; a year ago, it was $206,300 for a decrease of 18 percent."

The News Press. "Prices and sales of homes in Lee County fell in February compared to a year ago, according to statistics released today by the Florida Association of Realtors. The median price of a single-family home sold with the help of a Realtor fell 9 percent from $280,300 to $256,100 while the number of sales fell 38 percent from 682 to 423."

"For condominiums, the price fell 31 percent from $356,600 to $247,600 and the number of sales fell 24 percent from 195 to 149."

The Herald Tribune. "Investors from California to New Jersey jumped at the opportunity to sign contracts for the investment homes in Florida. They were drawn by a group of companies that included CCI, Enchanted Homes, American Mortgage Link and Seashore Resorts LLC of South Carolina."

"The investors' credit was used to get construction loans with little or no upfront cash. They were promised 10 percent of the home's value once the property was sold."

"Not all of Enchanted's clients are happy with the home builder's service. Timothy and Maryann Stefanik of Swartswood, N.J., contracted with Enchanted to build a home in Cape Coral. They said they were introduced to the builder by Seashore Vice President Carl Cirinelli."

"The couple has claimed that a $100,000 lot sold to them on March 3, 2006, was virtually identical to two adjacent lots sold for $50,100 each on Nov. 11."

"The Stefaniks, who have hired a lawyer, maintain that Seashore and Enchanted misrepresented the deal to them and that the appraisals supplied by American Mortgage Link to the couple and to Coast were not current."

"The deal 'put us in a position of having a house that's value is $125,000 less than the mortgaged amount,' Maryann Stefanik said."

"Enchanted principal Thomas Gillespie said he does not know what 'Seashore or others promised' the Stefaniks, 'but they have a beautiful two-story home on a canal that has been issued a certificate of occupancy.'"

"'Everything was fine until the market turned around -- they got a package deal in a program that works,' he said."

The St Petersburg Times. "Looks like bad things come in threes for Coast Financial Holdings. The Bradenton bank was pelted Thursday with three federal class-action lawsuits on behalf of shareholders who have seen their investments tank."

"The suits allege Coast fraudulently propped up its stock price in 2005 and 2006 by hiding its reliance on loans tied to a single builder. Coast declined comment Thursday evening."

The News & Observer from North Carolina. "Local homes sales declined in the first two months of 2007 as the Triangle's most important industry continued to weaken.Brokers closed on 1.7 percent fewer homes in January and February in Wake, Durham, Orange and Johnston counties compared with a year ago, according to Triangle MLS. The inventory of unsold homes was up 10.9 percent in February compared with a year earlier."

"'It's a weakening market,' said economist Michael Helmar, who predicted sales will continue to decline for several more several months. Building is slowing but it will take months to absorb excess housing inventory, he said."

"Brokers are still seeing plenty of clients who have moved to the area but can't buy because they can't afford two mortgages. 'If anything, the amount of people outside the area having trouble selling their houses has increased,' said (broker) Ann-Cabell Baum Andersen."

"Joe Ward, who sells about 100 homes a year in Raleigh, has three houses that would sell if the buyers could unload their homes out of state. 'When the market slowed down in spring and summer it was very obvious that the relocating buyer was going to hurt our market,' he said. 'It's still the same.'"

"Building permits and lot sales, both harbingers of future sales, point to further slowing. Fewer lots also were sold. There were 1,998 single-family lots closed during the fourth quarter of 2006, down 14.6 percent from the period a year earlier, according to Market Opportunity Research Enterprises."

"Brokers are also waiting to see how much sales will drop now that lenders are requiring higher credit ratings and down payments for subprime mortgage loans."

"Glen Astolfi, chief operating officer at DNJ Mortgage in Cary, is also seeing more people who can't qualify for subprime mortgages, and fewer lenders willing to make the loans. 'If you have lower credit scores, its getting harder and harder to finance with no money down,' Astolfi said. 'It's going to hurt home sales.'"