The Miami Herald reports from Florida. "The proposed marriage between home builder Levitt and BFC Financial may be on the rocks. The reason: the ongoing housing slump. Levitt lost $58.1 million in its second quarter, the company said. Levitt's second quarter revenue declined 4 percent to $127.8 million. Buyers canceled 39 percent of new home orders in the quarter, up from 21.5 percent a year ago, while the average selling price dropped 9.5 percent to $256,000. Levitt didn't acquire new land in the second quarter."

"CEO Alan Levan said market conditions will be challenging for the 'foreseeable future.' He said rising inventory of homes along with reduced credit availability is pressuring prices in all its markets."

The Palm Beach Post. "'Traffic at the information center at Tradition, Florida, has dramatically slowed in connection with the challenging homebuilding market in Florida,' Levitt said."

"The company attributed its $58.1 million net loss to 'the continued deterioration of the homebuilding markets where we operate, particularly in Florida.'"

From NBC-2.com. "Some local home builders are going to great lengths to drum up summer business in a slumping real estate market. According to the Florida Association of Realtors, home sales have dipped 37 percent in the Cape Coral/Fort Myers between June '06 and June '07."

"Signs in front of the line of model homes along Chiquita Boulevard in Cape Coral offer all kinds of deals. Here is a list of some of the signs: 'Help with Down Payment.' 'Free Pool with Home Purchase.'"

"Cape resident Dave Lewis...expressed some skepticism. 'If you have to pay taxes on the pool, it's not totally free,' said Lewis."

From Florida Today. "The number of home mortgage foreclosure filings has continued to rise in Brevard County . There were 423 foreclosure filings in Brevard in July — the highest monthly total in at least 5½ years, according to the Brevard County Clerk of Courts."

"July’s total surpassed the previous high of 385 foreclosure filings in June. From January through July, there were 2,398 foreclosure filings in Brevard, surpassing the total of 1,868 for all of last year, records show."

"'My belief is this rise in foreclosures is not a spike, but a long-term trend upwards, as we wring out the massive speculations, poor mortgages and oversupply' of housing, said Brevard Clerk of Courts Scott Ellis."

The Orlando Sentinel. "The Orlando area's sluggish housing market is showing no signs of a turnaround, with the latest numbers going from bad to worse during what should be the hottest sales stretch of the year."

"Existing-home sales in the Orlando area fell again in July, a 42.6 percent plunge from the same month a year ago, and for the second time this year the median sales price posted a rare decline, the Orlando Regional Realtor Association reported Monday."

"'I think we've got six months of serious bloodshed ahead,' said William Weaver, an associate professor of finance at the University of Central Florida."

"For industry watchers waiting for a turnaround, the record 26,018 homes and condos on the market provided no hint that the local downturn has hit bottom. It would take a record 19.2 months to sell all those homes and condos at the recent slower sales pace."

"ReNae Bailey...recently put her three Oviedo rental homes on the market because the taxes have gotten too high, she said. The rental income covers the cost of the mortgage and insurance, but not the property taxes."

"'That's what's going to kill the market -- higher taxes,' she said."

"Bailey said she bought her rental homes about two years ago, at the peak of the market, and now figures she will be fortunate to break even. 'I've made money on everything I've ever sold up until now,' Bailey said of her sales during the past 20 years in Central Florida. 'It's tough right now for people.'"

"Weaver said it was particularly troubling for the Orlando home-resale market to slip for the second straight month, an even worse sign than the year-over-year decline. The 1,354 units sold in July was down 10.8 percent from June and off 22.4 percent from May."

"'The home-buying season is over,' Weaver said, so the chances of an improvement are slim for the rest of the year."

"Weaver said loan originators who pushed subprime mortgages -- loans with higher rates and terms targeting buyers with weak credit histories, helped bring on the slump by making loans that now are going bad."

"But many buyers share the blame, he said, because they took on too much debt, didn't understand what they were getting into or got caught up in the excitement of becoming a home buyer. 'Both sides made some dumb decisions,' Weaver said."

From USA Today. "Who wants to be a millionaire? Never mind." "That's the come-on, and ultimate torment, recently served up to Briny Breezes, a 43-acre mobile home community on Florida's Gold Coast."

"In January, Ocean Land Investments of Boca Raton agreed to pay Briny trailer owners $510 million for their oceanfront propertys. But two weeks ago, Ocean Land, facing an Aug. 10 deadline to pay the rest of a $5 million non-refundable deposit (it had put down $500,000) asked for a 45-day extension to talk to nearby towns opposed to the project. Briny's board of directors refused, and the deal is off."

"There goes the money. The new sailboats. The lavish gifts for grandchildren. Most troubling: A few dozen residents have already bought new homes in anticipation of the big payday."

"'Some of these people have purchased elsewhere,' says Roger Bennett, mayor of Briny Breezes. 'Some can afford it, but it's the many who couldn't that I feel sorry for.'"

"Ileane Aztiazarain says she and her husband, Jose, recently spent $52,000 on a 29-foot boat and $40,000 on a truck to tow it. The couple bought their double-wide trailer two years ago for $325,000 and were eager to pocket $1 million."

"'We did a few things we shouldn't have done,' she said. 'It was a once-in-a lifetime opportunity. We're working people.'"

"Jose planned to use part of the cash to start his own business. Suppressing the worry in her eyes with a half-smile, Ileane added, 'We just have to figure out what we're going to do now.' If the sale doesn't happen, she says, they'll sell the new toys and the trailer."

"Board member Robert Purcell, echoing the view of several residents, says the community will accept only an 'equivalent' price. The developer, he suggests, planned all along to reel in residents with an irresistible offer, then push the price down. Ocean Land 'didn't want the deal,' he says."

"When Bennett told Nancy Boczon, the town clerk, the deal had fizzled, she screamed. 'I have grandchildren going to college, and I like to travel. I was willing to take the money.'"

"Joseph Good of ComNet Realty, says the developer likely fell victim to South Florida's burst real estate bubble. High-rise condos, he says, simply aren't selling."

"Not worried is Joe Masterson, who looked forward to buying a new sailboat with his $840,000 and plying the Caribbean full time. 'Being out at sea 24/7 would grow old after a while,' he muses. 'One beautiful sunset after another. … Now, I can stay here and ride around in my little golf cart.'"