The Sun Herald reports from Florida. "Sean Snaith, a University of Central Florida economist, is noted for his work debunking the media-driven image of a 'housing bubble.' A speculative 'bubble' is a rising market driven only by expectations of still greater price increases. The cost of Florida housing has been driven up by real-world factors like strong demand from a growing population of retirees."

"The slump in residential construction is putting Charlotte County, at least for now, into the unenviable position of being one of the worst counties in Florida to find a job."

"'Looking at the state as a whole, I see nothing that surprising,' said Snaith. 'I see job losses in those sectors most closely tied to the housing boom...this is a fairly positive report that shows we're one step closer to getting through this whole housing correction.'"

"However, 'There are pockets of pain throughout the state, and unfortunately you're in one of them. Charlotte County has been hit pretty hard by the housing correction, and has been one of the worst areas in the state in terms of price declines for housing,' Snaith added."

"That's not to say new jobs aren't being created -- they just aren't being created in certain sectors that have been critical to Florida's economy. Snaith noted that many of these jobs are good ones. And the hospitality industry is likely to benefit from the cheap dollar, which makes a Florida vacation once again affordable for Europeans."

The Ledger. "Emily Camp, a staffing consultant in Lakeland, said the firm has seen a rising influx of workers from housing-related professions as the state's housing market continues to suffer."

"Some real estate agents and brokers have found clerical positions in medical and legal offices, while skilled workers such as carpenters and roofers are being absorbed by warehouses and other employers, Camp said."

"'But they're taking pretty big pay cuts. They're going from $15, $16, $17 an hour to $8-an-hour warehouse jobs just to get by,' she said."

The Orlando Sentinel. "The state and local unemployment rates have been climbing steadily for the past year. The increases have coincided with steep declines in Florida's residential-construction industry."

"Economist Sean Snaith said other areas could begin to pick up once the real-estate market begins to strengthen. 'We will have some white knuckles here for a few quarters, as we work our way through this phase,' Snaith said. 'Every month that the data comes out and looks like it does today means we are one step closer to coming through the other side of this.'"

"'There are a lot of people in industries affiliated with home building, especially residential mortgage lending, that are looking,' said Steve Kirby, VP of (an) employment agency in Altamonte Springs."

"Kirby said that businesses are becoming increasingly reluctant to hire part-time workers as they worry about costs. 'They are using their own staff to fill in when needed,' Kirby said. 'The 'R' word, recession, is looming out there.'"

From The Star. "Florida real estate can be had for a song. The Canadian dollar boasts buying power unheard of in decades...and surely there will never be a better time for a Canadian to buy real estate here."

"Should you really be buying when a short drive from their bayside suite, there are apocalyptic signs advertising homes discounted by $100,000, desperately seeking any offer? What about those blocks of abandoned homes in counties south of here?"

"But the inventory will never be greater. In Lee County, which includes Fort Myers to the south of here, there were 1,538 foreclosures last month. In December 2005, the median price of a single-family home in Lee County was $322,300. Today, that median price is under $231,000."

"Lots in Lehigh Acres went from $8,000 in 2000 to selling for $65,000 a couple of years later, says Charles Richardson, Coldwell Banker's senior VP for residential real estate in southwest Florida. Homes in the county went from $80,000 to $350,000 in less than 24 months."

"Condominiums were wildly overbuilt, driven again by speculators, with unoccupied units never filled, and a further correction is coming, Richardson says. 'People got so drunk with the fervour, they anticipated it going on forever, which, of course, it couldn't.'"

From Local 10. "A newly released report says Florida leads the nation when it comes to mortgage fraud. That does not come as a surprise at all to Glenn Theobald. He heads up Miami-Dade County's newly formed mortgage fraud task force. 'This is just scratching the surface,' said Theobald."

"In 2005, Miami-Dade police detectives were asked to look into 15 cases of possible mortgage fraud. In 2007, that number spiked to a possible 1,000 cases."

"A recent report by the Reuters news service said The Club at Brickell Bay is ground zero for foreclosures and mortgage fraud, going on to report that 200 deals within the last year and a half are questionable."

"Local 10's Kellie Butler spoke with the head of The Club's homeowners association. Diana Ospina told Butler foreclosures in the building have led to missed maintenance fees and, in turn, that has affected other owners."

"Miami Shores real estate broker Alice Kellogg said lenders are now requiring exceptional credit and two or three appraisals on a property before granting a loan. 'It's getting more and more difficult,' said Kellogg."

From Miami Today. "Although residential inventory remains high, a slowing of new construction has helped to slowly push the home sales market toward a balance in which prices begin to match inventories, local professionals and market reports say."

"'There are signs that certain aspects of the market are improving and some are not,' said Brad Hunter, director of the South Florida division of Metrostudy. 'The number of finished vacant homes is falling, but the other side of that is that the reason the number is falling is because they are getting rented.'"

"People who bought property in 2005 and are now renting out those properties, Mr. Hunter said, are losing money. 'There will be an increased number of foreclosures in 2008.'"

"Finished vacant inventory of single-family homes increased from 1,436 units to 2,142, according to the third-quarter statistics. 'What happened in Miami-Dade is there was a surge in completions of townhomes,' Mr. Hunter said, explaining the townhomes in the count are unattached single-family residences."

"'The townhome inventory doubled in a three-month period. If it weren't for the townhomes, the level of inventory would have stayed about the same,' he said."

"Beth Butler, chief operating officer for Esslinger Wooten Maxwell Realtors, said she has seen a build-up of 'nice, good-sized, three- and four-bedroom' townhomes in Homestead. 'Certainly, we're coming into the market where we have a lot of things delivering, especially in Homestead and West Dade,' she said. 'A lot of single-family houses are reaching completion in our markets where they are still building single-family homes.'"

"Additionally, many more condominiums will be finished within six months, she said. 'I think overall everybody knows we're into this surplus inventory and expect that there will be lot more coming, more condos, more townhouses, more single-family houses.'"

"Mike Pappas, CEO of The Keyes Co., has seen builders give huge incentives and upgrades in the new home market. 'If you are going to buy, you could get $50,000 from a builder on a mid-sized home,' he said. 'Behind every gray cloud, there is a silver lining.'"

From CBS 4.com. "A new study shows developers in South Florida's real estate market are slowing down with projects in what economists are calling a housing depression. New-home construction is at a ten-year low."

"Just beyond the 55th Street Station in Miami, off Biscayne Boulevard, there is a building site for a project called Kubik, 315 ultra-hip condos overlooking Biscayne Bay. It was a project so attractive, the developer sold half the building."

"That was three and a half years ago. Now, on the empty lot is a building crane, beginning to show signs of rust."

"A neighborhood lawsuit brought the project to a halt. 'Oddly enough we were thinking of not moving forward with Kubik anyway because of the market,' said developer Paul Murphy. 'You know, sales came to a dead halt.'"

The St Petersburg Times. "When freebies like granite countertops and no-cost closings didn't woo back buyers, homebuilders began trying to outdo one another with bigger and better price cuts. But now, the tactic may have backfired."

"The reductions, builders complain, have sliced into already thin margins. And buyers, fearful their houses will depreciate faster than a new car, won't make purchases until prices stabilize."

"'If people stop cutting prices, that's actually good,' said David Goldberg, an analyst with UBS Investment Bank. 'If everybody does it, it works. If one builder does it, it doesn't.'"

"Last month, nearly 60 percent of builders cut prices. But some may be losing faith. About half labeled the cuts at least 'somewhat effective' in bolstering sales or limiting cancellations, down from a high of 72 percent in May, according to the National Association of Home Builders."

"'The reason some companies say 'enough is enough' on the price cuts is because price cuts often generate expectations of further reductions,' said Dave Seiders, the Washington group's chief economist."

"But empty homes carry costs, including insurance and maintenance. And after a year or so, there can be significant additional costs, such as repainting and redoing landscaping."

"'It doesn't get better with age,'said Jim Dietz, chief financial officer of WCI Communities Inc., a condominium and traditional homebuilder in Florida that has sold some completed units for minimal profit." "Reduction-aversion, he said, is a risky play."

"'Their risk is that, okay, sales drop 80 percent and now you don't have enough cash come in to pay the bills and your debt sours. How long can you do that?' he said. 'I agree that discounting is bad, but I also believe that the market needs to reset. The inventory needs to be cleared through before we can get to a more normal selling environment.'"

"If you want to move waterfront mansions in a hurry, it's best to settle for 40 cents to 70 cents on the dollar. 'The current market has been dysfunctional,' said SKY president Chad Roffers, whose company offered up 79 homes worth about $200-million in a giant lawn tent at the private Long Boat Key Club. 'Homeowners learned what fair market value is.'"

"About 30 of the 79 properties sold on Friday. Some were auctioned, but required a minimum bid, while others were sold ;absolute; - best offer takes the property."

"While Roffers proclaimed the day a triumph, none of the three Pinellas and Hillsborough County properties on the block ever passed Go. One 5,200-square-foot waterfront house in Bayway Isles in St. Petersburg, originally listed for sale at $2.4-million, couldn't rustle up a minimum $800,000 bid."

"Another of the higher-end waterfront properties, listed at $11.9-million on Longboat Key's Gulf of Mexico Drive, also failed to sell."

"Considering their ability to toss around tens of millions of dollars, many of the buyers were a secretive lot. Participants paid a $10,000 deposit just to win use of a blue bidder's paddle. If they won, they had to write a check for 10 percent of the purchase price on the spot."

"'It's the aftermath of irrational exuberance,' said one anonymous millionaire with a British accent from Southeast Asia who - no doubt enjoying the weak U.S. dollar bargain effect for foreign buyers - scooped up four properties for about half their recent value."

"His son chimed in: 'This is a market wake-up call. Forty to 50 cents on the dollar: I think this is the new reality.'"

"Auctioneer Daniel DeCaro, who's done 40 luxury real estate auctions so far this year, mostly in Florida's hard-pressed market, spent most of the four-hour auction trying to flog interest in the properties that didn't sell."

"A house in Apollo Beach's MiraBay was such one no-sell. It was originally listed for $1.25-million but couldn't attract an acceptable opening bid. 'Five hundred!' DeCaro bellowed from the stage in the auction tent, seeking half-a-million dollars for the MiraBay. 'Four hundred to get it started? Four hundred, anybody?'"

"By the end of the auction, interest had waned to a trickle. No-sale followed no-sale. Blue bottles of Saratoga spring water littered the floor along with glossy auction booklets. 'Looks like there's a lot of money in this auditorium,' DeCaro told a dwindling crowd. 'But you guys aren't spending it.'"