News 14 reports from North Carolina. "There is bad news in the real estate market in the Charlotte region. For years, the area seemed almost immune to the national housing slump. That immunity appears to be wearing off as fewer homes are selling and the ones that are selling are doing so for less money. 'It does get frustrating after awhile. We've had consistent showings but not a lot of interests past that, but we're waiting,' said Greg Gelting."

"He and his fiancée are trying to sell their townhome just outside of uptown Charlotte. With a wedding a half year away, they're anxious to sell the home."

"A recent survey by the Charlotte Regional Realtor Association shows a sharp decline in home sales; they are down 23 percent from this time last year. The potentially worse news is that average housing prices actually dropped."

"Good news for Gelting, who is looking forward to being the buyer instead of seller. 'As frustrating as that is, talking to our agent and looking at what's out there, it's going to be a good time to buy and that's what we're looking forward to.'"

The Sun News from South Carolina. "Indebted home builder Levitt and Sons and 37 of its subsidiaries have filed for bankruptcy, leaving residents of its unfinished Murrells Inlet project wondering whether they will ever live in the carefree, active retirement community builders promised."

"'We're in a community that looks like a ghost town almost, as far as things not being finished,' said Donna Jones, who lives in Seasons with her husband in a home that she bought in July."

"Residents worry that plans to build 460 houses and a 27,000 square-foot clubhouse won't materialize. Only 80 homes have been finished and another 100 or so are in various stages of construction, said resident Nancy Darr."

"The shell of the clubhouse greets residents at the community's entrance. 'None of us would have bought here if it weren't for the amenities center,' said Darr."

"Residents also have been told that security in the development would be scaled back and that their home warranties aren't any good. On top of that, contractors and subcontractors have filed liens against Levitt and Sons and against individual homeowners."

"It's unclear who will pay off the liens or whether people whose homes are unfinished will get their down payments back. 'We bought here because we had a dream and now it's turned into a nightmare,' said resident Ed Schumann."

"It's very frustrating, all the promises they made and then they do nothing," said resident Jim McLaughlin.

The Miami Herald from Florida. "Levitt and Sons will abandon thousands of home lots if its lenders don't provide additional financing, lawyers for the home builder said in the company's first bankruptcy hearing Tuesday."

"Levitt and Sons has more than 9,000 home lots in various stages of construction in Florida, Georgia, South Carolina and Tennessee. Its customers have been in limbo since September."

"Philip M. Hudson III, a Miami lawyer who represents KeyBank, said the Cleveland lender was prepared to foreclose on the lots securing its loans if it decides foreclosing is cheaper than providing financing to Levitt and Sons. 'We just need to make a business judgment which scenario is better,' Hudson said."

"Asked the about the hang-up on reaching agreements, Paul S. Singerman, Levitt and Sons' Miami bankruptcy lawyer said he suspected lenders may be 'overwhelmed by the mountain of distressed loans' they have."

"Before Levitt and Sons suspended operations in September, Singerman said cancellations exceeded sales by 145 percent. The builder has more than 23,000 creditors. One landscaping contractor went so far as to remove plants from a community in Georgia, the Atlanta-Journal Constitution reported."

The Herald Tribune from Florida. "Although the housing market has slowed, Gov. Charlie Crist said there is 'no way' the state or Southwest Florida has slipped into a recession."

"'I feel great about the economy,' Crist said as he left a political fundraiser."

"Economic numbers in the region are not quite as positive. Taxable sales are declining, housing permits are down 70 percent, unemployment is on the rise and business bankruptcies have doubled in the last two years."

The Ledger from Florida. "With the state government facing a $2 billion shortfall in next year's budget, many analysts are pointing to the state's slumping housing market as the primary reason for the economic decline and the drop-off in state tax collections."

"'There are some fundamentals that the policy makers don't have a sizable handle on yet. There are a lot of 'what-ifs.' We're wondering if there is a sea change and what does that portend?' said Dominic Calabro, president of Florida TaxWatch. 'We really don't know why all these people aren't moving here.'"

"Randall Holcombe, a Florida State University economics professor, said that the state's boom times are to blame for the bad times. He said a drop in the economy was almost inevitable following the combination of a national real estate boom and the dramatic retail bump following hurricanes in 2004 and 2005."

"'What we should have done is been more responsible in previous years,' he said."

The Times Union from Florida. "Blame the housing market, says Amy Baker, coordinator of the state Office of Economic & Demographic Research."

"'The end of the housing boom is the catalyst of everything,' Baker said. 'We went through a five-year period of double-digit growth in terms of values and appreciation and construction starts, and when it evaporated and returned to normal, it took a lot of steam out of the economy. And now we're actually a little below normal.'"

The Palm Beach Post from Florida. "A deluge of factors working against cash-strapped homeowners in Palm Beach County and the Treasure Coast came together last month. Faced with adjustable mortgage payments resetting at double and sometimes triple the original percentage rate, local homeowners threw away their keys three times faster in October than they did in the same month last year, studies released Tuesday show."

"In Palm Beach County, 1,620 homeowners received mortgage default notices, according to the clerk's office. And in St. Lucie County, where the sound of hammers all day long signified one of the hottest real estate markets in the nation, until the bubble burst, 610 homeowners could not afford their mortgage payments. That compared with 193 foreclosures a year ago."

From Local 10.com in Florida. "It's definitely a buyer's market in today's real estate rollercoaster. The number of available foreclosure properties is soaring in South Florida, Local 10's Julie Summers reported."

"There are more than double the amounts of foreclosed properties than this time last year."

"Bargains are out there now. But the best may be yet to come. 'Nobody's giving away real estate yet in this market,' said David Dabby, a South Florida real estate analyst."

USA Today on Florida. "After a red-hot market during the housing boom, Jacksonville now faces tougher times. Newly built houses and condos that aren't on the waterfront...have tended to fall in price this year, brokers say."

"The market has evolved considerably. At its peak, 'People were fighting over properties before the 'for sale' sign got into the yard,' says Janie Boyd, a broker associate. 'Today, a home may be on the market 90 days to six months or more.'"

"Canadian snowbirds are rethinking Florida. 'I haven't met one person this year that wants to stay in Florida,' said Boynton Beach resident Dory Kilburn, who heads the Boynton Intracoastal Group, a Canadian advocacy organization. 'They all say they are getting out.'"

"In the last few months, Gerry Brissenden said, the majority of people he has talked to say they are planning to leave Florida. It's not a small number. 'We have held meetings throughout Ontario. I have had perhaps 5,000 people at meetings,' he said. 'Of those coming to Florida, about 70 percent are saying, 'We are going to sell our place.'"

"The housing recovery will be very uneven, with some markets bouncing back more quickly, predicted National Association of Realtors economist Lawrence Yun."

"Florida may see a particularly spotty rebound after having been turned into 'ground zero for the housing market slump,' he said."

"Sarasota has seen prices drop about 10 percent, he noted. 'It was one of the strongest markets during the boom,' so it is one of the biggest losers now, and will take some time to correct, he said." "'People who recently bought are feeling pain,' he said."

"Housing will start to recover next year, if only because people will keep getting married, having babies, changing jobs and retiring, forcing them to buy or sell homes, Yun said. 'The pent-up demand is there,' he said."

"At the moment, the housing market is stalled because those would-be buyers are holding out for lower prices, while sellers are waiting for prices to rebound. 'This is a battle between buyers and sellers,' Yun noted."

"More than 30,000 members and guests of the NAR streamed into Las Vegas Monday to launch their annual Convention & Expo."

"Among this week’s participants are about two dozen members of the Realtors Association of the Palm Beaches. Eric Sain, president-elect of RAPB, said members of his group are concerned primarily about lowering property taxes and 'making houses affordable.'"

"He noted that nationally, the average home costs roughly $250,000, compared with $350,000 in his area. That’s down from a peak of about $430,000, but still too high for many potential buyers, he said."

"Chuck Bonfiglio, president-elect of Florida Association of Realtors, said that while lower prices would help more people buy homes, some sellers are still reluctant to cut prices because of 'culture shock.'"

"In Florida, 'we were used to seeing constant appreciation,' he said. 'For five years, it was so great,' he said, referring to 2001-2005. 'But it can’t just go up like that forever.'"