A report from the Charlotte Observer. "Beazer Homes USA will delay paying subcontractors in at least one city where it builds homes, as the company struggles to ride out one of the most severe housing slumps in recent history. The Observer obtained a letter dated Nov. 5 and signed by Beazer Nashville division President David Hughes, who said 'effective immediately' the company would hold up payments."

"'It is unfortunate, but we cannot continue the prompt payments you have received in past years,' the letter stated. It is unclear how this policy specifically differs from Beazer's previous payment schedule, and if it extends beyond Nashville."

"The company has reported that it is burdened with an 'unusually high' cancellation rate of 68 percent -- 18 percentage points higher than its nearest competitor."

"Nita Hunt, president of plumbing contractor Falapco Inc. in Charlotte, said she has been doing business with Beazer for 15 years. 'I've never had a problem with them,' she said, 'and I can't imagine they'd send a letter like that.'"

The Post & Courier from South Carolina. "Brad Rundbaken has had experience in real estate, the stock market and appraisals, so he has a wide scope on housing trends. In his third quarter Charleston real estate market report, Rundbaken sees some but not much uptick in the sluggish housing market."

"'Sales have really taken a hit here locally due to the current credit crisis and overall negative mentality of buyers and sellers,' he says. 'Until sellers and some Realtors get a clue how to price a home in this buyers market the trend will only get worse.'"

"He says inventories have shown short-term improvement. However, in September 2006, 'overall inventory was 6.1 months or 8,336 properties. September 2007 shows 10.95 months of inventory with 9,742 properties for sale. YIKES!'"

The Palm Beach Post from Florida. "The 78-year-old homebuilder Levitt and Sons filed for Chapter 11 bankruptcy protection late this afternoon."

"'The homebuilding industry, particularly in Florida, has experienced unprecedented declines, with an oversupply of inventory and waning demand exacerbated by the recent disruptions in the credit markets,' Levitt Corp. CEO Alan Levan said in a statement."

"For people who signed contracts on homes in Levitt and Sons' 12 communities in Florida, Georgia, South Carolina and Tennessee, the bankruptcy proceedings create more uncertainty."

"Levitt Corp. reported today that it lost $169.2 million during the quarter ended Sept. 30. The huge losses included pretax charges of $163.3 million stemming from Levitt and Sons' swollen homebuilding inventory. The builder is in default on more than $300 million in loans and had been working to restructure its debt."

"Levitt and Sons is now the biggest builder in bankruptcy, according to Bloomberg News. Its bankruptcy is more proof that the homebuilding machine that emerged during the housing boom could not be sustained, said Brad Hunter, an analyst at MetroStudy in West Palm Beach."

"'Too many builders built too many homes, and obviously there had to be a day of reckoning,' he said. 'We've seen a couple of builders go bankrupt, and there will probably be more.'"

The Wall Street Journal. "Levitt Corp.'s home-building unit, Levitt & Sons LLC, filed for Chapter 11 bankruptcy protection on Friday citing 'unprecedented conditions in the home-building industry' that has been 'particularly sudden and steep' in Florida and Southeast."

"'The home-building industry, particularly in Florida, has experienced unprecedented declines with an over supply of inventory and waning demand exacerbated by the recent disruptions in the credit markets. Levitt Corp.'s results for the quarter are a reflection of the deeply challenging environment in the housing sector and the primary cause of recent actions taken at Levitt and Sons,' CEO Alan B. Levan said."

"The home-building unit's troubles dragged on the parent company's stock, which has plunged 84% this year."

The St Petersburg Times. "The company filed a Chapter 11 petition in U.S. Bankruptcy Court in Fort Lauderdale. Thirty-eight Levitt Corp. affiliates also sought court protection."

"As part of the bankruptcy process 'we will explore the potential sale of all or some of Levitt & Sons' assets,' said Lawrence Young, the company's chief restructuring officer. He said the company would 'seek a mechanism that will facilitate the completion of some unfinished homes.'"

From WESH.com in Florida. "A new national report shows Central Florida homeowners could really get nailed in the slow real estate market. According to Fortune magazine, home prices in Orlando need to drop significantly so investors will get back into the home-buying game."

"Right now investors aren't interested because the mortgage they would have to pay exceeds the rent most people will pay. A house in Orlando now worth $522,000 needs to drop to $343,000 in the next five years, according to Fortune magazine."

"'Guesses don't work. What we can tell you is this: the fact of the matter is prices will come down a little bit more over the next year. That's for sure. There’s no guessing about that, but five years from now, that may be accurate. It might not be. It’s kind of like throwing darts in a dark room,' Realtor Gary Balanoff said."