The Pelican Press reports from Florida. "A real estate auctioneer hired by Sarasota County to sell off more than 2,000 residential lots in the North Port area last year is still owed a $240,000 bonus for doing a good job. But some of the people who bought lots have walked away from the deals. 'Our staff got overwhelmed and there was a delay in getting deeds transferred,' outgoing County Commission Chair Nora Patterson said. 'Then the local real estate market collapsed and some people reneged on purchases.'"

"Most of the lots were located in remote areas of North Port that still don't have utility services. There was a time when the lots were considered to have little or no value, but they became hot commodities several years ago when real estate values skyrocketed and drove the cost of new homes to record highs. Developers and speculators lined up to buy them."

The News Press. "Ed Bonkowski is a real estate broker and asset manager (who) specializes in identifying real estate bargains. Q: What opportunities do you foresee for your company over the next year in this market climate?"

"A: I would caution that, unfortunately, all 'sellers' opportunities,' ranging from raw land to partially developed projects, have resulted from bank and/or lending sources, and (you) may have to watch a drastic market downturn as the loans begin to fail more frequently. A major investment emphasis will be in the form of foreclosures, where as many as 1,500 per month are now taking place in Lee County alone."

"For the first time in 30 years, I have witnessed tenant resistance to normally accepted fair-market rentals. I believe this is directly attributable to tremendous vacancies in Lee County, which has left tenants as the new king in negotiations. The old adage of first and last month's rent and security deposits for long-term rentals are a thing of the past."

"Roberta and Don Licker were ready to start construction on their dream house in east Lee County — now they spend their days researching the complex details of a bankruptcy reorganization by Fort Lauderdale-based Levitt & Sons."

"'This company left people high and dry,' said Roberta, referring to the 21 people who bought houses that weren't finished and the additional 89 who are now living in Cascades, which had been planned for 570 home sites when it was started two years ago."

"Levitt's the first national builder whose bankruptcy has sucker punched Lee County residents but Fort Lauderdale-based attorney Robert Charbonneau said more are almost certainly coming. 'I can assure you, it won't be the last.'"

The Herald Tribune from Florida. "Million-dollar homes are the norm in Esplanade on the Bay, a small gated community on the banks of Sarasota Bay. But even here you can find signs of neighborhood neglect. An unfinished house, idle for years, is no more than a two-story, cinderblock shell with masonry clinging precariously to its rebar skeleton."

"'What happens during hurricane season?' asked Loretta Saracino, who lives next door. 'I don't want concrete blocks flying into my home.'"

"The banks take ownership but often do not maintain the homes or make sure squatters have not moved in, said Ann Marie Harper, a county worker who tracks crime in Manatee nuisance properties. Sometimes it takes weeks to even determine ownership, she said."

"Abandoned homes are sometimes used as a base for drug sales and prostitution. 'Once you have one property like that, it just ripples through the neighborhood,' Harper said."

The St Petersburg Times from Florida. "The white brick and concrete block house off Beacon Square Drive in Holiday, has been empty for six months. This used to be home for a single dad and his son who grabbed their piece of the American dream with the help of a $70,000 bank loan and a $40,000 second mortgage from Pasco County."

"But on Wednesday morning, Pasco Community Development manager George Romagnoli drove up to the courthouse in New Port Richey to bid on the foreclosed Holiday property. During the boom years, Romagnoli found himself competing with investors. But this week, no one else wanted the two-bedroom, two-bath ranch."

"'Things are bad out there,' Romagnoli said."

"How bad? During the first 11 months of last year, Pasco recorded 7,809 property foreclosures, a 133 percent jump over the previous year, reported RealtyTrac. In Hernando, 3,011 families fell behind on their mortgages and lost their homes last year, a 300 percent increase over 2006."

The Palm Beach Post from Florida. "Nearly 5,000 St. Lucie County households defaulted on their mortgages in 2007, as resetting mortgages crashed head-on into plunging home prices and tightened loan policies."

"Every single month of 2007 had more foreclosure filings than all 12 months of 2005, the figures for St. Lucie County show."

"To understand just how fast and how high foreclosures have shot up in Port St. Lucie - the fastest-growing city in America a few years ago, according to a front-page story in The New York Times - consider that there were only 203 foreclosures in all of 2005."

"The bust may have been unavoidable. 'This (boom) was filled with speculators, weak borrowers and people stretching to buy more than they could afford,' said real estate analyst Lewis Goodkin of Miami."

The Orlando Sentinel. "55 West on the Esplanade, the troubled condominium high-rise in downtown Orlando, has been foreclosed on by the lender and is now being developed by a South Florida-based company that vows to finish the project by the end of the year."

"Of the original 405 condo units planned, about 75 percent of the space was sold, but about half of the sales were to speculators who rescinded their purchase contracts or are in the process of doing so, said Bob Hensley, CEO of Grosse Pointe Development Co."

"Hensley said everyone who wants their deposit back will receive it, though the lender, SNS Property Finance, will take a loss on the project."

"'We're trying to minimize that [loss],' he said. They will redesign or market some of the building differently, possibly to accommodate a small number of boutique hotel units."

"Penthouse units atop the building are going to have to be used for some other purpose, Hensley said, because 'they were overdone' and would be too expensive for the Orlando market -- $4 million or more."

"'An unfinished building like that would be really bad,' said Greg Morrison, owner/president of Morrison Commercial Real Estate, which has its headquarters nearby."

"Though he specializes in the commercial-office market rather than residential condos, Morrison said the condo market clearly remains 'very soft' in Orlando and elsewhere in Florida. 'I really don't know how much of a chance they would have to fill it.'"

"Break open the piggy bank: More Florida condos are going on the auction block, including a bunch near the beach an hour's drive northeast of Orlando."

"Locally based Stirling Sotheby's International Realty's auction group said Monday it will host its first major international auctions this month. On the block: 27 new, three-bedroom luxury condominiums in Naples, and 30 luxury condominiums at Ocean Walk in New Smyrna Beach (no relation to Wyndham Ocean Walk Resort in Daytona Beach)."

"Both events will be 'absolute auctions,' meaning no minimum bids are required, and all condominiums will be sold regardless of price, Soderstrom said."

The Naples News in Florida. "Local Realtors see glimmers of hope in a new monthly sales report put out by the Naples Area Board of Realtors. Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend."

"The number of available condominiums dropped to 5,816 in December, down from 6,014 a year ago, a 3 percent decline. In December, there were 269 single-family and condominium sales, down from 312 a year ago. The median home price fell to $380,000, from $412,000 in December 2006, according to the report."

"'The facts are the facts, and when you look at the numbers it appears as though we are now once again headed in the right direction,' said Arlene Carozza, NABOR’s president."

"Last year, condo prices fell the most. The median price went from $365,000 to $300,000. 'I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,' said Broker Michael Hughes in Naples."

The Atlanta Journal Constitution from Georgia. "Amid a flood of gloomy economic indicators, the auctioneers at foreclosure sale specialist Hudson & Marshall are returning to Atlanta on Wednesday for a four-day frenzy of bidding and bargaining."

"The company will offer 527 homes through Saturday, an indication of the rising tide of foreclosures."

"The homes in the current crop of Hudson & Marshall offerings range in value from $30,000 to $700,000, according to Crystal Wright, a spokeswoman for the company. 'There are some very nice properties in this lot,' Wright said."

"Among them is a Stone Mountain estate with five bedrooms, six baths, a media room and an indoor swimming pool last listed for $619,900."

The Dothan Eagle from Alabama. "Sellers have had a great run in the Dothan real estate market, but the inevitable slowdown has put Dothan in a buyer’s market and 2008 is expected continue the trend, according to one Dothan realtor."

"With around 900 homes for sale in the Dothan market — almost a record high — those looking to buy will be able to choose from several options, keeping prices steady or even lower."

"'If you’re looking for a $150,000 house to buy, you may have 10 to choose from right now instead of three or four as in the past,' said broker Charles Woodall."

The Island Packet from South Carolina. "Home and villa sales in the Hilton Head Island market were down slightly more than 10 percent in 2007, but the median price remained relatively stable, dropping less than 3 percent, according to data from the MLS of Hilton Head Island."

"It was the second straight year where sales and prices dropped. Sales of single-family homes fell 20 percent in 2006 from 2005, and prices on those properties fell 9.3 percent, according to MLS data."

"Andy Twisdale, a Realtor with Charter I North Realty and Marketing, said it would take two years to sell the current inventory if no other homes come on the market. Villas have about three years’ worth of inventory."

"Because of the high inventory, Realtors will be happy if 2008’s sales and prices are on par with the last two years, Twisdale said. Still, those who bought before 2003 are realizing a profit on their home if they sell now, Realtors said."

The Sun News from South Carolina. "When there's blood in the streets, start buying. It's an adage that local real estate investor Jeremy Finger lives by, and he thinks today's market gives him the perfect chance to apply it."

"'Whenever there is chaos and whenever there is a lot of bad news somewhere, there's usually opportunity,' he said."

"On the Grand Strand, some sellers have slashed prices by $5,000, $10,000 - even $60,000 to get buyers to bite. There are about 5,880 single-family homes for sale on the Coastal Carolinas Association of Realtors MLS - a 15-month supply."

"There is a 23-month supply of condos with 7,659 listings."

"Centex Homes is advertising $8,000 to $40,000 reductions in its base prices on homes to be built in its 11 local communities. Homes in Chandler's Run near Myrtle Beach are being sold at $25,000 discounts, according to Prudential Burroughs & Chapin's Web site."

"Other homes listed on the MLS are selling at prices roughly $10,000 to $60,000 cheaper than the asking price. The Litchfield Co. sold a three-bedroom house in Murrells Inlet this week for $385,000, which was $10,000 less than the asking price. And the Dieter Co. sold a three-bedroom in Pawleys Island for $240,000, down $59,000 from the asking price."

"Now builders are cutting prices, which is usually a last resort, said William Harrison, director of the Center for Real Estate at the University of South Carolina. 'As a general rule, builders nationally are trying to become liquid, and they are pulling out all the stops in general to move their inventory,' he said."

"Centex Homes is advertising $8,000 to $40,000 reductions in its base prices on homes to be built in its 11 local communities."

"'I don't think we're going to see a significant recovery in 2008,' Harrison said. There's too much inventory and turmoil in the financial markets, and foreclosures will continue in 2008 that will bring down prices and glut the market further, Harrison said."

"'While it may be a buyer's market, if I'm a buyer and I've got some patience, I don't think I'd move into the market yet,' Harrison said. 'I don't think we've seen the bottom.'"