Empty houses all around across Central Florida reveal builders plight as they are being forced to drop prices even faster than homeowners. Builders unable to sell their excess inventory are hustling to dump homes at lower prices and are doing whatever they can to hurry up and unload before prices go further south.

My daughter who is an interior designer and home stager is getting an unprecedented amount of work from builders scurrying to improve their homes any way they can to make them more attractive for sale before the housing slump worsens.

Bloomberg reported on December 26, 2007: "Home prices in 20 U.S. metropolitan areas fell in October by the most in at least six years, raising the risk that more Americans will walk away from properties that are worth less than they owe. ...Residential investment has subtracted from economic growth for the past seven quarters. Home building dropped at a 20.5 percent annual pace in the third quarter, the most since 1991."

The S&P/Case-Shiller home-price index showed values fell a greater-than-forecast 6.1 percent from October 2006 - the biggest decrease accounted for since measurement began in 2001.

Record foreclosures putting even more homes on the market lead many to believe prices will continue to further decline. Furthermore stricter lending rules will make financing more difficult to obtain and likely cause consumers to hold tightly on to their cash. The danger and risk to homeowners is declining property values will mean securing cash via equity lines will become more challenging.

As the economy's long-term prospects get worse, expect housing to further weaken. Any talk otherwise by the media and financial forecasters is just hype intended to delay fear of the inevitable.

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