US housing speculators starting to back off

The US housing/credit bubble is a favorite topic here at work. 'The Gig Is Up' For 'Retreating'Speculators: WSJ

"Robert Cayouette has put down deposits on 10 homes under construction in Florida, figuring he'd quickly flip them and make a profit of about $30,000 apiece. The first of those purchases, a three-bedroom home in Port St. Lucie, is expected to close this month. But Mr. Cayouette has learned he'll be lucky if the house fetches $285,000, or $10,000 less than his original purchase price. 'I wouldn't be able to flip it if I wanted to,' says Mr. Cayouette."