FLORIDA NEW HOME SALES PLUNGE:

Four successive hurricanes have resulted in gloomy real estate sales numbers in the areas hardest-hit by the hurricanes—bankers, realtors and other businesses that depend on Florida’s booming housing market are wondering how fast home sales will rebound. Storm-related disruptions pushed sales for existing single-family homes in August to a humble 5 percent increase in Sarasota when compared with the same month last year, or 815 sales compared with 774 in August 2003. It is remarkable that home-selling during August could exceed last year’s figure when hurricanes foiled everything from realtors’ ability to show homes to buyers’ ability to sign insurance. But that 5 percent increase is small compared to the 53 percent surge the Sarasota-Bradenton market experienced in the second quarter. In Manatee, the August numbers were disappointing. Closings plunged 21.3 percent, from 629 to 495. Market observers suspect it could take six months or longer for the housing market to rebound. Home sales and closings were delayed in August and September as insurers and lenders asked that their homes be re-inspected and buyers restate their ability to pay mortgages.