The great American condo glut

MSN reports:

After several years of gung-ho development in south Florida, San Diego, Las Vegas and other major markets, the once-hot condo market is headed for a slump.

The national median price for existing condos rang in at $228,200 in the fourth quarter of 2005 -- a healthy 12.3% increase from a year ago, according to the National Association of Realtors.

The demand side will get a little weaker the next time the Fed raises rates.