South Florida Economy Dependent on Home Building Industry.

Oct. 13--Angel Medina, president of Union Planters Bank of Florida in Coral Gables, didn't see it coming.

Until recently, Medina thought the local building industry was weathering the slump spreading across the local and national economy. But a round of calls to his builder clients last week convinced him otherwise.

Builders were telling him that sales were off about 30 percent since Sept. 11, particularly for homes in the $150,000-plus range. Now, he's not sure what to expect in the housing industry.

"It's a tough month," he says.

Question is, will it get tougher?

As South Florida's economic giant -- tourism -- stumbles, many are counting on the region's strong housing sector to carry the torch on growth, as housing stimulates jobs in construction, real estate sales and financing. What's more, just as the stock market of the late '90s made shareholders feel richer, rapidly rising home values in recent years have added to an overall feeling of wealth among many homeowners. Now, there are signs that the boom may have stalled.

"The housing market has clearly slowed, and it's beginning to feel a little bit like a recession," said Mark Vitner, an economist who tracks Florida for Wachovia Securities. "But housing sales haven't been slow long enough for us to think they won't be coming back."

Real estate sales figures typically run about two months behind, so gauging…