This is beginning to feel the second part of bubble breaking.
A total of 16,744 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, down 7.4% from 18,091 in September, and down 24.3% from 22,132 in October 2009.
Foreclosure resales accounted for 34.7% of the resale market in October, up slightly from a revised 33.6% in September but down from 40.4% a year ago. The all-time high was 56.7% in February 2009, DataQuick reported.
If the FHA ever gets re-tooled, which can happen with this new congress, you can lose large part of your buyers, putting pressure on home buying and prices.
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