Investors Run for the Exits

Spooked by the rapid U.S real-estate slowdown, investors are fleeing top-gaining markets and driving up unsold-home inventories that threaten to deflate prices in many areas.
The nationwide supply of unsold homes hit a record in July and sales fell 11 percent from a year earlier as rising mortgage rates and market leeriness sent buyers to the sidelines. Since investors and second-home shoppers accounted for an unprecedented 40 percent of last year’s buyers, their