If nationally, 10% of foreclosures are investor related, I wonder how this percentage breaks down regionally. For example, do vacation markets such as southern California or Florida have a higher percentage of investors who are in foreclosure? It is my observation that the areas of the country that have had the real estate inflation/ bubble are also the areas of the country that have a high concentration of vacation / second-homes. I suspect that it is the investor demand for single-family and condo properties in these markets (southern California, Florida, etc.) that has contributed significantly to the market bubble in these areas. That these areas, at current absorption rates, currently have a 5 to 10 year inventory of homes on the market suggests that the over-building has been caused in large degree by investors. Has any one done any research to determine the validity of this theory? If the theory is correct, are there any policy implications that we can draw from the analysis?