Economists attributed the softening of the housing market in the Inland region to less-affordable properties, fewer investors buying speculative homes and nervous consumers.
"The consumer has lost confidence in the market, and that seems to be what this is all about," said Steve Johnson, a director with MetroStudy, a Riverside real-estate consulting firm. "They don't know if it is a good time to buy or a bad time to buy."
" Alan Nevin, economist for the California Building Industry Association, said the loss of investors as homebuyers accounts for much of the decline."
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