Actually, I wrote:

Originally Posted by california rick
California has a program where some properties that are foreclosed on can receive points down on the interest rate for first-time buyers. The monies to pay for those points down is floated by bonds by the State.
By "investors" I mean people who buy homes to rent out as income property. Right now the market is ripe for investors because those losing their homes now need somewhere to rent as first-time buyers have already soaked up much of the housing market leaving primarily investors left to buy.

Contrarian, extraordinaire