U.S. housing woes go south -- to Baja

'Flippers' from California who invested in the construction boom on the northern Mexican coast are now finding it difficult to unload their condos.

By Marla Dickerson, Los Angeles Times Staff Writer
September 8, 2007

PLAYAS DE ROSARITO, MEXICO -- -- The ripples of the U.S. real estate boom began washing up on the shores of this beach town a few years ago. Californians, feeling flush from the steep run-up in housing values stateside, pulled equity from their primary homes and snapped up vacation properties in northern Baja California as if they were buying $10 lobster dinners................................

..............."The ones who bought multiple units are going to be in real deep doo-doo," said real estate agent Roberta Giesea, owner of Baja4U Properties. "The market has slowed way down."

http://www.latimes.com/business/la-fi-bajabust8sep08,0,420904.story?coll=la-home-center