First Big Red Flag For OC Housing Prices

I wrote a few months ago about the bull market in housing being over. The first serious warning sign was an article that I just read in the OC Register this morning by Jonathan Lansner. Here's the link. It's not rocket science to know that we are at the top of the market right now. The number of delinquent property tax bills has grown by 15% over last year to 46,000 people in OC. That equals about 5.6% of the population. If people can't make their property tax payments, it ain't going to be long until they can't pay the mortgage either. This is a bad omen for things to come.