Flips, scams blamed in California housing decline | Reuters
How one HOA development fell victim to some people who gamed the system. While the gaming was good, at least.

The families believe the investors were not just people flipping houses for a quick profit, but also a group of scammers taking advantage of lax lending rules that permitted 100 percent financing with no money down and minimal documentation. For the Gordons and Taylors, these are the people who ruined the neighborhood by using their homes like revolving night clubs, cramming cars into the cul de sacs and threatening neighbors who complained.