A report from the Wall Street Journal. "Small-time investors who flooded into real estate in the past decade to take advantage of low borrowing costs and rising home values are starting to cut back."

"The number of new home loans issued with terms of three years or less, typically used by investors looking to make a quick profit, dropped by 11% in the July-to-September period from a year earlier. It was the smallest amount since the second quarter of 2015, according to Attom Data Solutions."

"The fix-and-flip crowd, numbering some 38,000, has been on the front lines of this shift. In recent months, they have seen a market in which home-price appreciation has slowed but houses remain expensive enough that it is hard to squeeze out a profit."

"Jean Norton, of Austin, Texas, has invested in dozens of properties since she got into real-estate investing in 2009, typically fixing properties up and then selling them. But she hasn’t invested in a property since doing a deal last year in Mobile, Ala. She said she is holding out for a bigger dip in the market to get back in."

"'There’s been a boom for the last couple of years, and we’ve all been waiting for it to slow down,' she said. 'I think this is the first year we are seeing some softening.'"

"Brian Stike, an assistant principal who lives in Asbury Park, N.J., recently bought an investment property he believed was undervalued. Following the same strategy, he fixed it up himself and with the help of some friends. He is now renting it out to earn income."

"'Even if the market crashes, I don’t think there’s any way I could lose money in the long run,' he said. 'I think it is very safe.'"

The Orange County Register in California. "Riverside County’s existing homes are taking an estimated 49 more days to sell this year as 25 percent more residences are listed for sale. Here’s what ReportsOnHousing showed — data from Nov. 29 — for Riverside County."

"Supply: 9,846 listings, up 1,951 residences for sale in a year or 25 percent; and up 9 percent vs. 6-year average. Demand: 2,039 new escrows, down 441 sales contracts in 12 months or 18 percent; and down 14 percent vs. previous six years."

"Market time: 145 days vs. 96 a year earlier and an average 121 days in 2012-2017. Elsewhere in Southern California: Los Angeles County: 49 more days to sell in a year to 107 days; supply up 48 percent. "

"Orange County: 62 more days to 124 days; supply up 58 percent. San Bernardino County: 49 more days to 123 days; supply up 63 percent."