A follow-up to my recent post about the shrinking “distressed share” (9/5). Alejandro Lazo of the LA Times reports that “a San Diego real estate investment firm has won an auction of nearly 700 homes owned by Fannie Mae in Florida.” How does this impact our local market? Because banks like Fannie are national entities. As they shed bad assets, mortgage lenders will seek to replenish that business in greener pastures like LA County, where the market is already well into its turnaround.