... Richard Green, director of USC's Lusk Center for Real Estate, said the California housing market is being hammered by tight credit markets, expectations of further price declines, a rapidly deteriorating economy and rising unemployment.
"Until the economy stabilizes, it will be hard to see the housing market stabilize," Green said. "If you see the unemployment rate turn around, that's when you'll start to see housing prices bottom and start turning in the other direction. Until that happens, I'm pretty gloomy."...