In the News

Even as the effects of the recession recede, residential development in downtown L.A. still faces challenges, said Richard Green, director of USC's Lusk Center for Real Estate. He pointed out that, unlike Manhattan, skyscrapers in California have to adhere to strict earthquake codes, and that can make construction particularly costly in downtown L.A.

“When you get done with the construction cost of a luxury building, it’s more expensive than buying a really nice house in a really nice neighborhood that’s pretty close to downtown," Green said. 

Richard K. Green, director of the USC Lusk Center for Real Estate, told KPCC that the common idea that people should not spend more than 30 percent of their income for rent is simply not realistic for more people in LA.

"It’s not available for many, many people who live in Southern California,” Green said. "When we look at Los Angeles, Orange County, and San Diego, the way I do the measurements, they are three of worst cities in the country for affordability."

Southern California has ‘worst’ cities for affordability

"Since lenders indirectly pass on the cost of paying the guarantee fees to consumers, Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles, asserted that the change could have a negative impact on consumers’ ability to borrow money.

Southern California home buyers have pulled back, purchasing fewer single-family homes in October as they struggled to afford houses that have jumped in price this year.

Since then, Moran and her neighbors have been fighting Fannie Mae’s eviction with the help of a tenants rights group. But they've dealt with three management companies and two sets of lawyers without a resolution.

C.A.R. to Release Executive Report, “The Future of Housing Finance: Economic and Policy Insights,” Featuring Analysis from Top Economists and Finance Experts

One expert says that rising prices contributed more to the sales decline than did a low inventory.

WE’RE HEARING as politicians begin to debate immigration reform proposals in Washington, a new study suggests immigrants fared better during the foreclosure crisis than native-born homeowners.

The study found that first-generation Asian and Latino immigrant homeowners saw a lower decline in homeownership rates after the Great Recession than their U.S.-born neighbors.