Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the May 28, 2009 edition of Business Week
Is California Real Estate Near a Bottom?
Business Week
By Prashant Gopal
...Despite the positive signs, California faces a bumpy road to recovery. Unemployment is still rising, foreclosures are expected to accelerate in coming months, and the luxury market is weak not only because jumbo loans are expensive and difficult to get approved but also because few buyers are willing or able to take a risk on pricey properties. Even the California Association of Realtors - which is saying prices are likely close to the bottom - expects some additional pressure on prices as tens of thousands of foreclosed properties enter the market later this year.
But home prices, which have fallen more than 50% from their peak in some areas of the state, probably won't fall as far or as fast, said Delores Conway, director of the University of Southern California Casden Real Estate Economics Forecast. "There are a lot of headwinds, but we have tailwinds as well," Conway said. "If we were in a normal economy, we'd be fine. The problem is, this is still not a normal economy, and there's still a lot of uncertainty out there...
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May 28, 2009