October 16, 2008
...But additional notices of default and foreclosure are expected in 2009 when a new wave of adjustable mortgages will reset. That will continue to push down the median price of homes statewide, possibly into 2010, said Raphael Bostic, an associate professor at the USC Lusk Center for Real Estate.
"Prices could inch up month over month next year, but a lot of moving parts have to align in the economy for that to happen," Bostic said. "And assuming mortgages are plentiful."...