December 27, 2008
... "As unemployment keeps rising, demand for housing softens. It will probably get worse before it gets better," said Delores A. Conway, director of USC's Casden Real Estate Economics Forecast. And the ripple effect is pushing rents down, which in turn could put greater pressure on home prices and exacerbate the downward spiral.
Overbuilding in some areas and hard economic times have driven apartment vacancies up, and that is causing rents to stagnate or fall, Conway said...