November 1, 2008
...What happened? Essentially, explained Delores Conway, director of the Casden Real Estate Economics Forecast at University of Southern California's Lusk Center, the system went from a flood of capital to a drought of capital in a short period. "There were a lot of available loans around at very attractive interest rates" for both builders and homebuyers, she said. "What's amazing is that the credit markets have dried up and are fueling this decline."...