June 14, 2011
Southern California Home Prices Continue Slide in May
The Los Angeles Times
By Alejandro Lazo
Southern California's housing market weakened in May, with prices and sales dropping in all of the region's counties, providing further evidence of a sluggish spring shopping season.
..."People are gloomy," said Richard Green, director of USC's Lusk Center for Real Estate. "But if you look at our job numbers over the last year, we are not doing bad."
The difficulty of getting a mortgage is a big part of the problem, Green said.
"Hollywood is hiring, Silicon Valley is hiring. I think things are getting better in California," Green said. "I think housing is about as much about the availability of credit as anything else."