Dr. Richard Green, Director of the USC Lusk Center for Real Estate, is quoted in the June 5, 2009 edition of the Los Angeles Times
Southern California property values sink below historic norms
Los Angeles Times
By Peter Y. Hong
...Southern California property values have sunk below historic norms, various indexes show, but ongoing foreclosures and economic woes mean that the market bottom may not yet have been reached...
..."If you get away from the coasts, houses are cheap," said Richard Green, director of USC's Lusk Center for Real Estate. Homes in many inland area are bargains relative to incomes and rents; some houses are selling for less than construction costs, Green said. But problems beyond the housing market could thwart local real estate's recovery. California's inability to solve its budget woes is "so awful," Green said, "that it could create problems for business formation, which makes me really wonder about the prospects of job growth going forward..."
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June 5, 2009