November 8, 2008
..."It's harder to get financing now than it was a year ago," said Richard Green, director of USC's Lusk Center for Real Estate. "You need a 20% down payment. A year ago, it was less than 5%."
Potential home buyers are also less willing to buy now because of high unemployment rates, Green said.
"With people losing their jobs and seeing their neighbors losing their jobs, they're not going to want to make the commitment of buying a house," he said. "You're putting yourself on a hook for a long time."...