L.A. County housing market 'stabilizing'
San Gabriel Valley Tribune
By Ryan Carter
...We're skidding along the bottom - OK, bumping. That was the message Tuesday, after real-estate tracking firm MDA DataQuick's report showed that the housing market continues to show signs of life...
..."Demand still has quite a ways to go," Husing said.
And so does the market in general, said Richard Green, chair of the Lusk Center for Real Estate at USC. While things are "looking good" for the market for homes in the $400,000 range, the outlook is more uncertain for the higher end. And there's still concern about a glut of foreclosures coming on the market.
DataQuick officials said it remains to be seen how lenders will proceed, given the number of distressed loans still out there. That said, even with more foreclosures and looming unemployment, economists said the market would likely absorb them without the kind of shock that caused its collapse.
"Things are clearly stabilizing," Green said...