October 21, 2008
...It's also worth noting that much of the sales activity is coming from the inland areas, including Antelope Valley, Riverside, San Bernardino, etc. That's also where most of the foreclosures have been. "If you look at a place like Malibu, values may go up and down, but it is a place where land is genuinely scarce. There's no substitute for it," Richard Green, director of the USC Lusk Center for Real Estate, told me the other day...