Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the May 11, 2009 edition of The Business Press:
Are We There Yet?
The Business Press
By Beige Luciano-Adams
...With the worst of the subprime meltdown presumably behind us, a few vital signs are beginning to ripple through the devastated Inland Empire real estate market. A brief slowdown in foreclosures, affordability and an influx of new buyers seem to lift the specter of despair. But as the bottom materializes, questions remain about a coming wave of foreclosures and the next phase of this multilayered and persistent malaise...
...According to Delores Conway, director of USC's Casden Real Estate Forecast, monthly payments for conventional mortgages in the Inland Empire are now approaching rental rates. "Usually, when that happens," said Conway, "assuming rents don't go down, then prices generally start to stabilize." Conway also cited the uptick in sales, which began last fall, as a good indication: "When you start to see sales moving up, prices tend to follow 6 to 12 months later..."
May 11, 2009