Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the April 15, 2009 edition of Associated Press:
Firm: SoCal median home price stable since January
Associated Press
By Jacob Adelman
...The median home price in Southern California has been stable for three straight months while sales have been increasing, a real estate tracking firm said Wednesday...
..."Sales are picking up. We're starting to see that home prices are flattening," said Delores Conway, director of the Casden Forecast at the University of Southern California Lusk Center for Real Estate. "These are all signs that the market is starting to stabilize and return to a more normal housing market."
However, Conway warned that high unemployment in the state is putting a drag on recovery and the recent gains could be reversed if many more people lose their jobs and are forced into foreclosure.
Job losses in the troubled financial services industries could hit homeowners in higher end markets that have so far seen limited price declines, she said.
"The uncertainty is that unemployment is still rife," she said...
April 15, 2009