July 27, 2008
...For many renters, the combination of a lagging economy and tighter credit means their prospects for home ownership are actually worse than before home prices began dropping, said Delores Conway, director of the Casden Real Estate Economics Forecast at the University of Southern California.
"What will ultimately restore affordability is if the credit crisis ends so we have loan availability," she said. "Right now the consumer is very stressed about high energy prices, high housing costs, whether they are renting or paying a mortgage."...