March 27, 2008
...Raphael Bostic, the interim manager of USC's Lusk Center for Real Estate, said the housing market's decline has convinced him that the region is in recession. "The fundamentals of the Inland Empire economy have deteriorated," he said. "The Inland Empire is ground zero for the housing slowdown."
The housing slump has caused a huge job loss, and rapid growth in inflation has taken consumer confidence to its lowest level in five years, Bostic said...
...Bostic said it'll be up to lenders to make the first move, but they're hesitant to free up any money. "Once housing collapsed, the capital markets decided they don't know where the risk is anywhere," Bostic said...