Southern CaLifornia Real Estate Market Dies

THE JOURNAL RECORD, December 23, 1992 | Go to article overview

Southern CaLifornia Real Estate Market Dies


From glistening highrises and blue-collar enclaves, Southern Californians are watching the treacherous regional economy batter their most prized asset: real estate.

The Texas-style collapse predicted three years ago by many East Coast economists finally has come to pass for many owners of Southern California property. Prices also have dropped in Northern California, but real estate experts say the drop was not as sharp as in the south and that northern property values will recover much sooner.

"The south is dead, and the north is still alive," said Ken Rosen, chairman of the Center for Real Estate at the University of California at Berkeley.

Rosen pegs the decline of Southern California real estate to an exodus that began more than three years ago, when many Los Angeles residents fled the area's high housing costs, pollution and congestion for cleaner, less expensive towns such as Portland and Salt Lake City.

But he and other experts say the differences between the northern and Southern California markets are rooted in long-term trends that began emerging nearly a decade ago: In the mid-1980s, San Francisco Bay Area cities including San Francisco and Walnut Creek adopted strict controls limiting new construction. By contrast, Los Angeles developers continued unrestricted building, and the amount of downtown office space rose fivefold to 33 million square feet from 6.3 million square feet. As Southern California developers grew unable to fill their buildings with tenants and pay back development loans, Southern California foreclosures nearly tripled to $4.1 billion last year from $1.1 billion in 1988. This year alone, four of every 1,000 properties in the Los Angeles area went into foreclosure, compared with two of every 1,000 Bay Area properties. The mounting foreclosures and subsequent collapse of many Southern California savings and loan associations led to sales at steep discounts of properties once held by these thrifts. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Southern CaLifornia Real Estate Market Dies
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.