An overview of the factors responsible for the Southern California housing slump.
Written in 2009; 950 words; 3 sources; APA; $ 33.95
Paper Summary:
The paper explains the key microeconomic factors that have contributed to a downturn on the demand side, and a rise on the supply side in the housing market. The paper discusses factors such as the reduction in cheap and easy access to credit, the increase in fuel prices, the excess housing and the liquidation of properties by banks. The paper points out that these factors of supply and demand have affected the southern California housing market more in outlying areas than in the inner city.
From the Paper:
"The Southern California housing market is mired in a prolonged slump. The average house price in Southern California declined 27% in May 2008 versus May 2007. Some experts believe that the prices will decline even further before prices are sufficiently low enough to entice buyers back into the market . There are a couple of key microeconomic factors that have contributed to this downturn on the demand side, and others on the supply side. Affecting the demand side is a reduction in cheap and easy access to credit. This access had fueled an abnormal surge in demand, contributing to rising prices which in turn fueled more demand. Also affecting demand is the increase in fuel prices, which has discourage many consumers from entering the housing market, especially in certain areas."
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