January 18, 2013
From USC Sol Price School of Public Policy Dean Jack H. Knott: Dear Price community, it is with deep sadness that I inform you that our colleague and friend, Ki Suh Park, passed away at his home earlier this week after a long and valiant battle with cancer. Ki Suh was a valued and respected member of our school's Board of Councilors, serving as a trusted advisor and close friend... Los Angeles has lost someone very special. He will be greatly missed by all of us.
January 15, 2013
The Los Angeles Times interviewed Richard Green, USC Price professor and director of the Lusk Center for Real Estate, in a Google+ Hangout about the Southern California housing market.
January 14, 2013
United Press International featured research by USC Price School of Public Policy Professor Dowell Myers finding that a decline in California's child population could harm the state's economic future.
January 12, 2013
The Los Angeles Times reported that Raphael Bostic, USC Price professor and director of the Bedrosian Center on Governance and the Public Enterprise, moderated a housing forum featuring the L.A. mayoral candidates.
December 20, 2012
Minnesota Public Radio interviewed Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the role of Generation X in the national economy.
December 18, 2012
The San Francisco Chronicle quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the mortgage interest deduction.
December 2, 2012
The San Jose Mercury News quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the mortgage interest tax deduction.
November 27, 2012
The New York Times quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about California's housing market being in recovery.
November 24, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the living arrangements of today's seniors.
November 23, 2012
KPCC-FM interviewed Sherry Bebitch Jeffe, senior fellow at the USC Price School of Public Policy, about the political risks California Gov. Jerry Brown might face if he tweaked Proposition 13.
November 19, 2012
The Wall Street Jounal quoted Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about mortgage interest deductions.
November 17, 2012
The Sioux City Jounal covered research professors Richard Green and Gary Painter of the USC Lusk Center for Real Estate, finding that children growing up in owner-occupied homes do better in school.
November 12, 2012
KCET-TV interviewed Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about the housing market.
November 12, 2012
Business Insider published a presentation made by Richard Green, USC Price professor and director of the Lusk Center of Real Estate, highlighting economic recovery in different U.S. states.
November 1, 2012
Hispanic Business cited Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the elimination of the mortgage tax deduction.
October 30, 2012
Daily Finance featured research by Richard Green and Gary Painter of the USC Lusk Center for Real Estate and a colleague, finding that children growing up in owner-occupied homes do better in school. The children of homeowners also appear to be 5 percent less likely to experience teen pregnancy.
October 26, 2012
The Wall Street Journal's "MarketWatch" featured research by USC Price Professors Richard Green and Gary Painter, finding that children growing up in owner-occupied homes do better in school. "Does buying a home make you a better person? No, but the discipline associated with saving for even a small down payment and subsequently managing a house is, on average, associated with the discipline needed to promote better outcomes for children," Green said.
October 24, 2012
The Riverside Press Enterprise highlighted a documentary about the housing crisis, based on the dissertation project that USC alumnus Imran Farooq did while at the USC Price School. The documentary looks at ways to help neighborhoods devastated by foreclosures, following Farooq's community revitalization efforts in San Bernardino, Fontana, Bloomington and other areas.
October 12, 2012
The San Jose Mercury News asked USC Price faculty Richard Green and Dowell Myers about what could have been done to prevent the housing and credit crash.
October 12, 2012
The San Jose Mercury News quoted USC Price professors Richard Green and Dowell Myers about the tax deduction for mortgage interest.
October 1, 2012
The Los Angeles Times ran an op-ed by USC Price Senior Fellow William Fulton about the hidden costs of city sprawl, and how they contribute to city bankruptcies. "Where houses go, where businesses go, where roads go, where sidewalks go, where farms and open space go are all things that collectively affect a community's economic performance and the cost of providing services there," Fulton wrote.
September 19, 2012
The Economist included Richard Green, US CPrice professor and director of the Lusk Center for Real Estate, in a debate on whether home ownership should be discouraged. Green argued that the social benefits of home ownership outweigh the costs. "How much negative equity has affected labor mobility in America is a matter of some controversy, but in any event, this is not an argument against home-owning, but an argument against excessive leverage," Green wrote.
August 31, 2012
Bloomberg Businessweek quoted Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about developers seeking new sources of financing.
August 20, 2012
Fox Newsinterviewed Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the Hardest Hit Housing Market fund.
August 17, 2012
American Public Media's "Marketplace" interviewed Assistant Professor Jenny Schuetz of the USC Price School of Public Policy about maintenance costs associated with foreclosed homes.
August 9, 2012
The Memphis Commercial Appeal quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the non-financial reasons for buying a home.
August 6, 2012
Voice of San Diego ran a column by Adjunct faculty member Murtaza Baxamusa of the USC Price School on a lack of affordable housing in San Diego. He wrote about changes that were put into place to improve the problem, and how the city is faring a decade later. "With the largest share of the increased cost of living being housing, much leadership is needed in the city to balance the income gap between home and work," Baxamusa wrote.
August 5, 2012
The Times of Northwest Indiana quoted Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about the housing market.
August 2, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about the non-financial reasons to buy a home.
August 1, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about the rejection of President Obama's effort to reduce mortgage debt.
July 29, 2012
The Fresno Bee quoted Assistant Professor Jenny Schuetz about malls bringing in public assets like community gardens or leasing spaces to churches.
July 26, 2012
NBC News Los Angeles affiliate KNBC-TV ran a column by Price Senior Fellow Sherry Bebitch Jeffe about the role timing played in getting the tax-limiting Proposition 13 passed -- and how the same could be true of Gov. Jerry Brown's tax initiative. Ideological beliefs about how government should be run led to the passage of Proposition 13, Jeffe wrote. The fight over the governor's initiative "has ideological overtones -- and they're also about the size and role of government," she added.
July 24, 2012
The Riverside Press Enterprise quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the housing market.
July 24, 2012
The San Jose Mercury News quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the Bay Area housing market.
July 15, 2012
The Sacramento Bee ran an op-ed by Professor Dowell Myers of the USC Price School about the impact of Proposition 13 on California, and the role of education in fixing the state's finances. Myers wrote that Prop. 13 drastically limited the property tax paid by older homeowners, pushing the bulk of property taxes onto new migrants to California. Now that home prices have plunged and migration into the state has slowed to a trickle, the only ones left to buy homes are California's native sons and daughters. "We need buyers who can afford the state's high prices to save the housing market and pump up property-tax revenue," Myers wrote. "But we have to grow our own. All agree education is key."
June 30, 2012
The South Florida Sun-Sentinel quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about underwater mortgages.
June 27, 2012
The New York Times quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the housing recovery.
June 27, 2012
The Orange County Register cited a prediction by Gary Painter, USC Price professor and director of research at the Lusk Center for Real Estate, that an aging immigrant population will provide a long-term boost to housing.
June 26, 2012
Curbed L.A. reported that Richard Green, USC Price professor and director of the Lusk Center for Real Estate, will participate in a discussion about development in downtown Los Angeles.
June 26, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about home prices climbing in April.
June 5, 2012
The Atlantic quoted USC Price Associate Professor Elizabeth Currid-Halkett on how pet-friendly policies contributed to the revitalization of downtown Los Angeles. Currid-Halkett sees the growth of the canine community downtown as a symptom rather than a cause of revitalization. "Other types of economic development efforts, such as attracting amenities and businesses, revitalizing old lofts, and cleaning up the streets will attract downtown denizens, who will bring their dogs with them," she says. "The accidental spillover effect of these inhabitants, including the small furry ones, does help increase safety just by virtue of the fact that more people increases density and more use of the sidewalk."
May 30, 2012
The Christian Science Monitor cited Richard Green, USC Price professor and director of the Lusk Center for Real Estate, regarding underwater mortgages.
May 29, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the housing market. "I'm hearing stories of multiple offers for houses; that hasn't happened in a while. Brokers are just happier than they have been in a long, long time," Green said
May 29, 2012
Curbed LA cited Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the housing market.
May 24, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about underwater mortgages. Green found that borrowers who had put higher down payments on their properties were less likely to abandon their homes even if they couldn't sell their homes for enough to pay off their mortgages. "People don't like to walk away from something they have put money into," Green said. "People seem to hate realizing losses."
May 19, 2012
The Los angeles Times quoted USC Price Associate Professor Elizabeth Currid-Halkett about the effect of celebrity ownership on home prices.
May 5, 2012
The Los Angeles Times noted that the USC Lusk Center for Real Estate forecasts a 10 percent jump in L.A. area rents over the next two years.
May 5, 2012
The Hindustan Times (India) quoted Gary Painter, USC Price professor and director of research at the Lusk Center for Real Estate, about the time it will take for the U.S. housing market to recover.
May 4, 2012
Bloomberg Businessweek quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the housing bubble of the '00s.
April 18, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about the Southern California housing market.
April 16, 2012
The Los Angeles Times quoted USC Price Distinguished Fellow Stan Ross, chairman the USC Lusk Center for Real Estate, about possible real estate or media development in Chavez Ravine.
April 16, 2012
The San Jose Mercury News quoted Richard Green, USC Price professor and director of the USC Lusk Center for Real Estate, about the Bay Area housing market.
March 28, 2012
The Los Angeles Times quoted Stan Ross, chairman of the USC Lusk Center for Real Estate, about Magic Johnson being an inspiration to students at USC's Ross Minority Program in Real Estate.
March 28, 2012
The Los Angeles Times quoted Gary Painter, USC Price professor and director of research at the Lusk Center for Real Estate, about home prices continuing to drop.
March 27, 2012
The Seattle Times cited Gary Painter, USC Price professor and director of research at the Lusk Center for Real Estate, about declining home prices. "Falling prices are not so much a reflection of market health, but rather the result of banks disposing of distressed assets by offering low prices to cash buyers," Painter said in the story. He added, "As these distressed properties are taken off the market, that trend will end. When employment and rents increase at the local level, more buyers will see the value of entering the single-family market. If the economy continues moving in this direction, it is likely we have seen the bottom and are moving toward recovery."
March 24, 2012
The Fresno Bee quoted Gary Painter, USC Price professor and director of research at the Lusk Center for Real Estate, about homeowners with equity hanging onto their homes until prices go back up.
March 14, 2012
U.S. News & World Report featured several USC schools and programs in its 2013 edition of "Best Graduate Schools." The USC Price School was ranked No. 4 for Health Policy and Management; No. 6 in Public Affairs, up from No. 7 last year; No. 6 for Public Management Administration; No. 7 for City Management and Urban Policy; No. 7 for Nonprofit Management; No. 9 in Social Policy; No. 12 for Public Policy Analysis; and No. 21 for Public Finance and Budgeting.
February 29, 2012
NBC News Los Angeles affiliate KNBC-TV interviewed Assistant Professor Jenny Schuetz of the USC Price School about Walmart's labor practices and its similarities to competitor Target.
February 27, 2012
NPR's "All Things Considered" interviewed Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the depressive effect that cash buyers have on home prices.
February 16, 2012
The Los Angeles Times quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about why there has been so much investor activity in the Southland real estate market.
February 12, 2012
The Philadelphia Inquirer cited Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about a $26 billion settlement between government authorities and five of the nation's biggest banks.
February 10, 2012
Reuters ran a speech by Federal Reserve Chairman Ben Bernanke that cited research by USC Price School of Public Policy faculty Raphael Bostic, Gary Painter and Jenny Schuetz.
February 1, 2012
Bloomberg News quoted Richard Green, USC Price professor and director of the Lusk Center for Real Estate, about the difficulty of the home refinancing process.
February 1, 2012
KPCC-FM Southern California Public Radio featured a report by assistant professor Jenny Schuetz of the USC Price School that analyzed the availability of retail services in 58 large U.S. metro areas. While the study found that many poor urban neighborhoods have high concentrations of grocery stores, these neighborhoods often lacked the larger chain establishments that often provide lower prices and a larger selection. "It's not a matter of how many there are -- there are lots of small 'mom-and-pop' stores but not many larger chain stores or supermarkets," Schuetz wrote in the report..
January 31, 2012
The Las Vegas Review-Journal quoted Gary Painter, USC Price professor and director of research at the Lusk Center for Real Estate, about people waiting for the housing market to improve.
January 1, 2012
Business Insider cited research by Richard Green, USC Price School of Public Policy professor and director of the Lusk Center for Real Estate, on changing the tax system to encourage home ownership.
December 31, 2011
The New York Times highlighted research by Richard Green, USC Price School of Public Policy professor and director of the Lusk Center for Real Estate, on changing the tax system to offer more encouragement for home ownership. The current system encourages relatively wealthy people to build bigger houses. Green has proposed a refundable tax credit as a percentage of mortgage interest payments available to all homeowners, incentivizing lower-income taxpayers to buy a home.
December 13, 2011
The Sacramento Bee quoted Professor Dowell Myers of the USC Price School about a report suggesting a shift away from suburban housing.
November 27, 2011
The Los Angeles Times cited USC Price Professor Gary Painter, who is director of research at the USC Lusk Center for Real Estate, regarding the effects of increased housing demand on the economy.
November 27, 2011
The Wall Street Journal quoted Richard Green, professor at the USC Sol Price School of Public Policy and director of the USC Lusk Center for Real Estate, about the costs that homeowners incur, including insurance, taxes and regular maintenance.
November 21, 2011
The Deseret News quoted Richard Green, professor at the USC Sol Price School of Public Policy and director of the USC Lusk Center for Real Estate, about how mortgage interest deductions were never created to encourage home ownership, but came to fulfill that function over time.
November 16, 2011
The New York Times quoted Professor Gary Painter of the USC Sol Price School of Public Policy of the USC Lusk Center for Real Estate about the effects of increased housing demand throughout the economy. Painter is director of research of the USC Lusk Center for Real Estate, the story noted.
November 15, 2011
SmartMoney quoted USC Price Professor Gary Painter about the impact of real estate price sites like Zillow and Homes.com on the consumer real estate market.
November 14, 2011
The Columbia Daily Tribune quoted Professor Dowell Myers of the USC Sol Price School of Public Policy regarding the role housing prices have played in a rise in the poverty level.
November 2, 2011
The Wall Street Journal quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about growth in rental housing despite the economic downturn.
November 8, 2011
USC School of Policy, Planning, and Development students learned about the latest privately built apartment complex intended for USC students as part of SPPD's Fell Undergraduate Student Conversation series last month. Con Howe, managing director of developer CityView and adjunct faculty member at SPPD, provided the details on the development of West 27th Place, which puts the luxury amenities usually reserved for apartments downtown just a short bike ride down the Figueroa corridor from the University Park campus.
November 7, 2011
The Los Angeles Times quoted Professor Dowell Myers of the USC School of Policy, Planning, and Development about new U.S. Census Bureau statistics on poverty and the role of housing prices in driving up those numbers for California.
November 6, 2011
The Sarasota Herald- Tribune cited a study by Professor Dowell Myers of the USC School of Policy, Planning, and Development about how, during the past decade, the biggest sellers of California homes have been white senior citizens, with Latinos accounting for 79 percent of the growth in homeownership.
November 3, 2011
The Washington Post highlighted a blog post by Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, on how removing mortgage interest deductions in the tax code would help the economy more than raising taxes would. Green wrote that if his income is taxed, the impact on his desire to work is ambiguous. Removing the mortgage interest deduction would provide incentive to work more, he added. "Leisure is no less expensive (there is no substitution effect), but my desire to restore my previous income remains as before," Green wrote
October 30, 2011
The Los Angeles Times mentioned that Stan Ross, chairman of the USC Lusk Center for Real Estate and SPPD distinguished fellow, sat down for a discussion with Irvine Co. Chairman Donald Bren, who was accepting an award from a real estate trade group.
October 18, 2011
Bloomberg News quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about a poll suggesting that more Americans are willing to end the mortgage tax deduction.
October 6, 2011
The Wall Street Journal reported that Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, spoke before a Senate Finance Committee hearing on mortgage interest deductions. Eliminating the deduction entirely would only lead to a percentage-point decline in the nation's home ownership rate, Green said.
October 6, 2011
The Wall Street Journal reported that Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, spoke before a Senate Finance Committee hearing on mortgage interest deductions. Eliminating the deduction entirely would only lead to a percentage-point decline in the nation's home ownership rate, Green said.
September 30, 2011
The Riverside Press-Enterprise cited a report by the USC Lusk Center for Real Estate, which found that USC graduating students received more plentiful real estate job offers this year, as well as higher starting salaries.
September 30, 2011
Does the economy need to rebound to repair the housing market or does the housing market need to be fixed to improve the economy? It's the sort of chicken-or-egg scenario that keeps policymakers up at night. Richard Green, USC School of Policy, Planning, and Development professor and director of the USC Lusk Center for Real Estate, said history has shown that housing tends to lead the business cycle. Housing recovers and the economy follows. That realization makes housing a major issue to consider for national and statewide elections, Green indicated on Sept. 14 as part of the Road to the White House: Politics, Media and Technology series.
September 28, 2011
The Daily Breeze featured a new report by the USC Lusk Center for Real Estate on job prospects in the real estate industry. The center documented a 25 percent increase in job openings in 2011. "In addition, most students in the class of 2011 received more than one job offer, with better pay. This year's average total compensation package was approximately $120,000, a 15 percent increase over 2010," the report stated. There has also been a dramatic shift in the types of real estate positions available, with a resurgence in finance, investment and asset management, said Stan Ross, chairman of the center.
September 19, 2011
The San Diego Union-Tribune noted that Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, testified before the Senate Banking Committee on the merits of mortgage giants Fannie Mae and Freddie Mac.
September 16, 2011
The Palm Beach Post quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about a need for lenders to write down principal owed by underwater homeowners.
September 15, 2011
The Los Angeles Times quoted Assistant Professor Elizabeth Currid-Halkett about auctions of luxury homes.
September 14, 2011
Bloomberg featured the testimony of Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, before the Senate Banking Committee on the future of government enterprises Fannie Mae and Freddie Mac. Green was among four expert panelists. The panel was split on whether a government guarantee should exist, with Green on the side saying they should stick around.
September 3, 2011
The Oregonian quoted Professor Dowell Myers of the USC School of Policy, Planning, and Development about Oregon's surge in Latino homeownership and decline in black homeownership.
August 31, 2011
The Wall Street Journal quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the impact of encouraging homeowners to refinance their mortgages.
August 23, 2011
The Los Angeles Times quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the condition of California's real estate markets.
August 22, 2011
The Philadephia Inquirer cited a study from the USC Lusk Center for Real Estate on young people's reluctance to buy homes during the recession.
August 16, 2011
The Los Angeles Times quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the stock market impact of uncertainty about the economy.
August 8, 2011
The San Diego Union-Tribune cited Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the potential impact of the stock market drop on housing markets.
August 5, 2011
The San Diego Union-Tribune ran a Q&A with Richard, SPPD professor and director of the USC Lusk Center for Real Estate, about the impact of stock market volatility on Bay Area and Los Angeles housing, and highlighted his research on the subject.
August 5, 2011
Reuters quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the impact of the debt crisis on bids for the U.S. commercial real estate loan portfolio owned by failed lender Anglo Irish Bank.
August 2, 2011
The Riverside Press-Enterprise quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, on whether Fannie Mae, Freddie Mac or banks are equipped to go into the rental management business.
July 31, 2011
The Sacramento Bee ran an op-ed by SPPD Professor Dowell Myers on how the American dream of home ownership can bring young Latinos and older whites together. Last decade's house "sellers were overwhelmingly white, but younger whites, unlike in the previous decades, were not replacing them as homeowners. ... So who were the buyers? Mostly Latinos. At decade's end, they accounted for 78.5 percent of California's total growth in homeownership, and about 32 percent of new homeowners under 45 were Latinos."
July 30, 2011
The Daily Breeze quoted SPPD Professor Dowell Myers in a story about demographic changes in South Bay cities.
July 27, 2011
The Los Angeles Times published an op-ed about California's future homeowners that was based on research done by Professor Dowell Myers of the USC School of Policy, Planning, and Development. The op-ed cited Myers' analysis of newly compiled census data on California homeownership that shows young Latino home buyers, and also Asians, took up the slack from diminished white demand for houses in the past decade and will in the coming years be even more important to the state's housing market as older whites retire and sell their homes.
July 27, 2011
The Los Angeles Times cited research by Professor Dowell Myers of the USC School of Policy, Planning, and Development on California's future homeowners, and mentioned his book "Immigrants and Boomers: Forging a New Social Contract for the Future of America."
July 26, 2011
The San Diego Union-Tribune quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, as saying that a default on the nation's debt would lead to higher interest rates.
July 23, 2011
The Arizona Daily Star cited SPPD Professor Richard Green, who directs the USC Lusk Center for Real Estate, regarding a Chicago plan to build what would become America's tallest building.
July 21, 2011
Bloomberg News quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about a Chicago plan to build what would become the tallest building in the United States.
July 20, 2011
The Philadelphia Inquirer quoted SPPD Distinguished Fellow Stan Ross about the housing demand that will result from Generation Y reaching adulthood. Ross is the chairman of the board at the USC Lusk Center for Real Estate.
July 13, 2011
L.A. Observed covered a report by a SPPD study which used census data to illustrate a housing swap that is taking place between older white Americans and younger Latinos.
July 12, 2011
NPR San Diego affiliate KPBS-FM cited SPDD Professor Dowell Myers regarding California's Proposition 13, which limits taxes on real estate.
July 10, 2011
The Los Angeles Times reported that after L.A. Mayor Antonio Villaraigosa read an article about SPPD Professor Dowell Myers, he talked with Myers about the professor's findings regarding California's Proposition 13, which limits taxes on real estate.
July 6, 2011
The Wall Street Journal quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the federal government's efforts to cut back on its involvement in the mortgage market.
July 4, 2011
The Orange County Register covered a USC Lusk Center for Real Estate briefing on Orange County, at which the center's chairman Stan Ross, who is Distinguished Fellow at SPPD, presented findings and led a panel discussion.
July 2, 2011
The San Diego Union-Tribune cited SPPD Professor Gary Painter, who is director of research at the USC Lusk Center for Real Estate, regarding San Diego home prices.
June 28, 2011
The San Diego Union-Tribune quoted SPPD Professor Gary Painter about a slight rebound in San Diego home prices. Painter is director of research at the USC Lusk Center for Real Estate.
June 26, 2011
The Los Angeles Times featured SPPD Professor Richard Green noting that in addition to directing the USC Lusk Center for Real Estate, he is co-author of the book "A Primer on U.S. Housing Markets and Housing Policy," which is used in universities across the country. "A lot of my work has been about trying to figure out how people behave, observing humans via data, and how they actually behave, rather than how economics dictates they should behave," Green said. Asked about his job at USC, he added: "This is it for me. I love the school, I love the city, I don't see any reason why I would go anywhere else."
June 21, 2011
National Public Radio (NPR) interviewed Professor Dowell Myers of the USC School of Policy, Planning, and Development about the impact retiring baby boomers will have on the real estate market as they downsize their homes.
June 12, 2011
The Fresno Bee quoted Gary Painter, SPPD professor and director of research at the USC Lusk Center for Real Estate, about Southeast Asian families buying affordable Habitat for Humanity homes in Fresno.
June 14, 2011
The Jewish Journal cited Professor Dowell Myers of the USC School of Policy, Planning, and Development regarding California's Proposition 13, and mentioned the Annual Demographic Workshop at USC.
June 12, 2011
Booth News Service cited a 2008 study by SPPD Professor Dowell Myers and colleagues about the impact retiring baby boomers will have on the real estate market.
June 12, 2011
The Fresno Bee quoted Gary Painter, SPPD professor and director of research at the USC Lusk Center for Real Estate, about Southeast Asian families buying affordable Habitat for Humanity homes in Fresno.
June 6, 2011
The San Diego Union-Tribune quoted SPPD Professor Gary Painter, who is director of research at the USC Lusk Center for Real Estate, about the pace of recovery in the San Diego County housing market.
June 4, 2011
The Wall Street Journal quoted SPPD Professor Dowell Myers on the impact retiring baby boomers will have on the real estate market as they downsize their homes.
June 1, 2011
The Los Angeles Times quoted SPPD Professor Dowell Myers about California's Proposition 13, which limits taxes on real estate.
June 1, 2011
The Orange County Register cited SPPD Professor Dowell Myers regarding California's Proposition 13, which limits taxes on real estate.
May 31, 2011
The San Diego Union-Tribune quoted Gary Painter, SPPD professor and director of research at the USC Lusk Center for Real Estate, about declining home prices in San Diego County.
May 31, 2011
The Los Angeles Times quoted Richard Green, SPPD professor and director and chair of the USC Lusk Center for Real Estate, about the consequences of walking away from a home mortgage.
May 18, 2011
The Los Angeles Times quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the Consumer Financial Protection Bureau's efforts to simplify mortgage disclosure forms.
May 14, 2011
The Modesto Bee quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about a rise in California home and rental vacancy rates over the last decade.
May 13, 2011
Los Angeles Downtown News quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the downtown L.A. housing market.
May 13, 2011
The Wisconsin State Journal reported that Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate will speak at the University of Wisconsin-Madison conference "New Partnerships: Government and Real Estate."
May 12, 2011
The Los Angeles Times quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about the foreclosure rate and the necessary steps for the real estate market to return to normalcy.
May 12, 2011
The Associate Press quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about a rise in California home and rental vacancy rates over the last decade.
May 11, 2011
The San Diego Union-Tribune quoted SPPD Professor Dowell Myers about new census figures showing declines in San Diego County homeownership rates.
April 29, 2011
The Orange County Register quoted SPPD Professor Richard Green about housing market cycles. Green is director and chair of the USC Lusk Center for Real Estate.
April 22, 2011
Forbes quoted SPPD Professor Richard Green about the Mumbai real estate market. Green is the chair of the USC Lusk Center for Real Estate, the story noted.
April 13, 2011
The Orange County Register covered the USC Lusk Center for Real Estate's Casden Multifamily Market Forecast, which indicated that Orange County rents will remain largely flat through 2012.
April 12, 2011
Bloomberg News quoted SPPD Professor Richard Green about a new Los Angeles ordinance that will limit new hillside homes to roughly 3,000 square feet on a typical 5,000-square-foot lot. Green is director and chair of the USC Lusk Center for Real Estate.
April 9, 2011
The Washington Post cited a study by SPPD Professor Richard Green on the history of the American mortgage. Green is director and chair of the USC Lusk Center for Real Estate.
April 5, 2011
Even as housing prices plummeted and unemployment rates hit double digits, the so-called Great Recession did not correspond to a surge of Americans in poverty, according to a new USC study. Using the latest census figures, the study found conditions in California mostly improved since 2000. "It's surprising to see how well Los Angeles has fared despite greater losses than the nation in housing prices and employment," said lead author Dowell Myers, USC School of Policy, Planning, and Development professor.
April 2, 2011
The Ventura County Star highlighted research by SPPD Professor Richard Green on home mortgage modifications, and quoted him on the subject. Green directs the USC Lusk Center for Real Estate, the story noted.
April 1, 2011
NPR's "All Things Considered" interviewed SPPD Professor Richard Green about Fannie Mae and Freddie Mac top executives getting high salaries, even though the mortgage giants had to be bailed out. Green is director and chair of the USC Lusk Center for Real Estate.
March 14, 2011
The Huffington Post featured work by USC School of Policy, Planning, and Development doctoral student Imran Farooq, who for his doctoral thesis worked to rehabilitate an underserved San Bernardino neighborhood, utilizing local community vendors and integrating environmentally sustainable building principles. "My goal is to create a model of neighborhood rehabilitation, anchored around private partnerships that can be used to stabilize neighborhoods affected by foreclosures," Farooq said.
March 9, 2011
The Redding Record Searchlight quoted SPPD Professor Richard Green about the benefit of short sales to the current real estate market. Green is director and chair of the USC Lusk Center for Real Estate.
March 1, 2011
The Los Angeles Times quoted SPPD Professor Gary Painter about a rise in cash-only home purchases in California. Painter is director of research of the USC Lusk Center for Real Estate.
February 1, 2011
The Orange County Register cited a blog post by SPPD Professor Richard Green about the benefits of home ownership. Green is director and chair of the USC Lusk Center for Real Estate.
January 31, 2011
Not many dissertations become PBS documentaries, but that hasn't stopped doctoral candidate Imran Farooq from the USC School of Policy, Planning, and Development. The media component of Farooq's dissertation has been made into SOS: Sustaining Our Society, a documentary to be broadcast on the PBS affiliate KVCR in April.
January 31, 2011
The Los Angeles Times quoted SPPD Professor Dowell Myers about the demographics of San Marino, Calif.
January 20, 2011
Investor's Business Daily quoted SPPD Associate Professor Gary Painter
about the practice of converting office buildings for other uses. Painter is director of
research at the USC Lusk Center for Real Estate.
January 13, 2011
The Globe and Mail (Canada) quoted SPPD Professor Dowell Myers about a 2008 study he conducted with USC doctoral student Sung Ryu, which warned of a generational housing bubble that could burst as baby boomers begin to retire.
January 1, 2011
The Los Angeles Times quoted SPPD Professor Richard Green about California housing prices in 2011. Green is director of the Lusk Center for Real Estate at USC, the story noted.
December 28, 2010
NPR's "All Things Considered" interviewed SPPD Professor Richard Green about home prices. Green is director and chair of the USC Lusk Center for Real Estate.
December 20, 2010
The Los Angeles Times quoted SPPD Professor Richard Green about the home mortgage tax deduction. Green directs the USC Lusk Center for Real Estate, the story noted.
December 14, 2010
The New York Times quoted Christian L. Redfearn of the USC School of Policy, Planning and Development in a story about how the down economy is driving people to pursue master's programs in real estate where the recession is used as a teaching tool and a source of case studies. "In the middle of the bubble, students kept wondering why they had to do all this research when it was so simple to flip a property for a profit," Redfearn said. "Now, it is much more fun to teach because not only are there all these great case studies to learn from, but the students are far more interested in understanding the basics." The story also noted that at USC's graduate real estate program, the average work experience of students has jumped to 6.6 years in 2010, compared with five years in 2003. In the last seven years, its acceptance yield has topped 70 percent from just 55 percent, while in the same period the Graduate Management Admission Test, or GMAT, test scores now average 652 compared with 630, the story stated.
December 12, 2010
The Los Angeles Times published a story in its business section, featuring SPPD alumna Renata Simri. According to the article, Simril is managing director at Jones Lang LaSalle, commercial real estate services firm; she advises institutional clients such as the City of Los Angeles and USC on what to do with their real estate. Simril graduated with a master's degree in real estate development, the story noted.
December 12, 2010
Bloomberg Businessweek quoted SPP Professor Richard Green about owning vs. renting. Green is director of the USC Lusk Center for Real Estate, the story noted.
December 8, 2010
The Orange County Register featured USC's Casden Real Estate Economics Forecast, which found that increased demand for Orange County industrial space will cause vacancy rates to fall 2.1 percentage points over the next two years. "Don't expect to see anything go back to where they were in 2005-06 anytime soon," said Richard Green of the USC Lusk Center for Real Estate. "But we're going in the right direction."
December 7, 2010
The Los Angeles Times featured USC Lusk Center for Real Estate's Casden Real Estate Economics Forecast, which found that Southern California's office market will be depressed as long as unemployment levels remain high, but that demand for local industrial buildings is growing modestly. "The industrial sector is showing stronger signs of recovery across the board," said Tracey Seslen of the USC Marshall School.
December 5, 2010
The Hartford Courant mentioned a research project by USC School of Policy, Planning, and Development graduate students, on economic development policies in Hartford, Conn.
December 1, 2010
Miller-McCune featured research by SPPD Associate Professor Gary Painter and a colleague at the University of Utah on the links between geographic location and home-buying trends among immigrants. The researchers identified a steady drift of new immigrants away from major gateway cities toward midsize cities and urban areas. "Our data suggest that immigrants are attracted to homes near active support networks of fellow immigrants and in places with lower rates of immigrant growth resulting in less competition for entry-level jobs," said Painter, director of research at the USC Lusk Center for Real Estate.
December 1, 2010
Pacific Standard Magazine featured research by Gary Painter, USC Price professor and director of research at the Lusk Center for Real Estate, and a colleague, finding that immigrants are moving to mid-sized cities within the United States. The migration patterns are due to immigrants seeking out pre-established immigrant communities and places with low job competition. "The anticipated rapid growth of U.S. immigrant populations in the coming decades, coupled with their movement into midsize metro areas, has the potential to transform communities," Painter said.
November 20, 2010
The Minneapolis Star-Tribune cited a blog post by SPPD Professor Richard Green, regarding real estate as a savings tool.
November 19, 2010
The Los Angeles Times quoted SPPD Professor Richard Green about a drop in California home prices. Green is director and chair of the USC Lusk Center for Real Estate.
October 29, 2010
With foreclosures taking a toll on homeownership, Richard Green -- USC School of Policy, Planning, and Development professor, and director and chair of the Lusk Center for Real Estate -- emphasized that the rental housing market has serious problems as well. Green delivered research findings during the White House conference on rental housing in October.
October 22, 2010
The Atlanta Journal-Constitution quoted SPPD Professor Dowell Myers on the effect of immigration and the recession on the demand for home buying.
October 12, 2010
The Atlanta Journal-Constitution highlighted research by SPPD Professor Dowell Myers and quoted him about changing demographics that could affect the housing market.
October 11, 2010
The San Gabriel Valley Tribune quoted SPPD Professor Richard Green on how loan modification legislation and programs have been ineffective in holding lenders accountable. Green is director of the USC Lusk Center for Real Estate, the story noted.
October 7, 2010
The Los Angeles Times quoted SPPD Professor Richard Green on the home foreclosure crisis triggering a surge in apartment rents by pushing more people into renting. Green is director and chair of the USC Lusk Center for Real Estate.
October 6, 2010
La Raza featured research by Dowell Myers of the USC School of Policy, Planning, and Development and colleagues on Los Angeles Mayor Antonio Villaraigosa's housing policy. The study was conducted for the Pat Brown Institute of Public Affairs, the article stated.
September 24, 2010
Forbes quoted SPPD Professor Richard Green about a decline in home prices. Green is director of the USC Lusk Center for Real Estate, the story noted.
September 23, 2010
The Wall Street Journal quoted Professor Richard Green about the limit for government-backed home loans decreasing. "We need to think how we are going to exit from a Fannie-and-Freddie world, and this is a very small step toward that exit," he said. Green is director of the USC Lusk Center for Real Estate, the story noted.
August 28, 2010
The Los Angeles Times quoted SPPD Professor Richard Green on what the federal government and mortgage lenders can do to encourage homebuying. Green is director and chair of the USC Lusk Center for Real Estate.
August, 28, 2010
The Los Angeles Times quoted SPPD Professor Richard Green on what the federal government and mortgage lenders can do to encourage home buying. Green is director of the USC Lusk Center for Real Estate, the story noted.
August 23, 2010
The Atlantic cited a blog post by SPPD Professor Richard Green on whether homebuying is a good form of investment. Green is director and chair of the USC Lusk Center for Real Estate.
August 21, 2010
La Opinion quoted SPPD Professor Richard Green, director and chair of the USC Lusk Center for Real Estate, about the city of Bell's financial problems, which include a risky real estate investment.
August 18, 2010
The Riverside Press-Enterprise quoted SPPD Professor Richard Green about the impact of unemployment on home buying. Green is director of the USC Lusk Center for Real Estate, the story noted.
August 13, 2010
The Los Angeles Times quoted SPPD Professor Richard Green about some hotels getting government subsidies and tax breaks. Green directs the Lusk Center for Real Estate at USC, the story noted.
August 11, 2010
The Los Angeles Times quoted SPPD Professor Richard Green on an increase in short sales, particularly in California, and the South and Southwest. Green is director and chair of the USC Lusk Center for Real Estate.
July 30, 2010
Los Angeles Downtown News cited a study by the USC Lusk Center for Real Estate which predicted that rents for L.A. County apartments would decline by an average of 3.5 percent this year.
July 22, 2010
The Los Angeles Times quoted SPPD Professor Richard Green about a decline in mortgage defaults in California. Green is director and chair of the USC Lusk Center for Real Estate.
June 30, 2010
The Riverside Press-Enterprise quoted SPPD Professor Dowell Myers about rising demand for luxury apartments as people who would normally buy opt to rent.
June 27, 2010
The North Jersey Record quoted Associate Professor Gary Painter about how the recession has forced people to live in multi-generational households. Painter is director of research of the USC Lusk Center for Real Estate.
June 25, 2010
National Public Radio's "All Things Considered" interviewed SPPD Professor Richard Green about the role of Fannie Mae and Freddie Mac in the mortgage market. Green is director and chair of the USC Lusk Center for Real Estate.
June 20, 2010
The Baltimore Sun quoted SPPD Associate Professor Gary Painter about the impact of recessions on the rate of new-household formation. Painter is director of research of the USC Lusk Center for Real Estate.
June 16, 2010
The Los Angeles Times quoted SPPD Professor Richard Green, who directs the USC Lusk Center for Real Estate, about home mortgage interest rates. "People worried that interest rates could jump, and they didn't. There is an appetite for investors to buy mortgages even without the Fed competing, so that is a real, positive thing," Green said.
June 12, 2010
The Los Angeles Times quoted SPPD Assistant Professor Elizabeth Currid-Halkett about wealthy people buying adjacent properties to their homes to create compounds and ensure privacy.
May 24, 2010
Eleven graduate students representing the various master's programs in the USC School of Policy, Planning, and Development launched the school's first student-adjudicated academic journal. The USC Policy, Planning, and Development Review, an online publication, aims to promote discourse among students of SPPD's professional degree programs by encouraging them to produce work that addresses important social topics.
May 18, 2010
The Riverside Press-Enterprise quoted SPPD Professor Richard Green, director of the USC Lusk Center for Real Estate, about a new report showing declining home sales in Southern California last month.
April 28, 2010
The Los Angeles Times quoted SPPD Professor Richard Green, director and chair of the USC Lusk Center for Real Estate, about the homebuying market in California showing signs of recovery.
April 24, 2010
The Wall Street Journal quoted SPPD Professor Richard Green about an increase in home remodeling among people who can afford to fix up their homes but can't afford to move. Green is director and chair of the USC Lusk Center for Real Estate.
April 21, 2010
The Los Angeles Times quoted SPPD Professor Richard Green about a decline in mortgage default notices in the first quarter of 2010. Green is director and chair of the USC Lusk Center for Real Estate.
April 18, 2010
KPCC-FM's "Town Hall Journal" interviewed SPPD Professor Richard Green about development in Los Angeles' downtown. Green is director and chair of the USC Lusk Center for Real Estate.
April 13, 2010
The Baltimore Sun highlighted a report by SPPD Associate Professor Gary Painter which found that the number of U.S. households in metropolitan areas fell by 1.2 million between 2005 and 2008, even as the population rose. Painter is director of research of the USC Lusk Center for Real Estate.
April 9, 2010
United Press International highlighted the Casden Multifamily Market Forecast by Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, and Tracey Seslen of the USC Marshall School of Business, which projected that apartment rents will fall as much as 3.5 percent in Los Angeles County this year.
April 8, 2010
The Annapolis Capital highlighted research by Gary Painter, SPPD associate professor and director of research at the USC Lusk Center for Real Estate, which found that the number of U.S. households dropped by an estimated 1.2 million between 2005 and 2008, even though the population increased by 3.4 million in 80 of the largest metropolitan areas during that time.
April 7, 2010
The San Diego Union Tribune featured a study by the USC Lusk Center for Real Estate, which suggests that the San Diego County apartment market will lead recovery in Southern California. The Casden Multifamily Market Forecast was compiled by Richard Green, SPPD professor and director of the Lusk Center, and Tracey Seslen of the Marshall School. "San Diego is probably a little more amenable to recovery because of the characteristics of where the jobs are, in firms that are more likely to be hiring faster," Green said. "Orange County ... was the center of subprime lending. That's a whole lot of jobs that won't be coming back anytime soon."
April 7, 2010
The Wall Street Journal featured research by Gary Painter, SPPD associate professor and director of research at the USC Lusk Center for Real Estate, on the effect of the rental market on the homebuying market. When household formation restarts, it will disproportionately benefit the rental market at first, Painter said. As more rental households are added, that could cause the homeownership rate to register a larger decline, the story reported.
April 5, 2010
SmartMoney quoted Gary Painter, SPPD associate professor and director of research at the USC Lusk Center for Real Estate, on the factors that will drive future California home buying.
March 26, 2010
KPCC-FM interviewed SPPD Professor Richard Green about changes to the Obama administration's Home Affordable Modification Program. Green is director and chair of the USC Lusk Center for Real Estate.
March 25, 2010
A new study by researchers at USC's Lusk Center for Real Estate shows that an increasing number of new Americans are choosing to settle down in mid-size cities across the U.S., lured by less competition for jobs and growing neighborhoods of fellow immigrants. The study was co-authored by USC School of Policy, Planning, and Development associate professor Gary Painter and Zhou Yu, assistant professor at the University of Utah.
March 19, 2010
The Orange County Register highlighted research by SPPD Associate Professor Gary Painter which found that from 2000 to 2005 the number of recently arrived immigrants increased in smaller metropolitan cities. "Nurturing links within the immigrant community is key to building a new rank of homeowners," said Painter, director of research at the USC Lusk Center for Real Estate.
March 18, 2010
Covering many complex questions facing the nation in areas like the financial crisis, health care reform, transportation and regulation, Congressman Gary Miller spoke at a recent event sponsored by SPPD. The discussion was part of the Dean's Speaker Series presented by the SPPD Athenian Society.
March 17, 2010
The Los Angeles Times quoted SPPD Professor Richard Green about the kind of home mortgage market necessary for a healthy Southern California real estate market. Green is director and chair of the USC Lusk Center for Real Estate.
March 16, 2010
The Trojan League of Los Angeles showcased the USC School of Policy, Planning, and Development on Feb. 27 at its annual benefit, which featured the theme "Creating Ideas That Shape the World." Each year, the alumnae group selects a distinguished USC department, school or individual to honor.
March 15, 2010
KPCC-FM Southern California Public Radio highlighted a new study by researchers at the USC Lusk Center for Real Estate titled, "Immigrants and Housing Markets in Mid-Size Metropolitan Areas." The study, co-authored by SPPD Associate Professor Gary Painter, who is director of research at the Lusk Center, found that an increasing number of immigrants are putting down permanent roots outside major urban centers, lured by less competition for jobs and growing neighborhoods of fellow immigrants, the story noted.
March 4, 2010
Fox & Hounds Daily cited Professor Dowell Myers about the need for more college graduates and skilled workers who will be able to buy the houses of retiring baby boomers.
February 23, 2010
The Los Angeles Times quoted SPPD Senior Fellow William Fulton about Southern California cities considering new uses for vacant car lots including retail and office space or housing.
February 19, 2010
The Fresno Bee reported that SPPD Professor Richard Green participated in a discussion at California State University, Fresno, about housing prices. Green, director of the USC Lusk Center for Real Estate, told real estate professionals that housing prices have hit bottom, but aren't likely to return soon to the peak levels of the real estate boom, the story noted.
February 19, 2010
The Christian Science Monitor quoted SPPD Professor Richard Green about the Obama aid package for homeowners facing foreclosures and how it may not be enough to fix the problem. Green is director of the USC Lusk Center for Real Estate, the story noted.
February 19, 2010
The Los Angeles Times quoted Associate Professor Gary Painter of the Lusk Center for Real Estate about luxury home prices and the reason for overpricing. Painter is director of research at the USC Lusk Center for Real Estate, the story noted.
February 18, 2010
The Business Journal reported that SPPD Professor Richard Green, who directs the Lusk Center for Real Estate at USC, will speak at a seminar at California State University, Fresno.
February 17, 2010
The Los Angeles Times quoted Richard Green, SPPD professor and director of the USC Lusk Center for Real Estate, about housing short sales. "Making short sales easier would go a long way to freeing up the market. Right now, if people are under water on their house, they are really stuck," Green said.
February 13, 2010
The Pittsburgh Post-Gazette quoted SPPD Professor Dowell Myers about the possibility of sellers outnumbering buyers in the housing market and the importance of education for young people to help them afford their own home in the future.
February 3, 2010
National Public Radio's "All Things Considered" interviewed Stan Ross of the USC Lusk Center for Real Estate about commercial financing.
February 1, 2010
American Public Media's "Marketplace" interviewed Richard Green of the USC Lusk Center for Real Estate about new stores moving into retail space left empty by the recession.
January 25, 2010
Los Angeles Downtown News quoted Gary Painter, SPPD associate professor and director of research at the USC Lusk Center for Real Estate, about commercial property foreclosures.
January 22, 2010
The Los Angeles Times quoted Professor Richard Green about recovery in the California housing market. Green was optimistic about the state's housing recovery, particularly in coastal areas, the story noted. "We really are different from Florida and Arizona. We probably built houses in the wrong place, we probably built houses that were too expensive, but we did not build too many houses the way that other places did," said Green, who directs the USC Lusk Center for Real Estate. "So that puts us in a fundamentally better position."
January 20, 2010
The Central Valley Business Times quoted SPPD Distinguished Fellow Stan Ross on how real estate companies that survive the recession will be stronger for the experience. Ross is chairman of the board for the USC Lusk Center for Real Estate.
January 20, 2010
The Los Angeles Times quoted Professor Richard Green about gains in the Southern California housing market. Green, director and chair of the USC Lusk Center for Real Estate, said that buyers have sensed more security in Southern California's real estate market in recent months and have begun to get off the fence, according to the story.
January 2010
Michael J. Donovan, III, a graduate of SPPD's Master of Real Estate Development program, was featured in Urban LAndscape, the newsletter of the Urban Land Institute of Los Angeles. Donovan, principal of MD3 Consultant Group, "has mastered the art and science of architecture, urban planning, real estate development, contracting, project management and community building -- while still finding time to volunteer thousands of hours to various non-profit organizations," the story states.
December 15, 2009
The Wall Street Journal featured research by SPPD Professor Richard Green that offers recommendations for the government on handling Fannie Mae and Freddie Mac. The paper, which was completed for Genworth Financial Corp. and written with a former Freddie Mac executive, advises that the government play a continued role in the mortgage market by guaranteeing issues of securities backed by certain mortgage products. "While the charge of 'too big to fail' is hardly unique to the government-sponsored enterprises, it is a legitimate concern. The challenge is how to get the volume that is required for liquidity with less concentration and lower risk," the paper stated. Time also cited the report. Green is director and chair of the USC Lusk Center for Real Estate.
December 10, 2009
The Los Angeles Times featured the USC Casden Real Estate Economics Forecast, which determined that Southern California's industrial real estate markets may improve next year, but that the office market should continue to be painful for owners. "Heightened traffic at the ports of Los Angeles and Long Beach will create more jobs and an increased need for warehousing across Southern California," said Tracey Seslen of the USC Marshall School. Los Angeles Daily News quoted Richard Green of the USC Lusk Center for Real Estate about the study results. Green said that even though Riverside and San Bernardino counties have some of the highest unemployment rates in the country, "companies located in coastal areas will be setting up satellite offices in the Inland Empire, where there is sufficient land and cheaper rental rates."
December 5, 2009
The San Diego Union-Tribune reported that Richard Green of the USC Lusk Center for Real Estate will be the keynote speaker at Report on the Region conference at MiraCosta College in Oceanside, Calif., this week.
December 4, 2009
Bloomberg News quoted SPPD Professor Richard Green about banks accepting short sales in greater numbers. Banks are increasing such sales under pressure from the Obama administration and lawmakers who criticized them for favoring foreclosures, Green explained. "It's really finally dawning on banks that they're better off with a short sale," he said. "I think banks were in denial." Green is director and chair of the USC Lusk Center for Real Estate.
December 4, 2009
Speaking before an audience of more than 100 at the California Chamber of Commerce in Sacramento, Professor Dowell Myers of the USC School of Policy, Planning, and Development, discussed how the history and future of Prop. 13 are headed in divergent directions. The lecture, "Demographics of Proposition 13: Rewriting the Old Script for a New Future," was part of the Critical Issues in Public Policy series at the USC State Capital Center.
November 30, 2009
SmartMoney quoted SPPD Professor Richard Green in a story about the Federal Reserve's program to buy $1.25 trillion in mortgage-backed securities, which seems to have stabilized the housing market but is scheduled to expire in March 2010. "The question is: Are they really going to stop the program next year?" said Green, director and chair of the USC Lusk Center for Real Estate.
November 24, 2009
KPCC-FM's Patt Morrison interviewed SPPD Professor Richard Green about contradictory numbers about the U.S. housing market. "One thing that has happened over the last five or six months is prices seem to have stabilized," Green said. "We aren't seeing these huge declines -- 20 percent, 25 percent year-over-year declines -- that we were a year ago. And so that reflects that there's some real stabilization in the overall housing market."
November 24, 2009
CBS Evening News interviewed SPPD Professor Richard Green for a story about homeowners who owe more money on their houses than the houses are worth. "For people who want to move in order to find a job, they find themselves really stuck," said Green,director and chair of the USC Lusk Center for Real Estate.
November 6, 2009
The Sacramento Bee quoted SPPD Professor Dowell Myers about the market for expensive homes that aging baby boomers might want to sell when they retire. Myers said that California's always-dependable supply of homebuyer migrants from cold climates is no longer assured. The story reported that birthrates in Mexico have fallen, meaning fewer arrivals from the south. In 2002, native-born Californians became a majority of the state's population for the first time in modern history, Myers noted.
November 5, 2009
The Los Angeles Times quoted SPPD Professor Richard Green in a story stating that the commercial real estate industry is expected to hit bottom in 2010. Green said that real estate industry leaders who are meeting at the Urban Land Institute's annual gathering in San Francisco are more optimistic than they were at this time last year, because they can see the reckoning finally on the horizon. Green, who directs the USC Lusk Center for Real Estate, added that he isn't sure whether bankers will do what he thinks they should. "One thing that is worrisome is that banks are still delusional," he said, adding that they are extending weak loans while hoping for a turnaround that will preserve older, higher property values.
November 5, 2009
The Los Angeles Times quoted SPPD Assistant Professor Elizabeth Currid in an article about real estate agents holding public open houses for homes valued at more than $10 million. Currid said that having people going through desirable properties has a positive spillover effect. "It's like gallery openings. The art may not be bought on the walls, but it bumps up people's interest. You are generating buzz," Currid said. "Yes, you take the risk of real estate tourists showing up at a $25-million open, but the flip side is those people may start thinking about their own homes. You plant the seed that it is worth it to look at the real estate market again."
November 5, 2009
KPCC-FM's "AirTalk" interviewed SPPD Professor Richard Green on the federal government extending tax credits for first-time homebuyers and making current homeowners eligible for a credit when buying a new home. "When you're talking about people in the $500,000 to $800,000 price range, they're already getting an awfully large tax benefit, which is the mortgage interest deduction," Green said. "The tax credit seems kind of trivial in piling on in that part of the marketplace." Green is director and chair of the USC Lusk Center for Real Estate.
October 21, 2009
The Los Angeles Times quoted Professor Richard Green on how banks are responding to government pressure to scale back repossessions of troubled properties. "I don't think people are saying it to each other, but they're seeing it's in nobody's interest to have mass foreclosures," said Green, director of the USC Lusk Center for Real Estate.
October 17, 2009
The Orange County Register ran a Q&A with Stan Ross of the USC Lusk Center for Real Estate on the commercial development industry, which has suffered from defaults and bankruptcies. "The commercial sector has not yet fully seen the impact of illiquidity in the capital markets. As a result, we haven't seen the full magnitude of defaults or foreclosures yet in the marketplace," Ross said. "Some of these institutions that were holding or buying these securities will run into some serious problems with respect to liquidity and capital requirements. They will either have to be restructured, taken over or look for new equity capital to continue on. The impact on the economy could be a further loss of some institutions and a continued slowdown of new development."
October 17, 2009
The Bakersfield Californian quoted Richard Green of the USC Lusk Center for Real Estate in an article about first-time homebuyers. Green said that banks don't have the staffing capacity to move a lot of inventory through the foreclosure process quickly, particularly when properties are owned by investors with competing liens. He added: "Appraisers are scared to death of getting sued if a home turns out to be worth less than they said, so they're being extremely conservative."
October 15, 2009
The New York Times cited SPPD Professor Richard Green about U.S. foreclosure filings, which climbed to a record high in the third quarter as lenders seized more properties from delinquent borrowers. "The problem is prime loans going into foreclosure and people being underwater and losing their jobs," Green said in a Bloomberg News story. "It's a really bad number." Green is director and chair of the USC Lusk Center for Real Estate.
October 14, 2009
The Los Angeles Times quoted Professor Richard Green about the Southern California housing market, which last month in some areas showed an increase in median home sale prices for the first time since 2007. "I think prices are fundamentally at a bottom," said Green, who the USC Lusk Center for Real Estate. "There could be some weakness in the next year that brings things back down a little bit. I wouldn't be jumping for joy yet, but these numbers are not bad."
October 7, 2009
The Ventura County Star quoted Professor Richard Green in a story about experts predicting a gain in the California housing market in 2010. Green, who directs the USC Lusk Center for Real Estate, said he is 70 percent sure the housing market is at the bottom and is expecting the market to move along with relatively little change in sales and median price for a couple of years. The positives should outweigh the negatives next year, but "I don't expect to see a boom any time soon," he said.
September 30, 2009
La Opinion quoted Professor Richard Green and cited research by Professor Dowell Myers in a story about Proposition 13, which limits property tax rates. Most economists and experts agree that property tax is a less regressive option compared with sales tax, said Green, who is director and chair of the USC Lusk Center for Real Estate. Myers, who has studied the subject, said that Proposition 13 needs reform because new generations will buy homes at higher prices and pay more taxes than previous generations. Young people will subsidize those who paid less for older homes, he explained.
September 28, 2009
The Riverside Press-Enterprise featured a report by Professor Dowell Myers on Proposition 13, which limits property tax rates for existing homeowners. Myers wrote that Proposition 13 has typically worked against newer homeowners, who have had to pay thousands of dollars a year more in property taxes than neighbors who have owned similar homes for several decades. Myers added that the pain is worst for the two million Californians who bought houses during the price bubble between 2003 and 2007, then saw the price of their property tumble by about 40 percent.
September 26, 2009
The Orange County Register quoted SPPD Associate Professor Christian Redfearn about the economic factors that are keeping the real estate market bottom at bay. "[There] is the sharp distinction between activity at the low and high ends of the market. At the low end, financing is available. For example, I heard from a developer in Beaumont that he'd had a successful sale of new homes, but that all of the buyers were FHA borrowers. There are no parallel programs for jumbo mortgages on higher end homes," Redfearn said.
September 19, 2009
The Orange County Register ran a Q&A with SPPD Professor Richard Green on how the aging of housing in the Los Angeles area impacts the housing market. "Some of the areas with this [older] housing have already been redeveloped, but a drive immediately west of USC and east of downtown reveals lots of redevelopment opportunities," Green said. "If governments are serious about Transit Oriented development, we will see denser redevelopment along the Gold Line that is about to open, and the Exposition Line that is scheduled to open next year." Green is director and chair of the USC Lusk Center for Real Estate.
September 16, 2009
Los Angeles Downtown News featured the USC Lusk Center for Real Estate's launch of its new blog, which will focus on trends in finance, urban planning and policies shaping residential and commercial real estate markets worldwide. The center "is responding to a need from real estate decision makers who increasingly turn to social media sites to help them track rapid swings in the global property markets," said Richard Green, director and chair of the Lusk Center.
September 14, 2009
The Wall Street Journal cited an op-ed that Professor Richard Green wrote on the new Lusk Center blog. In a post on the economic obsolescence of large homes, Green wrote that falling incomes could push large-home values below the original construction cost of these homes. With fewer people able to afford larger homes, demand for them may be disappearing or undergoing economic depreciation, he explained. Green is director and chair of the USC Lusk Center for Real Estate.
September 14, 2009
Bloomberg News quoted SPPD Professor Richard Green about home foreclosures. While loan revamps may prevent some foreclosures, many homeowners facing repossession have prime loans, mortgages considered less risky than subprime loans, and can't make their payments because of job losses, Green said. "When people live in a housing market that's dropped 30 or 40 percent, and they lose their jobs, that's a recipe for default," he added.
September 11, 2009
MarketWatch quoted SPPD Professor Richard Green about the tax credit for first-time home buyers, which will expire at the end of November. "In terms of how effective it is, I don't think it does any harm at this point," said Green, noting that the number of first-time home buyers is limited. "It's pushing sales forward that would have happened anyway. You're giving money to people who were going to buy anyway." Green is director and chair for the USC Lusk Center of Real Estate.
September 10, 2009
The Wall Street Journal featured research by SPPD Professor Dowell Myers. The study found that California's falling home prices have widened the generational wealth gap created by the state's Proposition 13, which limited property tax rates. According to the research, people who recently bought homes have suffered the greatest loss of housing value but are getting the least tax relief. The study concluded that if the price of California property stays depressed for a while, the most recent buyers will suffer the most.
September 2, 2009
American Public Media's "Marketplace" interviewed Professor Richard Green about a company that is changing the way real estate agents operate by providing services via the Internet. "Having a model where people examine what's on the market online, and narrow for themselves what they want, it's just not that big a deal," Green said. "You really don't need somebody to drive you around to look for houses that are going to fit your needs." Green is director and chair of the USC Lusk Center for Real Estate.
August 21, 2009
CBS Evening News interviewed USC School of Policy, Planning, and Development Professor Richard Green about recent gains in existing home sales. Nationwide, home sales jumped seven percent, marking the fourth consecutive month that sales increased, the story noted. "I wouldn't be standing up and cheering yet. But things are better than they were six months ago. There's no question about that," he said. Green is director and chair of the USC Lusk Center for Real Estate.
August 12, 2009
Minnesota Public Radio's "Midmorning" interviewed Professor Richard Green about changing attitudes toward homeownership amid the recession. "I think if you look 10 years ago or so, people did not particularly look at their house as a way to get rich. They looked at it as a place to live," Green said. "My guess is we're going to reset back to where we were sometime before the late 1990s." At the moment prices have come down so much and interest rates are so low that it's a good time to buy, he added. Green is director and chair of the USC Lusk Center for Real Estate.
August 6, 2009
USA Today quoted Professor Dowell Myers of the USC School of Policy, Planning, and Development about falling rates of homeownership. "We're returning more to what was normal in the 1960s," Myers said. "People didn't buy homes then as an investment. They bought them to raise families."
August 3, 2009
In his new role as assistant secretary for policy development and research at the U.S. Department of Housing and Urban Development, USC's Raphael Bostic will face a huge task: helping policymakers come up with ways to bring stability back to the nation's housing market. Bostic, a professor at the School of Policy, Planning, and Development, was sworn into his new government position on July 16.
July 30, 2009
The Huffington Post quoted Professor Dowell Myers about demographic changes in the housing market. Myers has pointed to a huge sea change in the ratio of buyers and sellers that will put downward pressure on housing values over the next two decades, the story stated. "The baby boom generation has pushed up housing prices over the past three decades, as they steadily moved up the ladder and bought housing," he said. "So people think the last three decades are normal. But at some point boomers will start to cash out."
July 28, 2009
Bloomberg News quoted Professor Richard Green about recent positive housing market numbers. "June is a month that requires a seasonal adjustment," Green said. "You have to be a little bit careful about what the June numbers alone mean. If we see this kind of thing for another four months, perhaps we know we might have something." Green is director and chair of the USC Lusk Center for Real Estate.
July 24, 2009
The Los Angeles Times quoted Professor Richard Green about a theory that lenders are controlling the rate of foreclosures to avoid further overwhelming the market. "That would require a cleverness among lenders we're not seeing in any other dimension," Green said. "If they could coordinate on that they could coordinate better on loan modifications." Green is director and chair of the USC Lusk Center for Real Estate.
July 21, 2009
The Los Angeles Times quoted Professor Richard Green about the failed Newhall Ranch development, a poor investment choice which cost the California Public Employees' Retirement System almost $1 billion. "I would have said that Newhall Ranch was going to be a winner," Green said. "If I thought that at the time, criticizing others for doing the same would be unfair."
July 16, 2009
Bloomberg News quoted Professor Richard Green about U.S. foreclosure filings reaching a record 1.5 million. "People are losing their jobs, seeing their income go down and are underwater on their mortgage," Green said. "It's a toxic combination." Green was also cited by the Washington Independent. Green is director and chair of the USC Lusk Center for Real Estate.
July 9, 2009
SmartMoney quoted Associate Professor Gary Painter in a story on lowering one's property tax amid the recession. If your assessment is based on a higher valuation from several years ago - for example, before 2005, the height of the real estate boom - it may be a good time to get it reassessed, Painter advised. Painter is director of research at the USC Lusk Center for Real Estate.
July 7, 2009
KPCC-FM's "Patt Morrison" interviewed Professor Richard Green about a possible upcoming wave of foreclosures. Many lenders temporarily stopped foreclosure proceedings, and the moratorium for many homeowners is about to expire, Green said. "[Y]ou have people who are under water on their mortgage, combined with a bad jobs picture. It's a really toxic combination," he added. Green is director and chair of the USC Lusk Center of Real Estate.
June 27, 2009
The Los Angeles Times quoted Professor Richard Green about the possibility of debt forgiveness for homeowners whose properties are underwater. Green favors debt-for-equity swaps, in which mortgages are refinanced to turn a percentage of the homeowner's loan in to an equity stake for the lender. The need for such strategies is chronic, particularly in places like Riverside County, he said. Green is director and chair of the USC Lusk Center for Real Estate.
June 25, 2009
BusinessWeek quoted SPPD Professor Richard Green in a widely carried story about bank stocks. Even properties on which borrowers made 30 percent down payments are underwater where property values are down 33 percent to 40 percent, Green noted. "On one hand, regional banks don't want to foreclose and have the property on their balance sheet. On the other hand, everyone's capital-constrained, so they don't want these loans they were planning to be rid of to hang around on their balance sheet because then they can't make new loans." Green is director and chair of the USC Lusk Center for Real Estate.
June 24, 2009
Richard DeBeikes Jr., president of the diversified real estate corporation DeBeikes Investment Co., has been elected to a five-year term on the USC Board of Trustees. DeBeikes, a 1978 graduate of the USC School of Policy, Planning, and Development, is also outgoing president of the USC Alumni Association Board of Governors, having served for 2008-09.
June 14, 2009
BusinessWeek quoted Professor Richard Green about the impact of rising home prices on homeowners. If prices were to go up everywhere, it wouldn't help the homeowner, since he or she couldn't afford to buy a new home in the same market, Green explained. "The only way you can benefit is if you sold a house in California in 2006 and moved to Alabama." Green is director and chair of the USC Lusk Center for Real Estate.
June 12, 2009
The Wisconsin State Journal featured the keynote speech by Professor Richard Green at the conference "Housing Outlook 2010: Continued Crisis or Recovery?" "Finding the bottom is really key to getting out of this mess and I do think we're close," Green said. "The long-term outlook for housing is very positive." Green is Director and Chair of the USC Lusk Center for Real Estate.
June 8, 2009
The Cleveland Plain Dealer noted that SPPD Professors Richard Green and Raphael Bostic will speak at a Federal Reserve Bank of Cleveland Community Development Summit titled "Credit, Capital, and Community Building in Transitional Times." Green is Director and Chair of the USC Lusk Center for Real Estate.
June 5, 2009
The Los Angeles Times quoted Professor Richard Green about current property values. "If you get away from the coasts, houses are cheap," Green said. In inland areas, some houses are selling for less than construction costs, he noted. Green is director and chair of the USC Lusk Center for Real Estate.
June 5, 2009
The Los Angeles Downtown News quoted SPPD Distinguished Fellow Stan Ross about a proposed condo tower in L.A.'s downtown. Depending on how quickly the project moves forward, the developer may have to provide a large portion of the project's construction budget up front, Ross said. Due to the current frozen credit market, the developers are unlikely to get traditional financing, he added. Ross is chairman of the board for the USC Lusk Center for Real Estate.
May 20, 2009
The Los Angeles Times quoted Professor Richard Green about many homeowners keeping their properties in the hopes that prices will eventually rise. "Until those people are forced to sell, they're not going to," Green said. "That might change if lots of high-income people lose their jobs," he added. Green is director and chair of the USC Lusk Center for Real Estate.
May 9, 2009
The Los Angeles Times quoted Professor Harry Pachon about the American dream among Latinos. "It's the dream of having a single-family house and a white picket fence and a dog," Pachon said. Pachon is president of the Tomas Rivera Policy Institute at USC, the story noted.
May 8, 2009
KPCC-FM's "AirTalk" interviewed Professor Richard Green about the relationship between real estate brokers and appraisers. "One of the things that let us down the road that we went down was the relationship between the brokers and the appraisers," said Green, who directs the USC Lusk Center for Real Estate. "The brokers had every incentive to get the loan done, not to make sure the loan performed properly, because they were compensated based on originations, not on loan performance; so the last thing they wanted is an appraiser to get in the way of the deal."
April 16, 2009
The Economist quoted Professor Richard Green in a story on reconsidering the benefits of homeownership. "Perhaps the most compelling argument for housing as a means of wealth accumulation is that it gives households a default mechanism for savings," said Green, director and chair of the USC Lusk Center for Real Estate. Because people have to pay off a mortgage, they increase their home equity and save more than they otherwise would," he explained.
April 15, 2009
The Los Angeles Times quoted Professor Richard Green about the merger of homebuilder giants Pulte Homes and Centex. "What this says is that companies are desperate to cut overhead right now," Green said. "I see this as a good, cost-saving move for both companies."
April 9, 2009
Xinhua News Agency (China) featured the latest USC Casden Real Estate Economics Forecast, which was released by the USC Lusk Center for Real Estate. The report found that rent prices fell across much of Southern California. "The dramatic changes in the economy are taking their toll on landlords, who are lowering rents or giving concessions just to keep their units occupied," said Delores Conway of the Lusk Center, who directs the forecast.
April 8, 2009
American Public Media's "Marketplace" interviewed Associate Professor Gary Painter about Pulte Homes buying rival homebuilder Centex. One advantage of the merger is that by cutting costs, it will facilitate building up cash reserves, the story noted. "Because there's not the same sort of credit available that there obviously used to be, it'll put them in a position to acquire inventory of land for the long term," Painter explained. And acquiring land in the right places will make all the difference, he said.
March 23, 2009
CNBC quoted Professor Richard Green about a resurgence in conservative lending practices. Lenders have returned to the "gold standard" of requiring 20 percent down for loans not insured by the Federal Housing Administration, Green said. "We are seeing some lenders asking for 25 percent down," he added. "It used to be, if you had a [credit] score of 680 or above you were considered very good quality credit, and you'd get the best pricing," Green added. But as lenders have gotten more careful, the bar for that top tier is higher. "Now you'll pay 1 percent more than someone with a 760."
March 14, 2009
The Los Angeles Times quoted Professor Richard Green about President Barack Obama's proposal to reduce the mortgage interest tax deduction for those earning more than $250,000. The plan may well be "sort of the nose under the tent on the way to getting rid of the mortgage interest deduction entirely," Green said.
March 13, 2009
The Wall Street Journal quoted Professor Raphael Bostic about how the redevelopment of downtown Los Angeles is faring in the current economy. While troubles facing downtown may reflect economic headwinds that have battered real estate nationally, some experts believe that downtown has also suffered from too many high-priced developments, the story stated. "The price points that were projected aren't sustainable," Bostic said. "The prices you have to charge now make the returns relatively unattractive."
February 25, 2009
The Los Angeles Times ran the second and third parts of the "Dust-Up" debate featuring SPPD Professor Richard Green. "A cram-down is a court-ordered reduction of the secured balance due on a home mortgage loan," Green wrote in the first story. "Basically, it reduces lenders' collateral to the current value of the house, which is determined with an appraisal. That said, I worry about the impact of cram-downs on the ability of borrowers to get mortgages going forward." In the second Los Angeles Times story, Green recommended a plan to reduce the principal owed in home loans. "I think policymakers are worried that writing down principal will give borrowers something for nothing. But the same is true for reducing payments via a subsidized interest rate," he wrote. "We could help deal with the fairness problem by having a claw-back provision for borrowers whose loans are modified."
February 24, 2009
The Los Angeles Times ran an op-ed by Professor Richard Green as part of a "Dust-Up" debate series on President Obama's mortgage plan. "I would like to see an additional feature in the Obama plan: a claw-back provision for those who get a direct mortgage subsidy from the government and then later sell at a profit," Green wrote. "If we taxpayers are going to help people remain in their houses, we should get the equivalent of partial-ownership interests in the houses we subsidize."
February 20, 2009
Fox News interviewed Professor Richard Green about homeowners who are frustrated that the government is bailing out people who took risks and not helping those who were responsible. Such frustration is justified, but the economic risk of letting millions of homeowners default on their mortgages leaves the government with little choice, Green said. "A year ago I would have been appalled at this plan," Green said. "Now I think we have to do something like this. The moral hazard argument is valid, but is trumped by the macroeconomic situation." Green is director and chair of the USC Lusk Center for Real Estate.
February 19, 2009
The Oregonian quoted Professor Richard Green about President Barack Obama's mortgage restructuring initiative. "It's a clever plan," Green said. "It might actually help the housing market bottom," he added. Green is director and chair of the USC Lusk Center for Real Estate.
February 12, 2009
USA Today quoted Professor Dowell Myers on the domestic housing slump. A record one in nine housing units is vacant, the newspaper reported. Myers said the problem goes beyond the construction frenzy that peaked in 2005. "This is a different problem," says Myers, housing demographer at the USC School of Policy, Planning, and Development. "It's high now because of lack of demand. Now, vacancies we see are from units that have been empty for a period of time."
February 6, 2009
U.S. News & World Report quoted Professor Richard Green about tips for potential homebuyers. People should consider purchasing a home as a place to live in rather than as an investment, Green advised. "If you're not planning on living in that house for more than three to five years, I wouldn't buy anything right now," he said. Green is director and chair of the USC Lusk Center for Real Estate.
February 4, 2009
Faculty and students at the USC School of Policy, Planning, and Development took part in a leadership training conference to help local government officials find solutions for public problems afflicting cities nationwide.
January 27, 2009
The Wall Street Journal quoted Professor Richard Green about disincentives for first-time homeowners. Rising unemployment and announcements of huge job cuts have sapped consumer confidence nationwide, discouraging some potential buyers from making a move, the story stated. "People rightly feel less secure in their future income," Green said. The housing market won't recover until the unemployment rate stops rising, he added.
January 26, 2009
The USC School of Policy, Planning, and Development marked its 80th anniversary by hosting a special colloquium Jan. 16 at the Davidson Conference Center. During the conference, Dean Jack H. Knott noted that SPPD remains dedicated to advancing academic theory and making a vital impact in the world.
January 23, 2009
BusinessWeek quoted Professor Richard Green about possible "cramdowns," whereby the government forces lenders to modify the terms of home loans. A year ago, allowing loan modifications would have raised objections, since it would let many homeowners to escape their contractual obligations, the story stated. But the urgency of the real estate crisis has changed many people's thinking, while others "have made the judgment that the moral hazard ship sailed a long time ago," Green said. "Things have reached such crisis proportions, we have to put such niceties aside and get ourselves through this," he added. Green said that the only cure is a mass-modification program, which is what the government used in the Great Depression.
January 20, 2009
Portfolio quoted Professor Richard Green about the silver linings of the credit crunch and housing slowdown. Until frozen markets thaw, banks won't able to fund as many projects, but that might be a good thing, the story stated. "A slowdown is creating more time to plan and tempered expectations," Green said. "Projects that do get funding will be sound, which will ultimately be good for an ailing industry."
January 20, 2009
The Orange County Register featured the latest forecast by the USC Lusk Center For Real Estate. The forecast stated that the commercial market won't grow for two years, according to the story. "[A] lack of liquidity remains the major obstacle to a recovery in the commercial real estate markets at least until the end of this year," said Stan Ross, chairman of the Lusk Center. Now would be a good time for developers in a strong financial position to buy up such building materials as wood, steel and concrete to take advantage of falling prices, said Richard Green, the Lusk Center's director.
January 18, 2009
The San Diego Union-Tribune quoted SPPD Distinguished Fellow Stan Ross about hotel real estate. "With hospitality you have lower occupancy and competition," Ross said. "Look at what you can get a room for in Vegas." Ross is chairman of the board at the USC Lusk Center for Real Estate.
January 14, 2009
The San Diego Union-Tribune quoted Professor Raphael Bostic about the need to stem home foreclosures. "Without doing more to control the wave of foreclosures, we could have a continuous flow of distressed mortgages, which would create problems for the economy as a whole," Bostic warned.
December 24, 2008
U.S. News & World Report quoted Professor Richard Green featuring advice for prospective homebuyers. "If you're not planning on living in that house for more than three to five years, I wouldn't buy anything right now," Green said. "Nobody knows what is going to happen to prices over the next few years." Green is director and chair of the USC Lusk Center for Real Estate.
December 2, 2008
The Wall Street Journal highlighted Professor Dowell Myers in a story on the future of American real estate. Myers' research has indicated that the retirement of baby boomers over the next two decades is likely to depress house prices in many areas, the story stated. "It's going to really mess up the housing market," Myers said. This "generational correction" will be larger and longer-lasting than the current slump, Myers has predicted. In some areas, younger people will be happy to buy boomers' homes as they retire and move elsewhere. The problem will be in places where lots of older people are selling and few young people are settling down, Myers said. The effects will be strongest in the "coldest, most congested and most expensive states rather than the high-growth states of the South or West," he noted.
November 12, 2008
Time quoted Professor Richard Green about the new plan by Fannie Mae and Freddie Mac to reduce mortgage payments for some homeowners who can't currently meet their monthly payments. The new program doesn't forgive principal, only defers it, which may not go very far at a time when some 18 percent of mortgage holders owe more to the bank than their house is worth, the story stated. "If all they're doing is lengthening the loan maturity, it may reduce the economic stress a little bit, but it doesn't deal with the main problem, which is you have an underwater loan," Green said.
November 8, 2008
The Los Angeles Times quoted Professor Richard Green about the fall in pending home sales in Southern California. "It's harder to get financing now than it was a year ago," said Green, director of the USC Lusk Center for Real Estate. "You need a 20% down payment. A year ago, it was less than 5%." Potential homebuyers are also less willing to buy now because of high unemployment rates, Green added. "With people losing their jobs and seeing their neighbors losing their jobs, they're not going to want to make the commitment of buying a house," he explained.
November 13, 2008
The Los Angeles Times quoted SPPD Associate Professor Gary Painter about financial problems facing CalPERS, California's largest public pension fund, which is losing value due to its housing investment portfolio. "It's certainly frightening for those who look forward to getting their pensions from the California system," said Painter, director of research at the USC Lusk Center for Real Estate.
November 5, 2008
The Wall Street Journal quoted SPPD Professor Richard Green, director of the USC Lusk Center for Real Estate, about research suggesting that homeowners tend to continue paying down their mortgages despite falling home values, provided they can afford their payments. Homeowners in California were more likely than expected to keep paying during the deep 1990s slump, Green said.
November 4, 2008
BusinessWeek quoted Professor Raphael Bostic about what would happen if the federal government renegotiated troubled mortgages. Such a move would help put a floor under housing prices, Bostic said. "Everyone is trying to figure out where the bottom is," he explained. "People are not going think there's a bottom if they know there's a flood of distressed assets still coming up for sale." Bostic is director of the master of real estate development program at SPPD.
October 31, 2008
The Los Angeles Times cited a USC Lusk Center for Real Estate study in an op-ed. According to the study, conducted in collaboration with UCLA, the slide in home values is likely to significantly constrict spending by consumers, making it harder for the economy to rebound. "We have shown that consumers react more radically to changes in their housing wealth than to changes in the size of their bank accounts," the study's authors wrote. The Orange County Register also covered the research.
October 29, 2008
During an Oct. 21 panel hosted by the USC School of Policy, Planning, and Development, Los Angeles City Councilwoman Jan Perry said that the goal of downtown's revitalization effort is to restore "the excitement of an earlier time." The changing downtown landscape was the focus of the panel discussion, which took place inside City Hall. The event was part of the SPPD Dean's Speaker Series.
October 29, 2008
Bloomberg News featured a new study by SPPD Professors Gary Painter and Raphael Bostic, along with Stuart Gabriel of the UCLA Ziman Center for Real Estate. The economists found that lunging home prices will cut economic growth in the U.S. more than the drop in stock prices this year. A 10 percent decline in housing wealth results in a $105 billion - or 1.2 percent - reduction in personal spending, according to the three-year study. Consumer spending accounts for about 70 percent of GDP, so that drop would result in a reduction in real GDP growth of 1 percentage point, the study found. "The reason, I believe, the effects are smaller for financial wealth than for housing wealth is that people tend to view those changes in housing wealth as more permanent," Painter said. "Consumption will be impacted by the decline in housing wealth for a while," he added. The study is scheduled to be published next year in the journal, Regional Science and Urban Economics.
October 21, 2008
SPPD Professor Dowell Myers was quoted in a Wall Street Journal news story about the role that retiring baby boomers are playing in the housing market downturn. "The generational crash is when there are too many older homeowners and not enough buyers," Myers said.
October 17, 2008
The Los Angeles Times quoted Professor Richard Green about an increase in Southland office space vacancies. Landlords will keep their asking rents up as long as they can, while offering other incentives such as reduced parking prices and generous allowances to help tenants build out their office interiors, Green said. It's only when those types of inducements are no longer sufficient that property owners tend to lower rents, he added.
October 16, 2008
The Los Angeles Times quoted Professor Raphael Bostic about price trends in the housing market. Additional notices of default and foreclosure are expected in 2009, when a new wave of adjustable mortgages will reset, the story noted. That will continue to push down the median prices of homes statewide, possibly into 2010, Bostic said. "Prices could inch up month over month next year, but a lot of moving parts have to align in the economy for that to happen," he explained.
October 15, 2008
The Wall Street Journal quoted Professor Richard Green about how government intervention in the housing and financial markets will affect homeowners. Green said that over time, the government's rescue effort could make it easier for borrowers in high-cost markets such as California, New York and Boston to get a mortgage, by reducing rates for jumbo loans, those too big for government backing. The government needs to push mortgage companies to take advantage of the Hope for Homeowners program, which aims to put borrowers into affordable loans, but requires that they share any resulting price appreciation with the federal government, Green added. The program "pretty much gets the incentives right," he said.
October 14, 2008
A panel of preeminent financial experts, including USC faculty, weighed in with their insights on how Wall Street plunged into a tailspin -- and also how to remedy the ailing markets. "Multi-party greed" drove the downturn, says Raphael Bostic, professor at the USC School of Policy, Planning and Development.
October 7, 2008
SPPD Distinguished Fellow Stan Ross was quoted in The Wall Street Journal about the savings and loan crisis of the 1980s, during which the federal government's Resolution Trust Corp (RTC) sold off distressed properties at rock-bottom prices. The move has been blamed for further depressing home values, as entire communities were turned over to absentee landlords, the story stated. However, places like Moreno Valley in Riverside County were already suffering from substantially reduced values when the RTC took control, said Ross, chairman of the board of the USC Lusk Center for Real Estate. "It's so easy to blame the government in these situations," he added.
October 2, 2008
Professor Raphael Bostic was quoted in a Ventura County Star article about how the financial crisis impacts the average person. The credit crunch is affecting people's ability to get loans for homes, the story noted. "You have to be more than prime these days -- you have to be pristine," Bostic said.
September 24, 2008
An Orange County Register article featured a talk by Professor Richard Green, director of the USC Lusk Center for Real Estate, held at a real estate law firm. Prospects for housing market recovery have improved recently, Green said. Factors that bode well for the market include a declining inventory of homes for sale, conditions that favor buying over renting, and the government takeover of Fannie Mae and Freddie Mac, the article stated. Green also spoke about studies comparing the advantages and disadvantages of home ownership in general. While homeownership inhibits mobility, which can affect the labor market, studies show that children of homeowners tend to do better than those of renters, he said.
September 18, 2008
Professor Richard Green, director of the USC Lusk Center for Real Estate, was quoted in Forbesabout the types of houses one can buy these days with $1 million. In many U.S. cities, inflated real estate prices can hold firm or slide only slightly in the city center, even as they collapse in the surrounding areas, Green said. "In the inland areas of Los Angeles, you can get a 4,000-square-foot house -- a huge house," he noted. But in popular Santa Monica or Marina Del Rey, "You'll get a shack."
September 8, 2008
Professor Raphael Bostic was interviewed by KFI-AM about the Fannie Mae and Freddie Mac takeover. The federal government stepping in will mean more stability in the market and probably a drop in interest rates for some home loans, according to the story. "For California, it will be a good thing," said Bostic, director of the Master of Real Estate Development program at SPPD. "[W]ith the recent increase in the loan limit for Fannie and Freddie, a lot of homeowners will have access to those cheaper mortgages."
August 26, 2008
Associate Professor Gary Painter was quoted in the Ventura County Star about the housing market in Southern California. While a significant percentage of the homes sold are foreclosures, last month's uptick in sales is "encouraging nonetheless," Painter said. However, prices probably won't be heading up until 2010, he predicted. "It's still a transition time," Painter explained.
August 16, 2008
Professor Richard Green was featured in a Q&A article in the Orange County Register on the housing slump. "My general view is that places close to employment centers will recover more rapidly than places that are further away, in large part because of gasoline prices," he said. "I think the speed and magnitude surprised almost all of us who follow housing markets," he said of the housing crisis. Green is director of the USC Lusk Center for Real Estate.
July 29, 2008
In a Los Angeles Times story, Prof. Gary Painter was quoted about the penalty for delays with Los Angeles' Grand Avenue project. The board overseeing the project approved a measure stipulating that if the project is delayed beyond February, the developer will be fined $250,000 a month. Financial penalties like this can sometimes help get projects moving, Painter said. He added that $250,000 per month seemed not a large sum of money relative to the scale of the project.
July 17, 2008
Prof. Gary Painter was quoted in a Ventura County Star story about the impact of credit turmoil on the housing market. "It's definitely a time of turbulence right now, that's for sure," Painter said. "There's no sign of a quick turnaround." Painter is director of research at the USC Lusk Center for Real Estate, the article noted.
June 27, 2008
A story in the San Francisco Chronicle featured housing market analysis by experts from the USC Lusk Center for Real Estate. "We don't have a lot further to go [down in price]," Conway said, predicting a leveling off in the next year or two. Of the major California cities, San Francisco and San Jose are in the best shape, with home prices flattening, instead of plunging like those in Southern California and inland, said Raphael Bostic, director of the USC Master's of Real Estate Development program. "We have been through periods of profound turbulence in our financial markets, only to see things respond more rapidly than anyone had predicted," said Richard Green, who directs the Lusk Center. Conway directs USC's Casden Real Estate Economic Forecast, the article noted.
June 21, 2008
Raphael Bostic of the USC Lusk Center for Real Estate was cited in a New York Times story about the rental market. In Los Angeles, the housing market slump has begun to push up vacancies as condominiums are converted into rentals, he said. Bostic is associate director of the Lusk Center, the article noted.
May 20, 2008
Prof. Gary Painter was quoted in the Ventura County Star about whether recent statistics indicate a recovery in the housing market. "It's premature to say whether the market is at a turning point," Painter said. "It's very easy, when you're in a market like this one, to have little blips here and there," he explained. Painter is director of research at the USC Lusk Center for Real Estate, the story noted.
May 8, 2008
Prof. Raphael Bostic was interviewed on CNBC about rising oil prices and the housing market. Expensive fuel will negatively impact the housing market since it is linked, especially psychologically, to consumer spending and people's feelings about the economy, Bostic said. "We know that consumer spending is an important part of the economy, and it provides a benchmark for what people will decide to do in terms of major purchases," he explained. In the long term, increasing fuel costs might affect development patterns, he added. "I think [high prices is] why we're seeing a lot more interest on the part of developers to create urban central core type developments."
April 3, 2008
Professor Raphael Bostic was interviewed on NPR's "News & Notes" about rising home foreclosures. The foreclosures may be due in part to Americans' view of home ownership, the story noted. "We haven't sent the message that homeownership really isn't a right, it is a privilege, and it comes with cost obligations and burdens," Bostic said. "And collectively, our society has not placed homeownership in a position such that people who are chasing homeownership actually understand that there are potential consequences." Foreclosure rates are concentrated in the African American community, he added. "Some research that I've done would suggest that even after you control for credit quality and all those sorts of issues, foreclosure is much more prevalent in a lower income minority communities," he explained. Bostic is director of the Master of Real Estate Development Program at SPPD.
March 24, 2008
Prof. Raphael Bostic was interviewed on NBC Nightly News about the condominium market. Wider problems in the housing market have forced many new developments to halt construction or go on the auction block, the story reported. "The difficult part is that real estate is cyclical," said Bostic, associate director of the USC Lusk Center for Real Estate. "For most of these cities, unfortunately, their condo product came online at a time when the housing market really was weak, and condos have been really ground zero for that weakness," he explained.
March 13, 2008
Prof. Gary Painter was recently quoted in BusinessWeek about the mortgage industry. There's a need for better regulatory oversight of the information flows about mortgages, both to those investing in mortgage-backed securities and to home buyers getting the loans, Painter said. Mortgage lenders on the whole would benefit because investors would know what they are buying, which would make for a healthier industry in the long run, he added. Painter is the director of research at the USC Lusk Center for Real Estate, the story noted.
Imran Farooq DPPD '11 proved that he was ready for his close-up during the Oct. 24 broadcast of SOS: Sustaining Our Society, a PBS documentary based on his USC Sol Price School of Public Policy dissertation. The documentary -- available for 
The University of Southern California is pleased to announce a $10 million gift from David Dollinger to endow the USC Sol Price School of Public Policy's Master of Real Estate Development degree. The program will be renamed the Dollinger Master of Real Estate Development Program, permanently linking one of the nation's most well-respected graduate degrees in real estate with one of the program's most distinguished alumni.
With the opening of the Metro Expo Line, Los Angeles' ambitious program of rail transit construction has made USC transit accessible. Appropriately, USC hosted the Los Angeles Urban Land Institute's third annual Transit-Oriented Development -- co-sponsored by the USC Sol Price School of Public Policy -- on June 7, bringing expertise from across the region and the campus to spotlight the opportunities and challenges involved in building transit developments in what was once the nation's prototypical auto metropolis.
Three members of the USC Price School of Public Policy's class of 2012 will put theory into practice in new positions at departments within the federal government. Raabia Budhwani MPA/MPL '12, Steven Shepherd MPL '12, and Robert Trombley MPP '12 have accepted high-level positions through the Presidential Management Fellowship (PMF) program designed to groom future government leaders and administered by the U.S. Office of Personnel Management. Shepherd will serve as a housing program policy specialist the U.S. Department of Housing and Urban Development. Trombley accepted an offer as a budget policy analyst at the U.S. Department of Education. And, Budhwani will work as a foreign affairs officer at the Department of State.
The USC Sol Price School of Public Policy has secured a $4 million endowment to create the Keston Family Chair in Real Estate, made possible by a lead gift from Michael and Linda Keston and the generous support of Fritz Duda, Jon Muller '91 and Steve Silk '97, announced Dean Jack H. Knott. The chair will hold a joint faculty position at USC Price and the USC Marshall School of Business.
David Bennett '12, this year's USC Sol Price School of Public Policy valedictorian, was always a man with a plan. "It's very impressive the way that he actually constructed his USC education," said David Sloane, professor and director of undergraduate programs at USC Price. "He got himself a mentor; he got himself internships. He had a very clear plan and was able to implement that, which is nice. And then to end up where he ended up is really quite amazing."
The Tomas Rivera Policy Institute, housed at the USC Sol Price School of Public Policy, and New York University's Immigration Studies project looked at the recession's impact on immigrants in a recent conference at the Ronald Tutor Campus Center. "Immigration in the Wake of the Great Recession" offered perspectives of scholars and journalists during three panel discussions covering the immigrant experience.
The USC Sol Price School of Public Policy was among several USC schools and programs that ascended in the latest national rankings released by U.S. News & World Report . The Price School climbed to sixth place (from seventh in 2008) in the newest edition of "America's Best Graduate Schools" for public affairs.
The Athenian Society, the premier philanthropic support group of the USC Sol Price School of Public Policy, tackled one of the most pertinent policy issues facing the state of California -- the recent elimination of redevelopment agencies -- during a recent panel featuring leading public and private sector experts. About 300 people attended the event at the Hollywood Roosevelt Hotel -- the largest turnout in the four-year history of the society's Dean's Speaker Series.
As the nation suffers a burgeoning obesity crisis, health advocates and policymakers have zoned in on poor neighborhoods they've termed "food deserts" -- areas with few grocery stores and other access to healthy food. But a new USC study finds that many poor urban neighborhoods have high concentrations of grocery and other retail food outlets. More doesn't translate to better, the researchers said, as residents in poor neighborhoods are more likely to be living next to small mom-and-pop food stores instead of large supermarkets. USC Sol Price School of Public Policy assistant professor Jenny Schuetz was the study's lead author.
The USC School of Policy, Planning, and Development brought its international expertise to the table at the 2011 USC Global Conference, held Oct. 13-15 in Hong Kong. SPPD faculty joined business experts to discuss issues of worldwide significance at the three-day event. "Most of the issues we deal with -- from health care to urban development to the environment -- don't occur just in the United States but around the world," said SPPD Jack Knott. "We incorporate that global perspective as an integral fabric into everything we do at the school."
USC School of Policy, Planning, and Development professor Richard Green testified on tax reform options and incentives for homeownership in front of the U.S. Senate Committee on Finance. Green, director and chair of the Lusk Center for Real Estate, focused his testimony during the Oct. 6 hearing on phasing out the home mortgage interest deduction. Sen. Max Baucus (D-Mont.), chairman of the committee, asked Green to participate.
The percentage of foreign-born U.S. residents with deep roots in the country is rising and will continue to soar in the coming decades, according to a new USC report. The percentage of foreign-born residents who have lived in the United States at least 20 years climbed from 30.4 percent of the foreign-born population in 2000 to an estimated 38.5 percent in 2010; by 2030, the total is predicted to increase to 52.6 percent. "We're marking a major transformation in America," said Dowell Myers, USC School of Policy, Planning, and Development professor and co-author of the report.
USC School of Policy, Planning, and Development professor Richard Green testified before the Senate Banking Committee on the future of government enterprises Fannie Mae and Freddie Mac, the San Diego Union-Tribune reported. Green, who is director and chair of the USC Lusk Center for Real Estate, was among four expert panelists. The panel was split on whether a government guarantee should exist, with Green on the side saying they should stick around. 
The latest California census data show the state's oldest residents fled the housing market in greater numbers between 2000 and 2010 than during the previous two decades, according to a new report by USC School of Policy, Planning, and Development Professor Dowell Myers. This trend will likely worsen as the giant Baby Boomer generation -- which accounts for 3.3 million of California's 7 million homeowners -- nears retirement.
Clara Suh, a cheerful and driven undergraduate student at the USC School of Policy, Planning, and Development, brought home many valuable lessons - both professional and personal - from her internship in Asia. Suh, a senior graduating in May with a Bachelor of Science in Public Policy, Management, and Planning and a minor in German, spent the summer after her sophomore year working in Hong Kong as part of the USC Global Fellows Internship Program.
Raphael Bostic, a professor at the USC School of Policy, Planning, and Development, and Elizabeth Garrett, USC's vice president for academic planning and budget and a professor at the USC Gould School of Law, have been asked to join President Obama's administration in Washington, D.C.