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.
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.