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Economist says CA real estate market has cooled

A UCLA economist told a San Diego Forum Thursday that the hot California real estate market has cooled. KPBS Reporter Ed Joyce has more.

A UCLA economist told a San Diego Forum Thursday that the hot California real estate market has cooled. KPBS Reporter Ed Joyce has more.

UCLA's Christopher Thornberg says the boom in home sales has peaked.He warns prospective home buyers to avoid interest-only loans or other financial

Thornberg: "Whatever you do, don't buy outside your current financial means and expect appreciation to bail you out. That's the fundamental rule for real estate right now. Be very, very cautious.

Thornburg authors the quarterly Anderson Forecast for the state. He says the downturn in home sales means fewer jobs in real estate and the construction industry. Ed Joyce, KPBS News.