Since the late 1960s California's share of nationwide residential construction and mortgage lending has receded from its postwar levels. The relative decline reflects slower population and economic growth in the state. Market adjustments to these changed conditions seem to be largely completed. Housing and mortgage-lending activity remains impressive except by comparison to the 1950s and early 1960s. However, California's dependence on out-of-state funds for mortgage investment will be greatly diminished in the long run.
- © 1975 The Regents of the University of California