UCLA: Calif. housing ‘completely imploded'

``"UCLA economists offer little near-term hope for California real estate in their latest forecast: 'Even the glimmer of hope we saw with slightly elevated prices in the coastal cities of California during the home purchase incentive months has now faded. The basic story of today's housing markets is that of a market that completely imploded, that has many Californians underwater and a market with demand diminished by both a lack of easy financing and a lack of jobs.''