For the Record - June 27, 2008

Economic forecast: Two graphs accompanying an article in Business on Wednesday about a Chapman University economic forecast incorrectly showed data for the second quarter of this year as being the actual data and said the figures were for quarter-over-quarter changes. The 0.7% decline in U.S. real gross domestic product represents a projected quarter-over-quarter change. The 28.5% drop in California resale housing prices also represents a projected change, but year over year, as do all the data points in that graph. Also, the story and graph said the Chapman report projected that housing prices in California would bottom out this quarter. The report forecast that declines in housing prices would bottom out.