A for-rent sign is seen in front of an apartment building in Los Angeles, where rental prices dropped by 2.5% in February 2024. Despite the decline, finding affordable housing remains challenging for many renters, especially young adults. The decrease in rent prices is attributed to a possible drop in demand due to population losses in parts of Southern California. Continue to full article
Many regions in the United States are facing a shortage of affordable housing, with rising costs relative to income. Black and Latino households are disproportionately affected. The insufficient production of new housing units is a key factor in the housing crisis, particularly in California. Recent policy changes in California aim to address the housing shortage by holding local jurisdictions accountable for planning for adequate housing. Continue to full article
The introduced federal bill aims to address the homeowners' insurance crisis, particularly in California. The bill aims to use federal reinsurance to prevent insurers from leaving high-risk markets and ensure coverage for natural disasters.
Homeowners in LA County can reduce their home's taxable value by $7K. The Homeowner’s Exemption, available since 1974, offers this financial relief for primary residences.
A report from USC's Lusk Center for Real Estate predicts rising multifamily rents in Southern California, posing challenges for commercial real estate financing. Factors like maturing debt, high interest rates, and housing supply issues contribute to a complex landscape for renters and landlords. Efforts to increase affordable housing may be hindered by additional costs in certain regions. Continue to full article
Affordability and availability persist in Southern California's housing market, but sentiment may rise more in mid-2024. Consumer sentiment toward housing improves, encouraging re-entry if economy remains strong and rates drop.
California Housing Finance Agency’s Dream For All Shared Appreciation Loan program will continue awarding down payments.The budget for this year's program is $220M and between 1,600 and 2K loans will be awarded.
60-Plus bills signed: – Lawmakers tackle housing crisis, from tenant protections to streamlined development. Boosting affordable housing: – Religious institutions, colleges can build; coastal zoning barriers lowered
The loans will help moderate-income homebuyers in Los Angeles County who earn 120% of the Area Median Income to buy their first home. HOP120 offers a second mortgage loan for this purpose. Continue to full article