Cannot connect to database, check if username, password and host are correct5.Exception: No such file or directory in /var/www/sites/bloglikes/protected/libs/DB/class.simpleMysqli.php:54 Stack trace: #0 /var/www/sites/bloglikes/protected/libs/News/CNDB.php(48): simpleMysqli->__construct(Array) #1 /var/www/sites/bloglikes/protected/libs/News/CNDB.php(41): CNDB->open() #2 /var/www/sites/bloglikes/protected/libs/News/inc.php(31): CNDB::init(Array) #3 /var/www/sites/bloglikes/protected/controllers/RssController.php(296): init_news() #4 /var/www/sites/bloglikes/yii/framework/web/actions/CInlineAction.php(50): RssController->actionNews() #5 /var/www/sites/bloglikes/yii/framework/web/CController.php(309): CInlineAction->runWithParams(Array) #6 /var/www/sites/bloglikes/yii/framework/web/CController.php(287): CController->runAction(Object(CInlineAction)) #7 /var/www/sites/bloglikes/yii/framework/web/CController.php(266): CController->runActionWithFilters(Object(CInlineAction), Array) #8 /var/www/sites/bloglikes/yii/framework/web/CWebApplication.php(276): CController->run('news') #9 /var/www/sites/bloglikes/yii/framework/web/CWebApplication.php(135): CWebApplication->runController('rss/news') #10 /var/www/sites/bloglikes/yii/framework/base/CApplication.php(162): CWebApplication->processRequest() #11 /var/www/sites/bloglikes/index.php(28): CApplication->run() #12 {main} Bloglikes - Rent https://www.bloglikes.com/c/rent en-US Thu, 15 Apr 2021 15:55:34 +0000 Sat, 06 Apr 2013 00:00:00 +0000 FeedWriter Will rising mortgage rates affect appetite for homebuying? http://feedproxy.google.com/~r/TheFutureOfRealEstateMarketing/~3/OLx3RxSOFHw/ Thu, 15 Apr 2021 05:00:17 +0000 BlogLikes - Find Most Popular Blogs Agent Markets & Economy Opinion Select Service Demand Homebuying Homeselling Kenon Chen Market Prices Rates Red-hot Market Rent Renters Sellers Supply-demand Imbalance How to get rental assistance in Southern California https://www.dailynews.com/2021/04/12/how-to-get-rental-assistance-in-southern-california/ Here’s a list of local governments, their total rental assistance allocation, and where residents in those jurisdictions can apply.

Most residents in Orange, Riverside and San Bernardino counties as well as all residents in Santa Ana, Riverside, San Bernardino, Moreno Valley and Santa Clarita must apply to their local governments for assistance. In addition, they also can apply through the state portal at HousingIsKey.com.

Los Angeles County: Allocation: $353.9 million. Where to apply: HousingIsKey.com.

Orange County: Allocation: $145 million ($65.6 million administered by the county). Deadline to apply: April 30. Where residents outside of Anaheim, Santa Ana and Irvine can apply: https://era.211oc.org.

Riverside County: Allocation: $126.6 million ($57.3 million administered by the county). Where residents outside the cities of Riverside and Moreno Valley can apply: unitedlift.org.

San Bernardino County: Allocation: $115 million ($52 million administered by the county). Where residents outside of the cities of San Bernardino and Fontana can apply, starting Monday, April 12: sbcrentrelief.org

Los Angeles: Allocation: $259.4 million. Deadline to apply: April 30. Where to apply: hcidla.lacity.org.

Long Beach: Allocation: $30.2 million. Where to apply, starting Monday, April 12: www.longbeach.gov/rentalassistance.

Santa Clarita: Allocation: $14 million ($6.3 million administered by the city). Deadline to apply: April 30. Where to apply: www.santa-clarita.com.

Anaheim: Allocation: $21.6 million. Application deadline was March 31.

Irvine: Allocation: $17.7 million. Application deadline was March 19.

Santa Ana: Allocation: $21.8 million ($9.9 million administered by the city). Where to apply: www.santa-ana.org/cares-for-tenants.

Riverside: Allocation: $21.8 million ($9.9 million administered by the city). Where to apply: riversideca.gov or bit.ly/3d3KVdn.

San Bernardino: Allocation: $14.2 million ($6.4 million administered by the city).

Moreno Valley: Allocation: $14 million ($6.3 million administered by the city. Where to apply: www.moval.org/rentalrescue.

Fontana: Allocation: $14.1 million. Where to apply: HousingIsKey.com.

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Mon, 12 Apr 2021 11:06:52 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing Sport Soccer Rent Orange County Riverside County Southern California Affordable Housing San Bernardino Moreno Valley Anaheim Santa Clarita Los Angeles County Riverside Santa Ana Irvine Fontana San Bernardino County Anaheim Santa Ana Orange Riverside Coronavirus Economy Santa Ana Riverside San Bernardino Moreno Valley HousingIsKey
Southern California getting $1.2 billion for rental assistance https://www.dailynews.com/2021/04/12/southern-california-getting-1-2-billion-for-rental-assistance/ Almost $1.2 billion in rental assistance could start flowing as soon as this week, helping low-income tenants in Los Angeles, Orange, Riverside and San Bernardino counties pay down a mountain of rent debt that piled up during the pandemic.

Designed to keep low-income renters from losing their homes, local programs will eliminate some – and in some cases all – of the back rent that out-of-work tenants accumulated from April 2020 through March.

You don’t have to be a U.S. citizen or a legal immigrant to get help, although you do need to prove you lost income because of the pandemic.

“We anticipate in the next week or two, the first payments will go out, and they’ll continue to go out until we expend all the dollars,” said Geoffrey Ross, a deputy director for financial assistance and federal programs at the state’s Housing and Community Development Department.

Southern California’s share amounts to about 45% of the $2.6 billion in federal rental assistance earmarked for the entire state.

That $2.6 billion comes from the federal stimulus bill signed by former President Donald Trump in late December and doesn’t yet include money from the American Rescue Plan signed last month by President Joe Biden. Biden’s bill is expected to generate $2.2 billion more in rent aid for the state.

“This program will bring much-needed relief to tenants trying desperately to stay in their homes and, in turn, landlords who have been hard-hit by the economic effects of the pandemic,” San Bernardino County Board of Supervisors Chair Curt Hagman said in a statement announcing his county’s program Friday, April 9.

Hagman called the new assistance effort “a key step toward economic recovery for our region.”

Thousands in debt

The exact number of families getting assistance isn’t known, but estimates are in the tens of thousands.

About 64,000 households are expected to receive aid in the city of Los Angeles alone. The city expects to devote at least $235.5 million of its $259 million allocation to paying off landlords who are owed rent, with some of the money going to the city’s eviction defense program and outreach.

Santa Ana estimates it will help just over 2,500 tenants, while Long Beach expects to help approximately 4,700 households. Anaheim, which stopped taking applications March 31, expects to assist all 2,212 eligible families that applied.

The U.S. Census Bureau’s latest Household Pulse Survey showed 664,635 tenants from all four counties, or 17% of those surveyed, said they were behind on rent during the last half of March.

A study by the Federal Reserve Bank of Philadelphia estimated Californian’s rent debt would total about $1.7 billion by the end of 2020, but later revised that number downward to $400 million in a subsequent study with the state’s Legislative Analyst’s Office. Unpaid rent averaged $4,500 per household, the study found.

Some estimates are higher.

L.A. Mayor Eric Garcetti projected the $700 million in assistance his city expects to generate from its combined programs will cover just over half of the rent owed by the city’s “very” low-income residents.

“This program will bring working families one step closer to recovery,” Los Angeles City Council President Nury Martinez said at a March 23 news conference. But, she added, “even after this round of funding, our work is far from over.”

How it works

State legislation approved in January in Senate Bill 91 set the rules for how federal rental assistance from the December stimulus bill can be spent.

The program allows for 80% of a tenant’s back rent to be paid directly to their landlord —  provided the property owner agrees to forgive the rest.

If the landlord doesn’t come on board, the tenants can get 25% of the amount they owe for up to 15 months – guaranteeing they meet state requirements to avoid eviction at least through June.

The program is limited to low-income renters – that is, households earning 80% of their area median income.

For a family of four, that median amounts to $102,450 per year in Orange County, $90,100 in L.A. County, and $60,250 in Riverside County and San Bernardino counties.

In the city of L.A. and San Bernardino County, the cutoff is even lower. Tenants must earn less than 50% of the area median income to qualify (or $56,300 for a family of four in L.A. and $37,650 in San Bernardino County).

City leaders said they want to help those with the greatest need.

Three types of programs

How to apply and how much assistance tenants get depends on where they live.

The state has three types of programs.

Under the first, local governments administer both their state and federal allocations themselves. Four local cities — Los Angeles, Long Beach, Anaheim and Irvine — are running their own programs and taking applications directly.

Under the second, the state housing department administers state and federal allocations on behalf of a city or county. This includes all 163 Southern California cities with fewer than 200,000 residents plus Fontana and the county of Los Angeles, which voluntarily opted to join the state-run program.

That means Fontana residents and all L.A. County residents living outside Los Angeles, Long Beach and Santa Clarita must apply directly through the state’s application portal, located at HousingIsKey.com.

Both of these program types follow the guidelines set in SB 91.

The third type, known as “Option C,” is a combination of the first two. Local governments administer money they get directly from the federal government, while the state administers their state allocation.

Orange, Riverside and San Bernardino counties chose Option C, as did five local cities: Riverside, San Bernardino, Santa Ana, Santa Clarita and Moreno Valley.

Residents in Option C jurisdictions can apply for assistance through the state application portal, but must also apply to their local programs, said Russ Heimerich, spokesman for the state’s Business, Consumer Services and Housing Agency. Each jurisdiction’s federal allocation has to be spent before state money goes out.

Hence, all Orange, Riverside and San Bernardino county residents living outside of Anaheim, Irvine, Santa Ana, Riverside, San Bernardino and Moreno Valley must apply through their respective county programs.

Option C programs don’t adhere strictly to SB 91 rules. The amount of assistance provided and the rules for qualifying vary widely.

Santa Ana’s program, for example, is a continuation of its CARES for Tenants package adopted early in the pandemic. It limits assistance to $5,500 per household, which can be used for any rent due since March 13, 2020, both past and future.

Orange County is capping rental assistance at $10,000 per household, but only for unpaid back rent or utility bills.

In San Bernardino County, landlords can get 100% of their tenants’ back rent, instead of 80%.

Garcetti said rental assistance is “about erasing that debt that is stressing out families today.”

“Nobody,” he said, “should lose their home because of a pandemic.” Related Articles

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Mon, 12 Apr 2021 11:00:38 +0000 BlogLikes - Find Most Popular Blogs Business News California Housing Los Angeles Sport Soccer Long Beach Kaiser Rent Orange County Donald Trump Riverside County Eric Garcetti Los Angeles City Council Southern California San Bernardino Moreno Valley Anaheim Santa Clarita Santa Ana Irvine Fontana San Bernardino County U S Census Bureau Garcetti Los Angeles Long Beach Federal Reserve Bank of Philadelphia Russ Heimerich Hagman Los Angeles Orange Riverside Orange Riverside Los Angeles Long Beach Anaheim Joe Biden Biden Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN Nury Martinez Curt Hagman San Bernardino County City Coronavirus Economy American Rescue Plan Geoffrey Ross HousingIsKey San Bernardino County Board of Supervisors Chair Legislative Analyst 's Office Unpaid Senate Bill 91 Riverside San Bernardino Santa Ana Santa Clarita Moreno Valley Residents Business Consumer Services and Housing Agency Each Anaheim Irvine Santa Ana Riverside San Bernardino
Rental assistance is on the way. Will it be enough? https://www.dailynews.com/2021/04/09/rental-assistance-is-on-the-way-will-it-be-enough/ More than a year after the pandemic idled millions of workers and slashed household incomes, help at long last is coming to low-income Californians facing a mountain of back rent.

The solution until now has been to freeze evictions. That kept millions of stressed renters in their homes, but it didn’t free them from paying all that rent down the road.

Now, some may be getting their rent debt wiped off the books.

California is getting $2.6 billion from the December stimulus package to help tenants with pandemic hardships pay off unpaid rent from April 1, 2020, through March 31 — provided their landlords agree to accept 80% of the amount owed and forgive the rest. Assistance also is available for unpaid utilities.

If the landlords don’t agree, renters still can get assistance covering 25% of their rent from last April through next June, guaranteeing they can’t be evicted for any missed rent during that period.

Assistance is available to tenants earning less than 80% of their area’s median income — and only to those earning less than 50% of the median income in the city of Los Angeles to ensure there’s enough aid to help those most at risk of losing their homes. The money is paid directly to landlords.

California expects to get another $2.2 billion from the American Rescue Plan approved March 10.

The state housing department began accepting applications for rental assistance on March 15, and local cities and counties administering their own programs also are beginning to receive applications.

We spoke with Geoffrey Ross, a deputy director at the California Department of Housing and Community Development about its efforts to keep low-income renters in their homes. His comments have been edited for space.

Q: As many as 15% of California tenants have accumulated rent debt. Estimates of the amount owed range from $400 million to $4 billion. Will this program be enough to wipe out that debt?

A: We hope this is more money than we need, but we worry that this won’t be enough.

There are a lot of estimates, a lot of well-informed guesses. But we just don’t know how big that need is. And quite honestly, even the funds that we have in this moment can only get to very specific pieces of that need.

There has been shadow debt. Folks have taken personal loans, loans from family members, they’ve charged their credit cards in different ways. It’s created additional debt that either tenants or landlords have accrued that are not yet being addressed.

Q: Any idea how many households will be assisted with this program?

A: At this point, I don’t know. We anticipated potentially 1 million folks applying. So this is going to be the proof of concept where we’ll get a sense of how many folks are coming through the program and really what that need is.

Q: Will landlords agree to waive 20% of what their tenants owe them?

A: It’s an 80-20 partnership between us and the landlords.

That starts to look and feel a lot more like what a lot of landlords would have typically expected (to lose) if they had some vacancy or turnover in a year. And so those volumes start to be more in line with what a landlord, a property manager would be cash-flowing at any particular time.

Q: How challenging was it for the state to create this program from scratch?

A: Rental assistance is not something new. But trying to launch a statewide program in an emergency environment to address the need, that was the new part.

We had to stand this up in record time and go from no such program existing previously to the largest program in the history of the country. We did that in less than 5 weeks.

We know that other states have been doing this or were trying to do it, just like we were. So we coordinated and partnered with them. We tried to take the best information, making sure that we were accounting for how to keep the barriers low to come in and seek assistance, but also to make sure that all the security and the fraud protections and (preventing) the duplication of benefits were there.

Q: Will the $2.2 billion from the American Rescue Plan feed into this?

Geoffrey Ross, a state housing deputy director for the division of financial assistance and federal programs. (Photo courtesy of the state Housing and Community Development Department)

A: There will likely be some legislation because it’s a very large allocation, and the Legislature and the governor will weigh in on it. But I would imagine that they’re going to feed it into our current program.

Q: What kind of response have you gotten through the application portal?

A: We have more than 120,000 active applications (as of Wednesday, April 7), 43,000 of which are fully complete, and it’s about $367 million worth of assistance being sought.

And that’s just over two weeks.

Q: What proportion of these applications are by landlords and how many are by tenants?

A: We’re looking at roughly 40% coming through landlords, and 60% are coming though tenants.

Folks are eager for assistance.

Q: Some tenants won’t be able to get their landlords to participate and will only get 25% of their rent. While that protects them from eviction through June, what happens if they can’t pay the rent in July, August or September?

A: With the American Rescue Plan and the next allocation — I think some of that is what the governor and the Legislature are going to weigh in on. So the eviction moratorium and some of that language will most likely be addressed with this next tranche of funds.

Second, if I’m a landlord, maybe I was holding out, trying to understand what was maybe going to be available, what wasn’t going to be available. We now know what’s going to be available. And, you’ve got a chance to get cash in your hand now.

So if you’ve been struggling for a year, this is your chance to get paid. So there should be no hesitation.

Q: What happens to those with incomes of 80% and above their area median income?

A: The rental assistance program as it stands today cannot serve folks 81% AMI and higher.

We are trying to make sure we take care of the most vulnerable, but we understand, folks in general who are behind on their payments are vulnerable.

It is not a perfect solution. … But in this moment, that’s how we have to operate.

Geoffrey Ross at a glance

Title: Deputy Director, Division of Financial Assistance – Federal ProgramsOrganization: California Department of Housing and Community DevelopmentCity of Residence: West SacramentoEducation: Master’s in urban planning, University of Southern CaliforniaPrevious Jobs: Sonoma County Community Development Commission, Sacramento Housing and Redevelopment Agency, Redevelopment Agency of the City of Pittsburg, U.S. Marine Corps

Five things to know about Geoffrey Ross
  1. Loves the beach
  2. Began surfing at 15
  3. Was part of the security detail at the Nagano Winter Olympics while in the U.S. Marine Corps
  4. Was both a Bruin and a Trojan, getting his bachelor’s at UCLA and his master’s at USC
  5. Attends the Highland Games and owns a kilt
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Fri, 09 Apr 2021 12:00:08 +0000 BlogLikes - Find Most Popular Blogs Facebook Mark Zuckerberg Business Real Estate News California Housing California News Los Angeles Sport Soccer Rent Usc Ucla Nagano Affordable Housing Legislature Burbank California US Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN University of Southern Coronavirus California Department of Housing and Community Coronavirus Economy American Rescue Plan Geoffrey Ross state Housing and Community Development Department Pittsburg U S Marine Corps Five U S Marine Corps Was
LA renters can apply for second round of rental assistance starting today https://www.dailynews.com/2021/03/30/la-renters-can-apply-for-second-round-of-rental-assistance-starting-today/ Los Angeles renters can apply for up to $10,000 in rent relief through the city’s $259 million COVID-19 Emergency Rental Assistance Program.

This second round of rental assistance, which was approved by the City Council unanimously on March 2, uses federal and state government funding to help about 64,000 families pay off their owed rent, with $235 million earmarked for direct rent assistance and $3 million for eviction defense.

“The nice thing about this (program) is it goes backwards, it’s from April 1 of last year to March 31 of this year, so it’s not just about paying a month of rent or two forward. It’s about erasing that debt that is stressing out families today that wonder whether or not they will be able to make their rent, not just this month’s rent,” Mayor Eric Garcetti said during the program’s announcement on March 23.

“Nobody should lose their home because of a pandemic … nobody should be forced to wonder what it would be to join the numbers of Angelenos who are unhoused,” he said.

The first round of assistance provided 49,133 rent subsidies totaling $98.26 million, to help households that could not pay their rents due to the COVID-19 pandemic. The second round will focus on paying off households’ past rent, with a maximum grant of $10,000.

“A year into the pandemic, 90,000 Californians are still behind on their rent, the city’s unemployment is still over 10% and families in our city owe anywhere between $4,000 and $7,000 in past rent due,” City Council President Nury Martinez said.

“This program will bring working families one stop closer to recovery,” she said, but added that the city’s work “is far from over.”

“This pandemic has been devastating for our families and renters in Los Angeles need additional help and support as we continue to recover,” Martinez said.

Related Articles

The funding is available for people who live in Los Angeles who have been impacted by the pandemic and/or have been unemployed for 90 or more days. They also must have a combined household income at or below 50% of the area median income, which is $39,450 per year for a single-person household, but priority will be given to renters at or below 30% of the area median income, which is $23,700 per year for a single-person household.

Renters who wish to apply for the program have two options:

  • A cooperation between the tenant and landlord to participate in the program, in which case the landlord will be reimbursed 80% of the eligible renters’ unpaid rent accrued between April 1, 2020 and March 31, 2021. Under this cooperation, the landlord must waive the remaining 20% of unpaid rent; or
  • If the landlord declines to participate, the renter will receive 25% of the unpaid rent accrued between April 1, 2020 and March 31, 2021, in addition to financial assistance to pay 25% of up to three months’ future rent from April to June 2021.

People can apply for the program at hcidla.lacity.org between Tuesday and April 30. More information and help with the program is available through the Emergency Rental Assistance Program hotline, which is open from 8 a.m. to 8 p.m. every day, at 833-373-0587.

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Tue, 30 Mar 2021 11:48:57 +0000 BlogLikes - Find Most Popular Blogs Health News California Housing La Government Los Angeles Sport Soccer Fema Community Rent City Council Eric Garcetti Hamilton Martinez Whittier LA County Top Stories LADN Top Stories Breeze Nury Martinez Coronavirus Emergency Rental Assistance Program
CDC joins wave of eviction moratorium extensions https://www.dailynews.com/2021/03/29/cdc-extends-moratorium-on-evictions-2/ The Centers for Disease Control and Prevention joined the list of governing agencies extending moratoriums on evictions through June 30.

The move to pushing it back from the end of March, when it had been scheduled to lapse, was widely expected. It comes at a precarious moment in the pandemic as the increasing vaccine availability accelerates reopening plans by businesses and local governments — even as millions of families continue to struggle with hardships that might have led to mass evictions.

California had extended its moratorium through June back in January. In California, as of March 15, 1.14 million people have skipped rent payments — and 21% say they are “very likely” (and 25% “somewhat likely”) to face eviction, according to an analysis by Zillow. Those figures translate to as few as 2,436 potential evictions to as many as 241,197.

The CDC issued the moratorium last fall, citing its jurisdictional authority to implement measures needed to promote public health, and agency officials cited those same powers in extending the moratorium Monday.

“The COVID-19 pandemic has presented a historic threat to the nation’s public health,” the agency’s director, Rochelle Walensky, said in a statement. “Keeping people in their homes and out of crowded or congregate settings — like homeless shelters — by preventing evictions is a key step in helping to stop the spread.”

Bubble Watch tracks housing risks. Read it here!

Earlier this year, the Department of Housing and Urban Development extended its moratorium on federally financed housing to June 30. The new housing secretary, Marcia Fudge, has signaled she would like to extend her agency’s eviction freeze even longer.

The Biden administration’s $1.9 trillion relief package, passed earlier this month, includes $21.5 billion for emergency rental assistance, $5 billion in emergency housing vouchers, $5 billion for homelessness assistance and $850 million for tribal and rural housing. But that aid will take months to be disbursed.

The federal moratorium is part of a patchwork of federal, state and local efforts to prevent a national health and economic emergency from turning into a monumental housing collapse. In California, an eviction moratorium extension and $2.6 billion in rental relief became law in January.

California’s deal allows those who have paid 25% of their rent during the pandemic to avoid eviction and owe the back rent as civil debt.  Converting back rent to civil debt means landlords can take their tenants to small claims court, but cannot evict them for the debt they owe.

The New York Times, CalMatters and Jonathan Lansner of Southern California News Group contributed to this report.

 

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Mon, 29 Mar 2021 15:20:36 +0000 BlogLikes - Find Most Popular Blogs Business News California Cdc Housing Sport Soccer Rent Biden Zillow Centers For Disease Control And Prevention Department of Housing and Urban Development Marcia Fudge Southern California News Group Jonathan Lansner Coronavirus Economy Rochelle Walensky New York Times CalMatters
America’s hottest neighborhoods: Oak Park in Sacramento, California http://feedproxy.google.com/~r/TheFutureOfRealEstateMarketing/~3/LoVHH0wCfoI/ Mon, 29 Mar 2021 05:00:47 +0000 BlogLikes - Find Most Popular Blogs California New York City Sacramento America Los Angeles San Francisco Analysis Radio San Diego Rent Zillow Rentals Zumper Redfin Williamsburg Sacramento California Oak Park Echo Park Lady Bird UC Davis Medical Center Markets & Economy Select Jim Anderson Dan Hardy Pandemic Walkscore New Sacramento Walk Score Tim Swanston Hot Neighborhood 360 Communities™ Sees Brisk Demand Ahead as New Build-to-Rent Communities Open http://www.powersiteblog.com/360-communities-sees-brisk-demand-ahead-as-new-build-to-rent-communities-open/ Boston, MA – March 23, 2021 (PRNewswire) — 360 Communities, an affiliate of Freehold Communities and a fast-growing provider of high-quality new homes for lease, updated the status of three new and upcoming communities in Florida and Tennessee today as it continues to expand its portfolio.

“As demand swells nationally for new single-family homes for rent, 360 Communities quickly established itself with a unique focus on seamlessly blending quality leased homes into thriving neighborhoods with desirable amenities,” said Casey Tischer, co-founder of Freehold Communities, one of the nations’ most forward-looking real-estate developers. “We believe in developing vibrant communities that appeal to a range of residents at all stages of life and the response to our new and upcoming product offerings demonstrates the success of that approach.”

The inaugural 360 Community, Shearwater, in St. John’s County near St. Augustine, FL, has seen strong demand and brisk leasing since its debut in late 2020. Shearwater’s luxurious townhomes and single-family homes include access to the many amenities of the award-winning community.

Nearby in Jacksonville, FL, 360 Communities recently announced its luxury townhome collection at Avenues. Available in 2022, the new homes have easy access to the regional Avenues shopping district and are planned to include a community pool, fitness center, and entertainment pavilion.

Outside Nashville, TN, construction has begun on new townhomes and paired single-family homes in Durham Farms with the first move-ins expected this summer. Durham Farms, located in Hendersonville, features tree-lined streets with a full range of amenities including a clubhouse, resort style-pool, fitness facility, pet park, and miles of trails.

360 Communities plans to announce additional communities soon, reflecting the rapidly growing consumer demand to lease new homes rather than purchase. The national trend toward leasing of new single-family homes and townhomes has been driven by increased mobility, rapid career changes, and a strong preference for low-maintenance lifestyles in communities with coveted amenities and a strong sense of neighborliness. The number of households earning six-figure incomes who chose to lease their home has increased nearly 60% since 2006 – to about one in five.

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Wed, 24 Mar 2021 09:00:00 +0000 BlogLikes - Find Most Popular Blogs Florida Real Estate News Boston Radio Tennessee Community Rent Jacksonville Freehold Hendersonville Real Estate News St John s County St Augustine FL Freehold Communities Casey Tischer Outside Nashville TN Durham Farms
Bubble Watch: Inland Empire is 4th hottest US housing market https://www.dailynews.com/2021/03/18/bubble-watch-inland-empire-is-4th-hottest-big-us-housing-market/ Bubble Watch” digs into trends that may indicate economic and/or housing market troubles ahead.

Buzz: The Inland  Empire had the nation’s fourth hottest housing market in February when ranked against the 25 largest metropolitan areas. Los Angeles and Orange counties ranked a middle-of-the-road No. 13.

Source: My trusty spreadsheet analyzed Realtor.com data of year-over-year changes in median asking prices, pending sales and active listings. Remember Realtor.com’s figures are from listing data — not closed sales — of existing single-family homes.

The Trend

The relatively affordable San Bernardino and Riverside counties came in near the top of the metros with a 19% jump in median asking price to $498,000; 13% more escrows; and 65% less inventory — the biggest supply drop among the 25.

Compare that with costlier L.A.-O.C’s 24% price gain to $1.18 million; 17% more escrows; and 19% fewer homes to buy.

The Dissection

Low mortgage rates have spurred frenzied buying, which nudged sellers to seek more than top dollar for their homes.

Ponder the median changes over 12 months for the top 25 markets: 11% price gain to $386,000; 19% more escrows; and 44% less inventory.

It’s an even bigger trend among the nation’s 300 largest markets: 12% price gain to $304,000; 21% more escrows; and 56% less inventory.

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But these are by no means universal trends — at least in February.

Top 25 leaders were cities that, politely speaking, are older and more affordable Eastern towns with economic turnabouts in the works.

No. 1 Philadelphia: 12% year’s price gain to $393,000; 366% more escrows; and 46% less inventory.

No. 2 Baltimore: 1% price gain to $322,500; 412% more escrows; and 59% less inventory.

No. 3 Detroit: 20% price gain $275,000; 59% more escrows; and 56% less inventory.

At the bottom of the Top 25 were pricier places that were seen, pre-pandemic, as hot properties.

No. 25 San Francisco: 8% year’s price gain to $1.02 million; 21% more escrows; and 4% less inventory.

No. 24 Miami: 3% price drop to $399,000; 35% more escrows; and 33% less inventory.

No. 23 Denver: 2% price drop to $550,000; 19% more escrows; and 42% less inventory.

How bubbly?

On a scale of zero bubbles (no bubble here) to five bubbles (five-alarm warning) … FOUR BUBBLES!

It’s been suggested that buyers are seeking remote living, but it looks to me that it’s more about value. Just look at the relative affordability of the top four metros.

And if the buying binge’s motivation is really bargain-seeking, these eye-catching price hikes and slowly rising mortgage rates will spike, sooner or later. This raises more than a few questions about this homebuying rally’s durability.

Please note: Bubbles don’t always bust into spectacular, headline-grabbing collapses!

Related Articles ]]>
Thu, 18 Mar 2021 10:27:12 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing US Los Angeles San Francisco Sport Soccer Miami Rent Philadelphia Orange Detroit Baltimore Denver San Bernardino Riverside Housing Data Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN Bubble Watch column Coronavirus Economy
Small landlords left struggling when renters stop paying https://www.dailynews.com/2021/03/17/small-landlords-left-struggling-when-renters-stop-paying/ By Kate Cimini | CalMatters

At the start of the pandemic, Brandon McCall’s two tenants ran into financial trouble. One had surgery and went on disability, which tightened his purse strings. The other, who works in entertainment, was laid off almost immediately and wasn’t eligible for unemployment as a contract worker.

With a limited amount of cash coming in, McCall said the two of them stopped paying rent on his Van Nuys condo in Los Angeles.

McCall looked into mortgage forbearance, but decided to pass when he learned it would impact his credit. He would also have to pay in full after his deferral period was up. Unsure when the tenants would start paying again, McCall and his wife dipped into savings to cover the mortgage on their condo even as they rent elsewhere for work.

“Landlords rights and tenants rights are the same thing,” McCall said. “They’re often pitted against each other, but they’re the same thing. … I want to stay housed. I want to keep my tenants housed. We’re all in this together.”

Throughout the past year, small landlords such as the McCalls have struggled to pay their mortgage when tenants became unable to pay. The state plans to provide some relief by using $2.6 billion in federal assistance as rent subsidies to pay landlords 80% of unpaid back rent of low-income tenants between April 2020 and March 2021. In exchange, landlords must agree to forgive the remaining 20% in back rent and agree not to pursue evictions.

The state rent relief program will not help McCall’s tenants, though; they make too much to qualify. Still, he said, he has been trying to help, connecting them to other relief programs and even putting them in touch with a local council person who might be able to offer assistance.

He is not contemplating eviction of his tenants, who have since gotten on a payment plan and are catching up on rent, citing his belief in the importance of affordable housing. But a number of small landlords are in the same boat as McCall: pinched from both ends, and wondering how much longer they are going to be able to float their own lives as well as their investment properties.

Small landlords struggle

Unlike the 2008 housing crisis when subprime lending triggered a wave of foreclosures, experts say property owners have fared surprisingly well during the pandemic. Homeowners, especially, have been assisted by low-interest rates and federally mandated mortgage forbearance. Edward S. Gordon Professor of Real Estate in the Finance Division at Columbia Business School Tomasz Piskorski estimated that some 60 million borrowers absorbed about $70 billion in debt during the pandemic.

However, not all small property owners have been able to take advantage of government relief even as they absorb the costs for renters.

“There are some landlords that will struggle to pay their bills because they aren’t receiving rent from tenants, or have units sitting vacant,” said Zillow economist Jeff Tucker. “It’s not like a larger property management company that can manage units and mostly muddle through. For a smaller-scale landlord with only a handful of rental units, they could easily be forced to sell their rental units or be foreclosed on if they have a mortgage on it.”

According to the 2015 American Housing Survey, nationally, about individual investors own 22.7 million units, accounting for a little under half the total number of rentals. Individual investors are more likely to own single-family homes or duplexes. About 70% of the rentals in LA are five units or less.

In large cities like San Francisco, rentals saw declines of 8% or 9% year over year. While low-income workers were more likely to be laid off and moved out to cut costs, wealthier renters, including a record number of millenials, ditched renting to become first-time homebuyers.

Desperate to get people in the door, landlords, many with mortgages on the properties they rent out, began offering months of free rent, free gym memberships and hundreds of dollars in gift cards to new renters.

Diane Robertson, a founding member of Coalition of Small Rental Property Owners, an LA-based grassroots organization that advocates for small landlords, worries about the future of rentals for small landlords. She founded the group after the state passed an eviction moratorium in 2020.

“There is a misconception about property owners in general,” Robertson said. “Small, independent owners, we are more like our tenants than not. If we have a duplex and one of those tenants is not paying rent, well, that’s half of your rental income. If you have more tenants, you can withstand a few of those tenants not paying rent, but that’s not the case for us.”

Protecting landlords

Noni Richen is the board president of the Small Property Owners of San Francisco Institute, a nonprofit that aids small, local landlords. Most members are retired, and many live in a duplex, renting out the other apartment so they can make their mortgage payments or supplement their Social Security.

In December, a San Francisco landlord wrote to Richen, begging for assistance. She had received certified letters from her lender threatening foreclosure.

The woman, who had owned and managed two properties for 20 years, skipped three mortgage payments to save up for property taxes when a tenant stopped paying rent and she couldn’t evict them due to the pandemic, Richen said.

“Do you know if it’s legal for banks to foreclose during this pandemic,” she asked Richen. “Is there any relief that you know of for landlords?”

Other landlords have written to Richen with similar problems.

The threat of foreclosure isn’t just hurting landlords, it’s also hurting tenants, Richen said. Not only is the landlord facing a financial setback, her tenants may not have a place to live.

When the landlord is a renter

McCall is one of those landlords.

In December, he got an email from his landlords’ property manager that said their daughter would be taking over the management of their properties. It requested that McCall and his wife move out within 60 days.

McCall provided a copy of the email to CalMatters and The Salinas Californian. His landlord did not immediately return a request for comment.

With no cause of eviction listed, McCall initially refused to vacate the property, though he and his wife are considering moving out. Still, he said, it was uncomfortable being on both sides of this: potentially facing eviction while using his own savings to cover for tenants who still haven’t caught up on rental payments.

Robertson said problems like the ones McCall is facing are a result of lawmakers discounting the needs of landlords, who may go into foreclosure. Even though the powerful California Apartment Association backed the eviction moratorium deal covering 80% of back rent for low-income renters, Assemblymember Laurie Davies, a Laguna Niguel Republican, said landlords would still be on the hook for insurance, property taxes and maintenance costs. The deal also doesn’t cover many renters who made decent wages before the pandemic.

“I think, at the end of the day, landlords are not anti-renter,” Robertson said. “We want solutions that benefit both sides. I do think, though, that landlords want to be made whole.”

Slipping through the cracks

Under the CARES Act pandemic relief bill passed in April, federal lenders are required to provide 12 months of forbearance to homeowners unable to make their mortgage payments due to COVID-19. Since it would not count as delinquency, it helped keep people housed during the pandemic and kept foreclosures low.

Still, some property owners slipped through the cracks. Because the federal moratorium only applies to federal lenders, state or local lenders, such as local banks or credit unions, have continued to foreclose on landlords.

Under the Biden administration, California homeowners might see an extension of the forbearance provision, which could help some landlords who have lost out on rent. Economists say the share of homes in forbearance — about 2.5 million — hasn’t fallen much since October, indicating that those in forbearance have continued to renew out of necessity.

Meanwhile, landlords like the McCalls hope to avoid forbearance by waiting it out.

“At this point, we’re just a few months away from running out the clock on their 12 months,” Tucker, the Zillow economist, said. “That is going to loom large as a policy challenge this spring. Frankly, there’s a very good chance the simple solution is to kick the can down the road three or six months…but it’s a challenge.”

This article is part of the California Divide, a collaboration among newsrooms examining income inequality and economic survival in California.

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Wed, 17 Mar 2021 13:59:33 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing La Los Angeles San Francisco Sport Soccer Rent Biden Zillow California Apartment Association Robertson Tucker McCalls McCall American Housing Survey Columbia Business School Kate Cimini Jeff Tucker Brandon McCall Coronavirus Economy Laurie Davies Diane Robertson Edward S Gordon Tomasz Piskorski Coalition of Small Rental Property Owners an LA Noni Richen Small Property Owners of San Francisco Institute Richen Laguna Niguel Republican
Rents rising? Los Angeles-Orange counties see 1st increase in 20 months https://www.dailynews.com/2021/03/17/rents-rising-los-angeles-orange-countys-1st-increase-in-20-months/ Have rents in Los Angeles and Orange counties hit their pandemic bottom?

The cost of being a tenant rose at a 1.2% annual rate in February — up from 1.1% in January, according to a slice of the local Consumer Price Index. Yes, that’s a minor increase, but it’s the first time this measurement of rent inflation had increased in a month since June 2019.

It’s been a topsy-turvy year for tenants. Last spring, coronavirus-related “stay at home” mandates hammered disproportionally lower-income workers — largely renters. Landlords found demand for apartments plunging, and government moratoriums on evictions made rent collection tough.  Discounting soon followed and rent hikes became rare. January’s rent inflation was the lowest since late 2011.

Come 2021, the region’s health and economy is healing. Recent drops in the pandemic’s spread, as well as vaccines, have helped modestly reopen the California economy. That’s apparently firmed the economy enough so that landlords, by,the CPI measurement, could get a slight rent hike.

This is by no means a turn back to rent hikes tenants have previously endured. Remember, rents were rising 5% in February 2020, just before the pandemic struck. The most recent rent-hike peak was in June and July of 2019 at 5.8%, a 12-year high. Rent hikes averaged 5% in 2016-2019, a sharp contrast to the 2009-15 period when local rents rose on average 2% annually.

Also, note that the U.S. Bureau of Labor Statistics’ CPI is a slow-moving yardstick of rents created from polling consumers. So, February’s uptick suggests coastal deals are likely already hard to find. Other rent measurements, built from surveys of landlords, also hint that at a minimum landlords aren’t discounting as much.

Some broader cost-of-living trends from February …

The big picture: The nation’s average rent inflation was up 1.7% while CPI in Western states rose at a 1.6% pace.

The big trend: Local inflation is still modest. It was 3.4% in February 2020 and averaged 2.9% in 2016-2019. This is more like post-Great Recession days when local inflation averaged 1.2% in 2009-15.

Inland Empire: 2.2% two months ago, says the latest bi-monthly reading of overall inflation for Riverside and San Bernardino counties. Rent costs were up 2.3% in a year, by this math.

Elsewhere in the West: Bay Area inflation in February? 1.6% while Seattle had 1.7% and 1% for Phoenix.

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Inside the CPI report, local inflation of various goods and services — measuring February’s results with the previous year’s levels — shows that not every item you pay for is uniformly pricier …

Fuel: Gasoline in L.A.-O.C. cost 1.1% less vs. February 2020, by CPI math. Household energy cost 12.5% more.

Food: Groceries rose 3.9% as eating out got 3.1% pricier.

Medical: Bills were 1.6% costlier.

All local services: 0.7% pricier.

Apparel: Clothing was 6.4% cheaper.

Big-ticket items: The cost of “durable goods” (such as appliances and furniture) was 1.4% higher.

Vehicles: New? 0.2% pricier. Used? 8.8% pricier.

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Wed, 17 Mar 2021 11:23:39 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing Los Angeles Sport Economy Soccer Rent Seattle Bay Area San Bernardino Riverside Los Angeles Orange Top Stories LADN Top Stories OCR Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN U S Bureau of Labor Statistics CPI
COVID rent relief program opens. Here’s how it works https://www.dailynews.com/2021/03/15/covid-rent-relief-program-opens-heres-how-it-works-2/ After months of lingering unemployment and missed rent payments, federal relief is on the way for struggling landlords and tenants.

A complex hybrid of state and local programs designed to distribute $2.6 billion in federal aid to ailing California landlords and low-income renters begAn accepting applications Monday.

The program is kicking into gear as fallout from government-mandated business closings continues to hit the state, with low-income workers suffering the heaviest job losses. Even with eviction moratoriums extended during the coronavirus pandemic, back rent will need to be paid.

Assemblymember David Chiu, D-San Francisco, said state and local officials will have to be especially vigilant in providing clear information about their programs to ensure reaching the neediest.

“We’re excited this day has come,” Chiu said. “We’re hopeful that the monies will go out quickly and efficiently.” Chiu is the chairman of the housing and community development committee and author of the state’s eviction moratorium.

The federal funds come from a relief package passed by Congress in December and are restricted to poor and moderate-income renters. The $1.9 trillion American Rescue Plan package signed by President Joe Biden last Thursday is expected to bring an additional $2.2 billion in rental assistance to California in the coming months.

The state gave large cities and counties three options to distribute the aid: use a state program, have a hybrid of state and local distribution sources, or go it alone.

Estimates for the amount of back rent owed in California through the end of 2020 have ranged from $400 million to $4 billion. The exact figures have been elusive, and public and private aid programs have cut into the debts. Landlords, renter advocates and lawmakers agree spikes in job losses in the service industry and other areas have led to widespread stress on renters in the nation’s most expensive housing market.

The program is open to tenants and landlords impacted by the pandemic. Those who qualify are eligible to receive 80% of unpaid rent from April 1, 2020, to March 31, 2021. Landlords and tenants must both provide documentation to receive payments; landlords accepting the funds agree to waive collection of the remaining unpaid debt. Tenants may also apply for lesser aid if their landlord refuses to apply for relief.

The California Apartment Association is urging its members to participate in the program, saying a partial payment is better than trying to collect an entire debt through civil lawsuits.

Landlords and tenants will be able to apply online Monday to start the process, regardless of whether an individual county or city has established its own program. The money is intended to go directly to landlords.

Cities and counties with individual programs may set different rules for reimbursement and eligibility than relief funds administered by the state. San Jose and Santa Clara County elected leaders are expected to sign off this month on their plan for county residents. Programs in Alameda County and San Francisco are likely to come even later.

The state’s Business, Consumer Services and Housing Agency expects the program to cost between $50 million and $60 million to administer. Nonprofit organizations and social service agencies will conduct outreach and education, and help funnel landlords and tenants into the program.  A multilingual, toll-free number, (833) 430-2122, and a website with information about eligibility and applications have already been established. Residents will not be asked citizenship questions.

The goal is to have residents and property owners able to access relief through several paths. “The key for all of us is that there really is no wrong door,” said Geoff Ross, a deputy director at the state Department of Housing and Community Development. Related Articles

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Mon, 15 Mar 2021 19:33:21 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate Politics News Congress California Housing US California News San Francisco Sport Joe Biden Soccer Rent San Jose Housing Crisis California Apartment Association Southern California Affordable Housing Santa Clara County David Chiu Alameda County National News Chiu Department of Housing Geoff Ross Top Stories LADN Top Stories OCR Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN Coronavirus Coronavirus Economy Wil Shelton Business Consumer Services and Housing Agency
Where to Stream the 2021 Oscar Nominees https://lifehacker.com/where-to-stream-the-2021-oscar-nominees-1846476612

For a while, the biggest film story of 2020 was what movies weren’t coming out, as the pandemic closed theaters and bumped release dates for some of the year’s biggest would-be blockbusters (see you later, Black Widow and No Time to Die, hopefully) and buzziest awards-bait (or is there another reason Spielberg…

Read more...

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Mon, 15 Mar 2021 14:00:00 +0000 BlogLikes - Find Most Popular Blogs Hbo Viola Davis The Walking Dead Aaron Sorkin Films Disney Soul Netflix Frances Mcdormand Oscar Michelle Obama Rent Oscars Lars von Trier Jamie Foxx Warner Bros Lifehacks Glenn Close Renée Zellweger Carey Mulligan Thomas Vinterberg Gary Oldman Hulu Donald Trump Spielberg David Fincher Borat Ron Howard Sacha Baron Cohen Anthony Hopkins Barack Wilson Sam Cooke Chadwick Boseman Malcolm X Jena Friedman Golden Globe Shaun Berson West Side Story Daniel Pemberton Dan Mazer Andra Day Aida Jim Brown Leslie Odom Jr Amanda Seyfried Ramin Bahrani Citizen Kane Riz Ahmed Florian Zeller Christopher Hampton Steven Yeun Leslie Odom Los Gatos California Human Interest Golden Globes ceremony Fennell Vanessa Kirby The Oscar Aravind Adiga Olivia Coleman JD Vance Daniel Kaluuya Erica Rivinoja Steven Yuen Chloe Zhao Peter Baynham Nomadland Lee Kern Quo Vadis Darius Marder Anthony Hines Dan Swimer Mank Pieces of a Woman Lee Isaac Chung One Night in Miami Judas and the Black Messiah Abraham Marder Yuh Jung Youn Maria Bakalova Paul Raci Creative Works English Language Films Archos TV Portable Video Player Pvp Xbox 360 Software Entertainment Culture The 2021 Oscar The 2021 Academy Awards 25th Satellite Awards The Booker Prize American Strongman Sundance Film Festival Award Oscar Ceremony
Hertz Offers Custom Vehicle Wraps on Rentals https://www.thetruthaboutcars.com/2021/03/hertz-offers-custom-vehicle-wraps-on-rentals/ Hertz will custom wrap a rental vehicle to mark an occasion or celebration, a program that appears to be available throughout their system in locations across the U.S. We have no idea exactly how custom their wraps are, as Hertz shows several examples on a dedicated microsite. It will, however, allow you to tailor a […]

The post Hertz Offers Custom Vehicle Wraps on Rentals appeared first on The Truth About Cars.

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Tue, 09 Mar 2021 16:00:00 +0000 BlogLikes - Find Most Popular Blogs Advertising Marketing Autos Personalization Rent Rental Cars Sales And Marketing Hertz SUVs Branding Cosmetics Vans News Blog Vehicle wraps
Bidding wars and overblown fears: Is there really a California exodus? https://www.dailynews.com/2021/03/09/bidding-wars-and-overblown-fears-is-there-really-a-california-exodus/ By Lauren Hepler | CalMatters

When a strange and deadly virus shut down Hollywood last March, Alexander Shea knew he had to move fast. But to where?

The 24-year-old actor and usher at Beverly Hills’ Wallis Annenberg theater was out of work overnight. Soon, the whole economy shut down. When rumblings about closing state borders got louder, Shea piled what he could in his Mustang and left his $1,500-a-month, 390-square-foot Glendale apartment for his hometown.

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“My girlfriend and I were in the car with our dog driving to St. Louis,” Shea said. “I got like three hours of sleep in two days.”

Stories of mid-pandemic moves like Shea’s have reignited familiar fears about California residents and businesses fleeing for more affordable alternatives, especially with added remote work flexibility. But new moving data and unusually busy California real estate agents cast doubt on the exodus panic that’s taken hold in the press and far-right social media circles. Perhaps the better questions are whether the shifts are temporary, or what might happen once the state’s eviction moratorium lifts.

Alexander Shea and his girlfriend, Alexandria, drove from Glendale to St. Louis with their rescue dog, Bowie, in the early days of the COVID-19 pandemic. Photo courtesy of Alexander Shea.

A new report released a week ago by the California Policy Lab, a research arm of the University of California, found “no evidence of a pronounced exodus from the state,” nor data to suggest that large numbers of wealthy residents are leaving. Two notable exceptions: the city of San Francisco saw a large year-over-year loss, and the state as a whole saw more departures and fewer arrivals in the final quarter of 2020. Some 267,000 people left California around the end of the year, compared with just 128,000 people moving in from other states.

“To date, the pandemic has not so much propelled people out of California as it has shifted them around within it,” according to the report. “The absence of a pronounced exodus from the state should come as a relief to people concerned about effects on state tax revenues.”

The decision to move has always been highly personal — subject to work, family ties, lifestyle preferences and a million other variables — and official federal moving data takes years to compile. In California, the nation’s most populous state with some 40 million people, the number of things happening at once can make things even murkier.

The remote work crowd is just starting to confront the prospect of salary cuts if moves to lower-cost locales become permanent. Arts advocates warn of a “cultural depression” after 175,000 creative jobs vaporized during the pandemic. For Californians barely hanging on, breakdowns in the state’s job safety net are colliding with long-running failure to build affordable housing or accurately count people forced into precarious situations like couch-surfing or living in cars.

Through it all, the state wound up with $26 billion more than expected, thanks largely to tax receipts from wealthy individuals who are still here.

What we know so far about the much-discussed California Exodus is a patchwork. The new California Policy Lab analysis is based on credit reporting data, which doesn’t necessarily catch movement among young people with little credit history, or some very low-income or marginalized groups. U.S. Postal Service data recently analyzed by the San Francisco Chronicle showed Bay Area movers overwhelmingly stayed in the region.

Companies like Zillow and U-Haul have offered up their own partial data, and a cottage industry of online moving groups say they’re flourishing with ideological pitches to move to Texas, Idaho or beyond.

“The traditional data sets that we use to look at residential mobility are great, but they’re not very frequent,” said Natalie Holmes, the UC Berkeley doctoral student who authored the lab’s report, opening the door to more anecdotal reports. “I have a friend who’s in an Airbnb in Tahoe because she can work remotely,” Holmes said. “These are all capturing slightly different concepts of where people live.”

New booms and busts

Until recently, San Francisco was often in the headlines for being one of the most expensive places in the world to live. But since last March, the number of people leaving the city, on net, jumped an eye-popping 649% compared with the same period in 2019, based on the California Policy Lab’s analysis of address information filed with credit card companies and other financial agencies.

About 80% of those 38,800 people stayed within the region, though counties in the Sierras like El Dorado, Placer and Nevada also saw sizable gains. The report does not say where those who left the state moved.

The in-state shuffling is already leading to new booms in some corners of California. High in the Santa Cruz Mountains, not even the combination of a pandemic and a summer wildfire that burned down 900 homes has slowed real estate bidding wars. As far as Heidi Hart can tell, all the anxiety has actually supercharged the housing market.

“It feels like people around here have kind of accepted this ridiculous, expensive market, and they want more of it,” said Hart, fresh off her best year ever as the owner of Santa Cruz County’s California Dreaming Real Estate. “It’s like it’s a drug or something. There’s money coming out of the woodwork from everywhere.”

Houses in Santa Cruz County are getting up to 20 offers and selling for hundreds of thousands of dollars over the asking price, Hart said, in large part because there are fewer options.

She currently has 25 homes listed for sale, compared to the usual 100 or so this time of year. About 60% of buyers are coming from the Bay Area to take advantage of remote work, Hart estimates, some putting up inherited cash or tech stock proceeds to make offers more attractive.

Most sellers are staying close to home, at times transferring low property taxes guaranteed by California’s Proposition 13 to bigger houses, but a few have cashed out for Utah or Idaho.

The sense of scarcity is more acute at lower price points, which are harder for researchers and official counts like the census to track. As home bidding wars rage on, would-be renters post on Craigslist about doing “the parking lot shuffle” while living in their cars — a precarious situation for unemployed Californians.

Roughly 2,000 miles away in Missouri, Shea and his girlfriend are somewhere in the middle of these extremes. Nearly a year after the pair left LA to move in with family, he still spends hours fighting California bureaucrats over what he estimates is around $8,000 in unpaid unemployment benefits.

As for what comes next, an acting agent gave him a lead in Atlanta, where California rent might translate to a mortgage payment. He’s even considered moving to New Zealand.

But there’s one other appealing alternative: “If things go well,” Shea said, “I’ll just move back to LA.”

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Tue, 09 Mar 2021 13:20:58 +0000 BlogLikes - Find Most Popular Blogs Utah Business Real Estate Hollywood Craigslist News California Housing La San Francisco Atlanta Sport Soccer Glendale Idaho New Zealand Beverly Hills Rent Airbnb Lea Nevada Tahoe St Louis UC Berkeley Zillow University Of California Alexandria Bay Area Bowie Holmes Hart Shea San Francisco Chronicle U S Postal Service Natalie Holmes Santa Cruz County Santa Cruz Mountains Sierras El Dorado Placer U Haul Wallis Annenberg Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN California Policy Lab Texas Idaho Coronavirus Coronavirus Economy Lauren Hepler Alexander Shea Heidi Hart Missouri Shea
8 Reasons the Best Landlords Always E-Sign Rental Agreements | Daily Podcast http://www.powersiteblog.com/8-reasons-the-best-landlords-always-e-sign-rental-agreements-daily-podcast/ Regardless of how tech-savvy you are, switching to e-signatures can be a daunting process. There is something about a physical signature on a piece of paper that seems more reassuring, more binding. However, landlords who make this technological change reap the benefits of electronic signatures. As with any innovative digital solution, people have reservations. When talking about the smooth running of your property management business, there is no room for mistakes. With this in mind, let’s look at why the best landlords always eSign (e-sign) rental agreements.

SOURCE: BiggerPockets

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Tue, 09 Mar 2021 11:00:00 +0000 BlogLikes - Find Most Popular Blogs Podcast Real Estate Landlord Radio Rent Real Estate Podcasts E-sign
HOA Homefront: How can we cap rentals in our community? https://www.dailynews.com/2021/03/05/hoa-homefront-how-can-we-cap-rentals-in-our-community/ Q: Does Section 4741’s approval of rental caps as low as 25% of the HOA mean a community such as ours can disallow rentals above that percentage? We are a small community with surging rentals, creating automobile congestion on our streets. — P.W., San Diego

Q: Civil Code Section 4741, new in 2021, allows HOAs to set rental caps as low as 25%. That is a minimum, so HOAs with current caps above 25% are unaffected by that aspect of the new law. HOAs adopting a rental cap should remember that Civil Code 4740(a) still applies so that the new cap, which is a partial prohibition, would apply only to owners acquiring title after the date the cap was voted into place.

Q: A group of us would like a member vote to change our CC&Rs to a 25% limit for rentals, which is within the new Assembly Bill 3182 law in California. The board says their decision is to not have any limit and our current CC&Rs do not have any restriction on the number of renters. What can we do to get this out to a vote of all homeowners? — E.P., San Diego

A: Over the years, my experience has been that the subject of rentals is the most common source of controversy when associations are discussing updating their CC&Rs. Some association communities prefer wide open rentals while others prefer a cap or other limitations.

Before you put the HOA to the expense of a membership vote, consider informally polling your neighbors to make sure you have strong support for the idea. Amending CC&Rs usually requires a majority vote of all members and sometimes even requires 75% approval vote to succeed. If you have enough support and the board still will not set a vote, you could petition for a special meeting of the membership.

However, who is going to draft the proposed amendment? Normally that would be the HOA’s attorney, and the amendment must be properly drafted to prevent possible legal challenge. If you have a large amount of support for the idea, hopefully the board will listen to the community.

Q: Civil Code 4740 has a paragraph grandfathering existing owners so that rental prohibitions would not apply, but now I see the new 4741 does not have that same paragraph. Despite that, it is obvious that the purpose of both 4740 and 4741 is to limit rent restrictions allowed by an HOA. — T.Z., Santa Ana

A: Yes, the new section 4741 does not contain a grandfathering provision, although that is not really its point. When Civil Code Section 4740 became law in 2012, its main point was have newly-adopted full or partial rental prohibitions only apply to future owners. The new Civil Code Section 4741 goes much farther, banning all “unreasonable” restrictions by HOAs on rental of homes.

To a certain degree, Section 4741 overshadows Section 4740 since it is difficult to conceive of a prohibition that could possibly be adopted without running afoul of Section 4741(a).

Kelly G. Richardson, Esq. is a Fellow of the College of Community Association Lawyers and Partner of Richardson Ober DeNichilo LLP, a California law firm known for community association advice. Submit questions to Kelly@rodllp.com. Related Articles

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Fri, 05 Mar 2021 10:30:27 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing Sport Soccer San Diego Rent Hoa HOAs Richardson Esq HOA T Z Santa Ana
Here’s what you can expect to get from the $1.9 trillion House coronavirus stimulus package https://www.dailynews.com/2021/02/26/heres-what-you-can-expect-to-get-from-the-1-9-trillion-house-coronavirus-stimulus-package/ By Tami Luhby and Katie Lobosco | CNN

The $1.9 trillion House coronavirus package contains a wide range of proposals to help Americans still struggling with the economic fallout of the pandemic.

The legislation provides another round of direct payments, as well as additional assistance for the unemployed, hungry, uninsured and at risk of losing their homes. It also would provide a bigger tax break for parents.

President Joe Biden and congressional Democrats argue that another massive bill is necessary to assist both people in need and the nation at large.

The full House is expected to vote on the bill, which largely mirrors Biden’s relief proposal, on Friday. It will then move to the Senate, which may add, change or eliminate some provisions — including the proposed $15 minimum wage, which the Senate parliamentarian has determined can’t be included under the rules Democrats plan to use for the bill.

Here’s how Americans could benefit from the House bill:

If your family makes less than $200,000 a year

The House bill would provide direct payments worth up to $1,400 per person to families earning less than $200,000 a year and individuals earning less than $100,000 a year.

Because the payments phase out faster than previous rounds, not everyone who was eligible for a check earlier will receive one now — but for those who are eligible, the new payments will top up the $600 checks approved in December, bringing recipients to a total of $2,000 apiece.

Individuals earning less than $75,000 would receive the full $1,400 and the amount would phase out for those earning more, up to $100,000.

Couples earning less than $150,000 a year would receive $2,800 — and families with children would be eligible for an additional $1,400 per dependent.

The payments will be calculated based on either 2019 or 2020 income. Unlike the previous two rounds, adult dependents — including college students — would be eligible for the payments.

If you are unemployed

Out-of-work Americans would get a federal weekly boost of $400 through August 29. Those enrolled in two key pandemic unemployment programs could also continue receiving benefits until that date.

Freelancers, gig workers, independent contractors and certain people affected by the coronavirus could remain in the Pandemic Unemployment Assistance program for up to 74 weeks and those whose traditional state benefits run out could receive Pandemic Emergency Unemployment Compensation for 48 weeks.

The jobless in these pandemic programs will start running out of benefits in mid-March, when provisions in December’s $900 billion relief package begin to phase out along with the current $300 federal weekly enhancement.

If you are hungry

Food stamp recipients would see a 15% increase in benefits continue through September, instead of having it expire at the end of June.

And families whose children’s schools are closed may be able to receive Pandemic-EBT benefits through the summer, if their state opts to continue it. The program provides funds to replace free- and reduced-price meals that kids would have been given in school.

If you’re behind on your rent or mortgage

The legislation would send roughly $19.1 billion to state and local governments to help low-income households cover back rent, rent assistance and utility bills.

About $10 billion would be authorized to help struggling homeowners pay their mortgages, utilities and property taxes.

It would provide another $5 billion to help states and localities assist those at risk of experiencing homelessness.

If you have children

Along with receiving the stimulus payments described above, most families with minor children could claim a larger child tax credit for 2021. Low-income parents, in particular, would benefit.

Qualifying families could receive the child tax credit of $3,600 for each child under 6 and $3,000 for each one under age 18, up from the current credit of up to $2,000 per child under age 17.

The credit would also become fully refundable so more low-income parents could take advantage of it. Plus, households could receive payments monthly, rather than a lump sum once a year, which would make it easier for them to pay the bills.

Families paying for child care services could receive some additional aid. The bill would provide $39 billion to child care providers, some of which must be used to help families struggling to pay the cost.

If you’re sick

If you’re sick, quarantining or caring for an ill loved one or a child whose school is closed, the bill may provide your employer an incentive to offer paid sick and family leave.

Unlike Biden’s original proposal, the House bill would not require employers to offer the benefit. But it does continue to provide tax credits to employers who voluntarily choose to offer the benefit through October 1.

Last year, Congress guaranteed many workers two weeks pay if they contracted Covid or were quarantining. It also provided an additional 10 weeks of paid family leave to those who were staying home with kids whose schools were closed. Those benefits expired in December.

If you need health insurance

More Americans could qualify for heftier federal premium subsidies for Affordable Care Act policies for two years.

Enrollees would pay no more than 8.5% of their income towards coverage, down from nearly 10% now. Also, those earning more than the current cap of 400% of the federal poverty level — about $51,000 for an individual and $104,800 for a family of four in 2021 — would become eligible for help.

Lower-income enrollees could have their premiums eliminated completely, and those collecting unemployment benefits could sign up for coverage with no premiums in 2021.

Those who want to remain on their employer health insurance plans through COBRA could also get federal help. These laid-off workers would pay only 15% of the premium through the end of September, though that could still prove costly.

If you own a small business

The bill would provide $15 billion to the Emergency Injury Disaster Loan program, which provides long-term, low-interest loans from the Small Business Administration. Severely impacted small businesses with fewer than 10 workers will be given priority for some of the money.

It also provides $25 billion for a new grant program specifically for bars and restaurants. Eligible businesses may receive up to $10 million and can use the money for a variety of expenses, including payroll, mortgage and rent, utilities and food and beverages.

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The Paycheck Protection Program, which is currently taking applications for second-round loans, would get an additional $7 billion and the bill would make more non-profit organizations eligible.

Another $175 million would be used for outreach and promotion, creating a Community Navigator Program to help target eligible businesses.

Who is out of luck?

Workers being paid at or just above the federal minimum wage of $7.25 an hour will not see a boost in pay.

The Senate parliamentarian on Thursday ruled that increasing the hourly threshold to $15 does not meet a strict set of guidelines needed to move forward in the reconciliation process, which would allow Senate Democrats to pass the relief bill with a simple majority and no Republican votes.

The-CNN-Wire™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

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Fri, 26 Feb 2021 13:32:20 +0000 BlogLikes - Find Most Popular Blogs Business Florida Politics News Congress California Senate California News Sport Joe Biden Cnn Soccer House Long Beach Rent Biden Johnson Johnson Fauci National News Tami Luhby Katie Lobosco Cable News Network Inc WarnerMedia Company Coronavirus Pandemic EBT Emergency Injury Disaster Loan Small Business Administration Severely
HOA Homefront: Can a board ban tenants with a criminal past? https://www.dailynews.com/2021/02/26/hoa-homefront-can-a-board-ban-tenants-with-a-criminal-past/ Q: My HOA made a change in the CC&Rs. Renters must be approved by the board, and nobody with a criminal record shall be approved. Can they make these demands for just rental units and not units being sold? Wouldn’t criminal records be just as important about potential buyers? — J.S., San Pedro

A: The state Fair Housing regulations that took effect in 2020 do not permit blanket housing discrimination against people based on their criminal history. Under Title 2 Section 12266, there must be some connection between the criminal history and the HOA’s safety concerns.

So, for example, someone who had been convicted of arson or a violent crime might be a reasonable concern, unlike someone who had committed loan fraud. Hopefully, your HOA had the benefit of legal advice when the members amended the CC&Rs to require prospective tenants to be approved by the board.

Ask counsel to review the criminal history issue and make sure the HOA’s policy does not violate the regulations.

Q: Our association requires owners notify management before moving occupants in or out of their unit, and management arranges for a representative to observe the moving of belongings and to document the impact upon any common areas. Deposits and the observer cost also must be paid. Furniture or appliances or other large items cannot be moved in or out of a unit except when purchasing new furniture. Owners who ignore this rule may be fined. I would like your opinion on this policy. — C.R., Imperial Beach

A: The association is responsible to protect the common areas and can take reasonable steps to protect hallways, elevators and other common elements against damage from moving activities. Associations with more rentals may have a greater incidence of resident changes and therefore a higher probability of damage.

Association charges related to moving must be reasonable per the 2015 appellate decision in Watts v. Oak Shores, meaning they can be supported by a good faith explanation approximating the HOA’s actual incurred costs from move-ins/outs.

Q: Our HOA says military renters cannot live together in their community if they are not a “family” and they define family as an “integrated economic unit.” However, the CC&Rs define family as “natural individuals, related or unrelated, who live as a single household.” Is requiring an “integrated economic unit” discriminating, based on a source of income? Do the HOA’s guidelines discriminate against military personnel? — R.Z., Oceanside

A: Many cities do not have a clear definition of “family,” but the California Supreme Court in its 1980 opinion in city of Santa Barbara vs. Adamson endorsed a broader definition of the term. In that opinion, the court stated that members of a “family” need not necessarily be related or have a head of household.

Some cities have adopted the definition of “family” to be a group of persons sharing a residence’s common facilities. Renters, military or not, need not be a “family” in the traditional sense of the word to be considered “single-family” occupancy.

Also, treating residents differently because of their military service may violate Fair Housing laws, since veteran or military status is now a protected class in California. Thanks, Kelly.

Kelly G. Richardson is a Fellow of the College of Community Association Lawyers and Partner of Richardson Ober DeNichilo LLP, a California law firm known for community association advice. Submit questions to Kelly@rodllp.com

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Fri, 26 Feb 2021 11:14:41 +0000 BlogLikes - Find Most Popular Blogs Business News California Housing Sport Soccer Rent California Supreme Court Santa Barbara Hoa San Pedro Oceanside Adamson HOAs Watts v Oak Shores Kelly Kelly G Richardson
America’s hottest neighborhoods: Bouldin Creek in Austin, Texas http://feedproxy.google.com/~r/TheFutureOfRealEstateMarketing/~3/7aHkWXmsriQ/ Mon, 22 Feb 2021 13:00:08 +0000 BlogLikes - Find Most Popular Blogs Texas California New York City America Analysis Austin Radio Agent Rent Zillow Led Zeppelin Silver Lake Zumper Hipster Redfin Bay Area Williamsburg Austin Texas Markets & Economy Select Walkscore Zilker Walk Score Bouldin Creek Hot Neighborhoods Ryan Rodenbeck Spyglass Realty Zillow Observed Rent Index Gov. Newsom, Lawmakers Reach COVID-19 Relief Deal; $600 Stimulus Checks For Low-Income Californians https://sacramento.cbslocal.com/2021/02/17/newsom-california-lawmakers-covid-relief-deal-stimulus-checks/ SACRAMENTO (AP/CBS13) — Gov. Gavin Newsom and lawmakers have reached a spending deal on small business grants, stimulus checks for low-income Californians and housing for farmworkers infected by the coronavirus.

It includes a fresh $24 million for a program that puts farm and food processing workers up in hotels if they contract the virus and have no place to isolate, Newsom said as he spoke at a community vaccination clinic in the Coachella Valley, a region that’s home to many farmworkers.

“It’s candidly been underutilized, and we recognize that,” Newsom said of the farmworker housing program. “And the purpose of this new appropriation is to maximize its effectiveness.”

Just announced an economic relief package with the Legislature that includes:

$2 BILLION in grants for small businesses (QUADRUPLED)

Fee relief for 59,000 restaurants/bars

Fee relief for 600,000 barber & cosmetology businesses

$600 stimulus checks for 5.7 million Californians

— Gavin Newsom (@GavinNewsom) February 17, 2021

Newsom said he and lawmakers would release a joint statement with details on the other spending items later Wednesday. It will include money for grants of $5,000 to $25,000 for small businesses, nonprofits and cultural centers.

The deal will also cover Newsom’s proposed stimulus plan to give a $600 one-time payment to low-income Californians.

The governor’s visit to the Coachella Valley was his latest stop in a tour around the state to highlight vaccination efforts as California’s virus numbers continue to improve. Local and county governments have teamed up with nonprofits and community groups in the valley to vaccinate farmworkers and at-risk populations.

“We’re helping to ensure that we not only talk about equity, but more so that we deliver a solid plan and act on that plan to make sure that the vaccine is equitably administered to the people of color, and that our communities have a chance to survive and prosper,” Coachella Mayor Steven Hernandez said.

California has now administered more than 6 million vaccines, but the rollout has been slow and rocky and demand continues to far exceed supply. The state is in the process of shifting to a new distribution system run by insurer Blue Shield, which will take some decision-making power away from counties.

The state’s virus numbers continue to improve. The state’s test positivity rate, hospitalizations and deaths are all down. The rate of people spreading the virus to others is now at its lowest in months, Newsom said.

The positive news means more counties will soon be allowed to reopen businesses for indoor services like dining, Newsom said Monday.

California created a four-tiered reopening system last summer that controls how businesses and schools must operate and sets guidelines for gatherings. By next week, a “substantial” number of counties are likely to enter the “red” tier, which allows indoor dining at 25% capacity and other indoor spaces such as movie theaters, museums and gyms to open with limits, Newsom said.

A half dozen rural counties in Northern California and along the Sierra Nevada are already in the red or orange tier. State data indicates at least five small counties are moving toward the red tier.

The more populous counties will take longer.

Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.

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Wed, 17 Feb 2021 17:31:13 +0000 BlogLikes - Find Most Popular Blogs News California California News Sacramento Rent Associated Press Coachella Blue Shield Sierra Nevada Gavin Newsom Northern California Legislature Coachella Valley Newsom CBS Broadcasting Inc Steven Hernandez California Economy Coronavirus
Why personal debt looks healthy despite worst year for jobs https://www.dailynews.com/2021/02/16/why-personal-debt-looks-healthy-despite-worst-year-for-jobs/ On paper, the Golden State appears to have escaped 2020 without a personal debt crisis.

Despite an unprecedented 2.4 million jobs lost in the spring, Californians joined their fellow Americans in paying down interest-heavy debt such as credit card bills while acquiring wealth-building loans by taking out mortgages.

In California, new mortgages jumped 10% even as real estate prices soared, suggesting an unexpected resistance to a prolonged pandemic.

Economists and financial researchers across the country aren’t seeing tell-tale signs of financial hardship in the Federal Reserve Bank of New York’s reports of American consumer debt, like the devastating spikes in defaulted debt, bankruptcies and foreclosures suffered during the Great Recession. In fact, they’re seeing near-record lows.

But looks can be deceiving.

The large gains of well-off Californians appear to be cloaking the experiences of suffering segments in debt records that aren’t easily broken down by race, income or geography. Plus, millions of Californians suffering job losses have accumulated crippling levels of debt that go uncounted in many national measures: unpaid rent, utility bills, borrowed money from loved ones and, in some cases, predatory loans.

The murkiness of debt data poses a problem for the government’s response. Even as California extends an eviction ban, considers additional stimulus aid and presses for additional unemployment support, it’s unclear whether that relief will be enough to prevent a debt crisis, or simply postpone it.

 

“Once the dust settles, this is going to be a story of inequality,” said Matthew Harding, professor of Economics and Statistics at UC Irvine.

A counterintuitive trend

Economic downtowns usually trigger high levels of debt distress.

“Debt is what fills the gap,” said Taylor Nelms, senior director of research at Filene Research Institute, a nationwide think tank working with hundreds of credit unions.

After the 2008 financial crisis, credit card debt spiked. So did the share of U.S. borrowers late on debt payments, which can ravage credit scores. By the end of 2009, roughly 12% of American household debt was delinquent, the highest rate ever recorded.

Yet that’s not happening now, despite the U.S. losing more jobs in 2020 than were lost in the entire Great Recession.

A below-average 3.4% of Americans’ personal debt was delinquent as of late September. California, one of the states hit hardest by Great Recession delinquencies, now has among the lowest rates nationwide, according to an interview with researchers at the Federal Reserve Bank of New York.

In another surprising twist, U.S. credit card debt — which, unlike mortgages, economists often consider an unhealthy form of debt because it doesn’t build wealth — dropped by $76 billion in the spring, the steepest decline since the country’s bank system began analyzing debt records in 1999.

That’s a sign, experts say, that Americans are spending less due to travel restrictions, business closures and lost income. But it’s also due to active debt repayments from those who enjoyed extra financial padding from boosted unemployment benefits and $1,800 stimulus checks.

About half of Californians who received the latest round of stimulus checks report that they mostly used them to pay off outstanding debt, according to January Census Bureau surveys.

How could a disease dubbed the “inequality virus” not generate alarming signs of household debt?

State of suspension

It may just be on hold. Federal cash infusions have helped many pull through the year. California lawmakers barred evictions through the end of June and Newsom banned water and electricity shutoffs during the pandemic. While ensuring access to basic needs during the crisis, those moratoria cloud the true level of Californians’ debt troubles.

“If the protections were extended permanently, then the data would align with reality,” said Nelms.

An estimated 1.6 million California households are late on water payments. Estimates for the number late on rent range from 90,000 to 700,000. At some point, those bills will come due.

Lawmakers have taken steps to reduce delinquent debt. The federal government, along with some private lenders, offered people the option to postpone payments on their student loans and mortgages, a process called forbearance. But these relief efforts have also created mixed signals about the state of delinquency in California.

One working paper by Stanford and USC researchers, among others, found that Americans have benefited from forbearance on roughly $2 trillion worth of loans between March and October, of which $1.1 trillion came from delayed mortgage payments. Study co-author and USC assistant professor Erica Xuewei Jiang believes that sets a record.

Forbearances explain much of the difference between the 2008 crisis and the pandemic, said Giacomo De Giorgi, director of the Institute of Economics and Econometrics at the University of Geneva in Switzerland, including why foreclosures — when a lender repossesses a home after the owner fails to pay the mortgage — have virtually stopped.

“We’ve never seen this before,” De Giorgi said. “It’s very hard to know whether this is an optimistic picture.”

A story of inequality

Another reason why debt levels appear deceivingly healthy is deepening inequality.

“When we worry about the averages, we miss a lot,” said Harding of UC Irvine.

The wealthy are skewing the Fed’s debt measurements. For example, people with credit scores above 760, who tend to make more money, are responsible for 85% of the national boom in new mortgage debt, taking out $329 billion more in home loans since March. The mortgage balance among borrowers with scores below 620 declined.

Harding also worries the data, which he says can’t be broken down by race, might be hiding alarming trends among specific demographics.

Ernesto Martinez said he’s witnessing “probably the largest wealth stripping event of our lifetime” among the families he serves as Director of Asset Building Programs at the Mission Economic Development Agency.

Before the pandemic, the nonprofit helped about 8,000 mostly immigrant families who made an average of $30,000 a year in the Bay Area build wealth through career training, financial coaching, tax filing services and affordable housing.

Now his team is scrambling to help clients hold on to “whatever little wealth” they might have developed.

Desperation debt goes uncounted

The federal reserve’s data also fails to measure some of the most distressing forms of debt, often affecting those who have endured long months without assistance because they are undocumented or their unemployment benefits were frozen or delayed.

It only counts debtors with Social Security numbers, excluding undocumented immigrants. It doesn’t include mounting utilities and rental debt, which “has the potential to be quite catastrophic,” said Marisabel Torres, director of California policy for the Center for Responsible Lending, a nonprofit working to fight predatory lending.

It doesn’t capture the 14% of Californians who told the Census Bureau in January that they borrowed money from family or friends in the past week. It doesn’t count people who turn to high-interest financial services, like payday or title loans, because they have limited or poor credit history.

An analysis of Google searches by the Federal Reserve Bank of Kansas City found evidence that demand for title and payday loans has dropped. However, experts are worried these types of often-predatory services will skyrocket when financial protections expire. The use of payday loans doubled in the years following the Great Recession, hitting people with limited or poor credit hardest.

Erica Wood sits for a portrait with her dog Lucy near her home in San Diego on Feb. 6, 2021. Wood owns a small mobile piercing business but has been able to work due to COVID-19 restrictions. While struggling with unemployment benefit, she took out a title loan on her car and is now in debt as a result. Photo by Peggy Peattie for CalMatters

Until recently, Erica Wood of San Diego had mostly dealt in cash, leaving the 44-year-old pharmacology researcher-turned-small-business-owner with little credit history.

The pandemic wiped out Wood’s booming mobile piercing business. Late on May’s rent, she got desperate. Through an online loan agency, she took out a $4,000 title loan at a 400.87% annual interest rate, with her 2015 Lincoln MKZ as collateral. When the end of the pandemic still seemed right around the corner, Wood figured she’d pay back the loan right away.

But the pandemic continued and the interest grew faster than she could repay it. Wood cashed out on her 401K, refinanced the loan, sold stocks and a prized classic truck.

She might have paid off the loan sooner, if not for California’s Employment Development Department’s chaotic crackdown on fraud, which led Bank of America to freeze her benefits card in September. After countless hours on the phone with representatives, Wood still hasn’t seen a cent of her biweekly $598 Pandemic Unemployment Assistance.

Two months late on repaying the title loan, she still owes about $4,300.

Though Wood’s financial crisis doesn’t show up in national debt statistics, her boyfriend’s relative success might soon. An electrician, his annual income increased from about $55,000 to over $80,000, as business boomed and he worked weekends.

“He wants to buy a house now because the mortgage rates are so great,” Wood said. “But I’m freaking out.”

This article is part of the California Divide, a collaboration among newsrooms examining income inequality and economic survival in California.

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Tue, 16 Feb 2021 16:36:35 +0000 BlogLikes - Find Most Popular Blogs Google Business California Stanford Bank Of America Sport Soccer Social Security Switzerland San Diego Rent Wood Lucy Usc Bay Area Fed Golden State Harding UC Irvine Employment Development Department University of Geneva Federal Reserve Bank of Kansas City Census Bureau Federal Reserve Bank of New York Matthew Harding Newsom Lincoln MKZ Mission Economic Development Agency COVID Coronavirus Economy Taylor Nelms Filene Research Institute January Census Bureau Erica Xuewei Jiang Giacomo De Giorgi Institute of Economics and Econometrics De Giorgi Ernesto Martinez Marisabel Torres Erica Wood Peggy Peattie
How a one-time tech worker amassed $43,804 in rental debt https://www.dailynews.com/2021/02/15/how-a-bay-area-tech-worker-amassed-43804-72-in-rental-debt/ Just a year ago, CJ Paillant lived in a brand new apartment complex in Oakland’s Jack London Square with a rooftop terrace, a game lounge and a pool with a hot tub that he and a friend rented for nearly $5,400 a month.

But Paillant, a product manager for a Silicon Valley software company, lost his job early on in the pandemic. So did his roommate. Together, they owe $43,804 in rent.

“I got stuck in my luxury apartment,” said Paillant, who stayed to avoid a fee for breaking his lease but has since moved to West Oakland . He hopes t o negotiate a repayment plan with his former landlords,  but Paillant knows he isn’t getting his former life back anytime soon. “Now I’ve got to raise this money. My life feels like a movie.”

More than one in seven California renters were behind on their rent payments at the end of last month, according to Census Bureau surveys. And even with a statewide eviction moratorium and federal and state rental relief, some formerly well-paid renters like Paillant have accumulated a level of debt they’re not sure how they’ll ever get out of. Experts say California’s relief law — SB 91 — does little to overcome renters’ uncertainty, leaving them unsure exactly how much they will owe when protections, which are set to expire July 1, end.

“The ball’s in the court of the landlord,” said Christopher Gil, assistant director of marketing at the San Francisco-based Mission Economic Development Agency, which offers housing and financial services to low-income Latino workers.

Under Gov. Gavin Newsom’s $2.6 billion rental relief proposal, the state would pay up to 80 percent of low-income tenants’ unpaid rent — but only if their landlords agree not to evict them and waive the remaining 20 percent. Land lords who refuse the deal would receive just 25 percent of their tenants’ owed rent from the state.

Renters would have to pay the rest, though it’s not clear how long they will have to repay their debt. Only tenants who made under 80 percent of their area median income in 2020 are eligible for relief. Paillant wouldn’t have qualified when he was working. Now that he’s getting by on unemployment, he probably will. 

Paillant lost his job in March and started receiving $450 a week in pandemic unemployment assistance. He used his savings to pay rent from April to June but as the months wore on, he tried to get his landlords to lower his rent. He paid just $600 of his share of rent in July and again in August. 

He started working to create a tenants’ union with more than 60 others at Fourth Street East, the seven-floor building where he lived. The group sent letters to the landlord, San Francisco real estate firm Carmel Partners, asking for a rent reduction for the duration of the pandemic state of emergency. The owners, he said, declined. 

Instead, Maystar, the manageme nt company contracted by Carmel Partners, in September proposed cutting the fee Paillant and his roommate would pay for breaking their lease, reducing it from $21,508 to $8,745. But Paillant, still hoping the owners would agree to lower the rent, said he couldn’t pay that either. So he stayed and acknowledges that, without a job, he p aid no rent for nearly five months. That added roughly $23,000 more to their cumulative debt.

Maystar and Carmel Partners did not respond to requests for comment .  Under the state’s initial eviction protections, tenants like Paillant were supposed to pay 25 percent of their rent owed since September by Jan. 31. That date has been extended to June 30.

“It’s interesting now to see what I could have or should have done better,” said Paillant, reflecting on whether he should have taken the deal to let him out of his lease for less. “My b rain was running at 200 miles an hour. I was navigating the unknown.”

When his lease ended this month, Paillant moved with his partner to West Oakland where they were able to negotiate paying just half of the nearly $9,000 security deposit. The landlord agreed to let them pay the other half over time. So far, Paillant said, he and his partner have been able to pay only about 25 percent of their new rent. So he’s accumulating more debt on top of what he may owe his former landlord come J uly, when statewide protections are set to end.

“At that point you’re pretty much in too deep,” said Paillant, who added that he has consulted with a bankruptcy lawyer.

Though he hopes to qualify for rental relief, he doubts his former landlord at Fourth Street East will waive 20 percent of his owed rent. If he’s right, Paillant and his former roommate will have to pay 75 percent of their debt, or $32,853.

Paillant, who has started an online business helping Black-owned small businesses go digital, said his former landlords told him they were open to negotiating a repayment plan. “But of course, they can always change their mind,” Paillant said. “That’s the scary part.”

This article is part of the California Divide, a collaboration among newsrooms examining income inequality and economic survival in California. Related Articles

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Mon, 15 Feb 2021 15:45:09 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing San Francisco Sport Soccer Rent Silicon Valley Housing Crisis Oakland Black Gavin Newsom West Oakland Jack London Square Census Bureau Newsom Los Angeles Orange Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN Mission Economic Development Agency Carmel Partners Coronavirus Coronavirus Economy Paillant Christopher Gil Fourth Street East
Inland Empire the nation’s ‘poster child’ for rent hikes, researcher says https://www.dailynews.com/2021/02/14/inland-empire-the-nations-poster-child-for-rent-hikes-researcher-says/ Renters are seeing low vacancy rates, soaring rents and long waiting lists in the Inland Empire, where tenants can get more space for less, demand is through the roof and empty apartments “rent immediately,” property managers and housing experts say.

To the west, however, they see rising vacancies, falling rents and first-month-free move-in specials.

“Maybe you’re starting to see people say, ‘I don’t need to be in Los Angeles,’ ” real estate broker and property manager Lance Martin said. “The home (size) is a little more important.”

The coronavirus pandemic has turned Southern California’s rental market on its head.

With more people working from home, and COVID-19 shutdowns limiting access to restaurants, bars and museums, demand has shifted further down the freeway to the east, new rent data show.

“It’s a pattern that we actually see across the U.S., where these expensive metros are losing households to less expensive, adjacent and more affordable metros,” said Greg Willett, chief economist for apartment tracker ReaPage.

But “we used the Inland Empire as the poster child (for this pattern),” he added. “Among the 50 largest markets across the country, (the Inland Empire) is No. 1 for annual rent growth.”

Two other research firms, Yardi Matrix and Moody’s Analytics Reis, show a similar pattern, with the Inland Empire near the top of U.S. metro areas with the biggest rent growth rates, and L.A. County close to the bottom with the biggest rate drops. Orange County ranked in the bottom fifth of U.S. markets in all three rankings.

Households are leaving Los Angeles and Orange counties “for more affordable living options now that they’re working from home,” Willett said.

Inland Empire property managers see the trend, too, saying they’re flooded with applications for vacant units, driving up rents.

Martin, owner of Riverside-based Coldwell Banker Town and Country, which manages about 500 Inland Empire rental houses, said demand for single-family rentals “is unbelievable.”

“Everything we have is almost rented immediately,” Martin said. “Our average time to rent a vacant rental was 30 days a few years ago. Now, it’s less than a week.”

No vacancy

A Southern California News Group composite of rent surveys by four leading apartment trackers showed Inland Empire apartment rents averaged in the $1,592 to $1,671 a month range during the fourth quarter of last year.

That’s up 5-8% from the year before, data from RealPage, CoStar, Moody’s Analytics Reis and Yardi Matrix shows.

Vacancy rates, meanwhile, fell to 2.9% — the Inland Empire’s lowest rate in figures going back a decade.

In Los Angeles County, just the opposite is occurring: Vacancies are up and rents are down.

L.A. County apartment rents fell for a third consecutive quarter at the end of 2020, averaging $2,081 a month. That’s down almost 4% from an all-time high of $2,165 a month during the fourth quarter of 2019.

The L.A. County vacancy rate — 5.3% in the fourth quarter — was the highest in a decade.

Orange County’s average rent also fell to $2,081, down 0.9% from a year earlier. Its vacancy rate fell, dipping to 3.8%.

While Orange County   is seeing a flight to more affordable housing to the east, Willett said, it’s “not to the degree that you see in L.A.”

Holding strong

Riverside apartments rent for about $2.50 per square foot, said Sara D’Elia, CEO of the REMM Group, a Tustin property management company handling new apartment lease-ups throughout the region.

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Meanwhile, apartments rent for about $3.25 to $3.40 per square foot in Irvine and $3.50 to $5 per square foot in Los Angeles, she said.

“The cost per square footage is cheaper” in Riverside and San Bernardino counties, D’Elia said. “It makes it very attractive for renters who want to have a little more space for the home office — (and) a little more separation.”

Demand is rising even in “tertiary” markets like Hemet, about 1 ½-hours drive from Los Angeles, property managers say.

Commercial real estate agent Reza Ghaffari said rents have jumped $150 a month in the 60 days since he listed for sale a two-story, 137-unit apartment building in Hemet. The owner asked if he could rent out the model unit since he had more applications but no other vacancies.

“Because there was so much demand, they could raise the rent, and there would still be demand for it,” said Ghaffari, a manager with   Marcus & Millichap’s Ontario office. “There are not enough units to rent out there in the Inland Empire, literally.”

Another client told Ghaffari he has a waiting list with 40-50 names. When landlords get a move-out notice, they’re able to rent to someone on the waiting list before the prior tenant moves out.

A building under construction in Perris is expected to lease out all 15 of its new apartments before construction is finished, he added.

“We definitely are seeing a migration,” said Martin, whose Coldwell Banker brokerage manages mostly single-family rentals. “We’re getting at least 10 qualified applicants on a rental before we shut off the spigot and rent to somebody.”

In L.A. and Orange counties, “folks are starting to offer move-in concessions, three to five weeks free,” D’Elia said. “You’re not seeing that in the I.E. You don’t have to compete with concessions. It’s holding strong.”

‘A reasonable price’

Luis and Monique Barragan had been living with relatives in Garden Grove to save money and get help taking care of Monique’s daughter when they decided to move into their first home together since they got married.

But rather than move someplace nearby, they rented an apartment in Riverside last September, even though Luis still works in Tustin. Monique operates an online shop from home. The family of six pays $2,550 a month for a three-bedroom, two-bathroom apartment in a new complex with pools, a fitness center and a clubhouse.

“Orange County didn’t offer the space we needed at a reasonable price,” Luis Barragan, 31, said in an email. “We liked the area, and it seemed affordable for the space we needed.”

The big question is whether the eastward migration will continue after the pandemic ends. Or will demand shift back to Los Angeles and Orange counties once bars, theaters and museums reopen?

Some economists believe urban centers will bounce back the way New York City did following the Sept. 11 attacks in 2001.

But researchers believe the work-from-home trend will continue for many workers — at least two to three days a week — long after COVID-19 has been tamed.

“There’s going to be a quality of life that’s going to push some of those folks to suburban regions,” said Adam Fowler, director of research for Beacon Economics. “Even if they have to drive an hour one day a week, that’s going to be a lot more doable than every day if … employees can work remotely.”

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Sun, 14 Feb 2021 11:30:24 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing New York City Los Angeles Sport Soccer Rent Orange County Orange Riverside County Monique Southern California Ontario Affordable Housing Fed San Bernardino Martin Los Angeles County Riverside Irvine Inland Empire Luis Luis Barragan Hemet Tustin Willett Garden Grove Marcus Millichap Perris Fannie Freddie Adam Fowler Beacon Economics Lance Martin Southern California News Group D'Elia Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN Greg Willett Yardi Matrix Inland Empire California COVID Coronavirus Economy Moody 's Analytics Reis Reza Ghaffari Ghaffari Coldwell Banker Town Sara D'Elia REMM Group Monique Barragan Tustin Monique
Newsom signs law extending eviction protections https://www.dailynews.com/2021/01/29/newsom-signs-law-extending-eviction-protections/ California Gov. Gavin Newsom signed a law on Friday that extends eviction protections through the end of June.

Last year, Newsom signed a law that banned evictions for unpaid rent for tenants who paid at least 25% of their rent owed after Sept. 1. That law was set to expire on Monday. But the law Newsom signed on Thursday extends those protections through June 30.

Tenants who qualify for the protections will still owe their rent, they just can’t be evicted for not paying all of it.

The law would use federal stimulus dollars to pay off 80% of some tenants’ unpaid rent, but only if landlords agree to forgive the remaining 20%. If landlords refuse the deal, the law would pay off 25% of tenants’ unpaid rent to make sure they qualify for eviction protections.

People who earn more than 80% of the area median income are not eligible for the money.

Some housing advocacy groups worry the law gives too much power to landlords. During a virtual bill signing ceremony on Friday, Newsom, Senate President Pro Tempore Toni Atkins and Assembly Speaker Anthony Rendon all pledged to pass a law offering more assistance later this year.

“We’re not done,” Newsom said. “None of us are naive that we have a lot more work to do.” Related Articles

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Fri, 29 Jan 2021 18:24:01 +0000 BlogLikes - Find Most Popular Blogs Business News California Housing Sport Soccer Rent Gavin Newsom Assembly Newsom Anthony Rendon Los Angeles Orange Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN Coronavirus Coronavirus Economy Newsom Senate
California lawmakers approve rent relief, eviction protections https://www.dailynews.com/2021/01/28/california-lawmakers-approve-rent-relief-eviction-protections-2/ Amid an influx of federal stimulus funds and the impending expiration of renter protections, state lawmakers on Thursday passed an emergency measure to deliver billions of dollars in rental assistance and extend an eviction moratorium through June.

The passage of Senate Bill 91 clears the way for the distribution of $2.6 billion to landlords and utilities to settle at least some of the unpaid bills of low- and moderate-income Californians impacted by the coronavirus pandemic. The budget bill measure comes days before the Jan. 31 expiration of a statewide moratorium on evictions.

Senate President Po Tem Toni Atkins, D- San Diego, said the bill would serve as a down payment on support for landlords and tenants.

“Make no mistake, this is not the end,” said Atkins, one of the primary leaders behind the measure. “We will continue to work on this in the months ahead.”

The bill still needs Gov. Gavin Newsom’s signature. The state expects to begin distributing aid in March.

The federal funds are aimed at renter families making less than 80% of the area median income, with priority given to those making less than half the median income.

Under the new state measure, landlords can receive 80% of back rent due between April 1, 2020 and March 31, 2021. Landlords must agree to waive the remaining 20% of the debt and not seek eviction. Landlords refusing to waive their right to evict may collect 25% of back rent.

Tenants will be eligible for protection through June 30 by meeting several requirements; they must declare they have lost income from the pandemic, and pay at least one-quarter of the back rent owed between September and June. Tenants may also be eligible for partial assistance of up to three months of future rent.

Landlords are required to notify tenants about rental assistance programs. Lawmakers have also earmarked additional funds for legal assistance, and plan for a multi-lingual program to educate renters.

The system for distributing the aid is expected to be developed in coming weeks, likely through a hybrid of state and local programs, officials say.  State budget officials estimate California renters owe $400 million in back rent; other federal and independent researchers put the estimates at more than $1 billion.

Lawmakers say the urgency is to get money into the accounts of struggling renters and landlords, despite criticizing the measure for not going far enough.

“This bill extends eviction protections through June and gets rental assistance in the hands of Californians quickly,” said Assemblymember David Chiu, D-San Francisco and author of the original moratorium. “While the bill is not perfect and likely will require follow up measures, this is good news for California tenants.”

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Thu, 28 Jan 2021 16:33:23 +0000 BlogLikes - Find Most Popular Blogs Business News California Housing Senate San Francisco Sport Soccer San Diego Rent Atkins Bill Gavin Newsom State David Chiu Top Stories LADN Top Stories OCR Top Stories PE Top Stories IVDB Top Stories RDF Top Stories Sun Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN California-legislature
Los Angeles-Orange counties’ rent hikes hit 10-year low, CPI says https://www.dailynews.com/2021/01/22/los-angeles-orange-county-rent-hikes-hit-10-year-low-cpi-says/ Rent hikes in Los Angeles and Orange counties shrank to their lowest level in 10 years, according to the local Consumer Price Index.

The cost of L.A.-O.C. renting rose at a 1.3% annual rate in December. The last time the CPI showed slower local rent inflation in any December was 2010.

Landlords have been forced to compete aggressively for tenants as a pandemic-weakened economy clobbered renters’ finances, creating a jump in empty apartments. It’s a sharp contrast from the end of 2019 when rents were rising at a 5.2% annual pace.

The U.S. Bureau of Labor Statistics’ CPI tracks rental costs by polling consumers. Other oft-cited rent measurements from landlord surveys show that once the coronavirus became an economic headache last spring, “asking rates” went flat or fell at paces not seen in a decade.

For 2020, the local CPI rent index rose on average 3.4% compared with 5.5% in 2019 and 4.6% in 2015-2018. After the virus throttled the economy, rent hikes looked more like the 2009-14 period when increases averaged 1.7% annually.

Lower rents were a key reason why overall inflation was rising at a 1.5% annual pace in December vs. 3% a year earlier. For all of 2020, overall L.A.-O.C. inflation averaged 1.6% compared with 3.1% in 2019, 2.3% in 2015-2018 and 1.3% in 2009-14.

Here are other cost-of-living trends worth noting from December …

The big picture: The local overall inflation rate was 1.5% vs. the nation’s 1.4% while CPI in Western states rose at a 1.5% pace.

Inland Empire: The region’s 1.9% increase two months ago is the latest bi-monthly reading of overall inflation for Riverside and San Bernardino counties.

Elsewhere in the West: Bay Area inflation? 2% in December while Seattle had 1.4% and 0.5% for Phoenix.

Get The Home Stretch newsletter , a review of what’s important for SoCal housing! Subscribe here!

Also, inside December’s local report we learned …

Fuel: Gasoline in L.A.-O.C. cost 14.5% less in the last 12 months, by CPI math. Household energy costs were 10.3% higher.

Food: Groceries rose 3.3% as eating out got 5.6% pricier.

Medical: Bills were 4.2% costlier.

All local services: 1.7% pricier.

Apparel: Clothing was 1.8% cheaper.

Big-ticket items: The cost of “durable goods” (such as appliances and furniture) was 2.9% higher.

Vehicles: New? 2.1% pricier. Used? 9.2% pricier.

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Fri, 22 Jan 2021 12:00:40 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News Housing Los Angeles Sport Economy Soccer Rent Seattle Bay Area San Bernardino Riverside Los Angeles Orange Top Stories LADN Top Stories OCR Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN U S Bureau of Labor Statistics CPI Phoenix Get The Home Stretch
Pricey cities see ‘astounding’ rent drops as 2021 begins http://feedproxy.google.com/~r/TheFutureOfRealEstateMarketing/~3/f31wRz02WEQ/ Tue, 05 Jan 2021 08:00:45 +0000 BlogLikes - Find Most Popular Blogs New York Texas Boston Virginia New York City Los Angeles Radio New Jersey San Diego Rent San Jose Newark Oakland Seattle Rentals Richmond Plano Select News Brief Pandemic Property Portfolio COVID-19 COVID Coronavirus Pandemic Rent hikes in Los Angeles, Orange County at 9-year low https://www.dailynews.com/2020/12/12/rent-hikes-in-los-angeles-orange-county-at-9-year-low/ A pandemic-weakened economy has chilled rent hikes in Los Angeles and Orange counties to the smallest increase in nine years.

The cost of renting rose at a 1.6% annual rate in November vs. 5.4% a year earlier, according to a slice of the local Consumer Price Index. It’s the smallest gain for any November since 2011.

The U.S. Bureau of Labor Statistics’ CPI tracks rental costs by polling consumers vs. other measurements that come from surveys of landlords. Those industry metrics show landlords’ “asking rents” falling in many parts of the region.

Property owners have been forced to discount empty units as service industries that primarily employ renters have been hammered by business restrictions. More remote work has allowed other renters to move inland where rents are cheaper. Rents in Riverside and San Bernardino counties have cooled but are nowhere near coastal rates. Inland Empire rents rose at a 2.9% annual pace in November vs. 4.8% a year earlier.

We can also look at rent weakness in L.A.-O.C. this way: Increases run well below the average 5.5% gain in 2019 or the 4.6% of 2015-2018. This year looks more like the 2009-14 period when local rents rose on average 1.7% annually.

These slight rent hikes were one reason why overall L.A.-O.C. inflation was rising at a 1% annual pace in November vs. 3.2% a year earlier. L.A.-O.C. inflation averaged 3.1% in 2019, 2.3% in 2015-2018 and 1.3% in 2009-14.

Here are other L.A.-O.C. cost-of-living trends you should be watching …

The big picture: L.A.-O.C.’s 1% overall inflation rate is running below the nation’s 1.3%, while CPI in Western states rose at a 1.5% pace.

Inland: 2.1% overall inflation last month for Riverside and San Bernardino counties.

Elsewhere in the West: San Diego CPI? Up 1.9% annually and 1.8% for urban Hawaii.

Get The Home Stretch newsletter , a review of what’s important for SoCal housing! Subscribe here!

Inside the local report, we learned …

Fuel: Gasoline in L.A.-O.C. cost 22.1% less in the last 12 months, by CPI math. Household energy costs 12.4% more.

Food: Groceries rose 2.8% as eating out got 5.3% pricier.

Medical: Bills were 4.5% costlier.

All local services: 1.7% pricier.

Apparel: Clothing was 2.6% costlier.

Big-ticket items: The cost of “durable goods” (such as appliances and furniture) was 1.4% higher.

Vehicles: New? 0.9% pricier. Used? 10% pricier.

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Sat, 12 Dec 2020 11:12:12 +0000 BlogLikes - Find Most Popular Blogs Business Real Estate News California Housing Los Angeles Sport Soccer Hawaii San Diego Rent Orange Fed San Bernardino Riverside Los Angeles Orange County Los Angeles Orange Top Stories LADN Top Stories OCR Top Stories Breeze Top Stories LBPT Top Stories WDN Top Stories SGVT Top Stories PSN U S Bureau of Labor Statistics CPI Coronavirus Economy
Rent Research Strategies For Dallas, Texas https://notsoaveragemama.com/rent-research-strategies-for-dallas-texas/ I have moved so many times in my life. I would say I have probably moved much more than the average person. However, for nearly 18 years I have at least stayed in one state. Once I got to Texas I just stayed! The hardest thing about living in the areas that we have lived […]

The post Rent Research Strategies For Dallas, Texas appeared first on Not So Average Mama.

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Tue, 08 Dec 2020 10:23:01 +0000 BlogLikes - Find Most Popular Blogs Deals Texas Research Apartments Rent Dallas Texas Did You Know Rent Research Strategies For Dallas Texas