Housing Market Revival To Push SoCal Rent Prices Higher
In the past few years, it has taken a number of actions, including raising insurance premiums and tightening underwriting standards, to stay solvent. The government mortgage insurer plays a key role in helping those with low and modest incomes obtain credit to purchase a home. Consumer advocates maintain the support it has given to low-income borrowers and the housing market as a whole has been worthwhile. The FHA insures about $1.1 trillion in mortgages and supports 15 percent of all U.S. mortgages, up from about 5 percent in 2006. It is legally required to keep a 2 percent capital ratio, which is a measure of the fund’s ability to withstand losses.
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According to the study, Los Angeles County had the second-lowest vacancy rate at 3.2 percent, down 10.6 percent. On average, renters countywide baltimore property management companies paid an average of $1,435 per month and had the largest rate of increase at 2.86 percent. The vacancy rate for Orange County was also at 3.2 percent, down 12.4 percent; and the Inland Empire was 3.6 percent, down 17.3 percent. The sharp rise in demand is being primarily driven by deteriorating home affordability, according to Richard Green, director of the Lusk Center and co-author of the study. Despite marked improvements in employment and the overall economy, the rapid increase in home prices and interest rates are pricing first-time homebuyers out of the local market, Green said. As more and more of these households become renters instead of buyers, we will continue to see fewer vacancies and higher rents. Santa Monica had the highest average rent price at $2,328, while Victorville had the lowest at an average of $755.
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