Recently reported in the LA Times, Southern Californians are being hit especially hard by the current housing crisis.
>The decline in prices marks a significant reversal from the boom years, when rents increased as people flooded into the Los Angeles area, attracted by a diverse economy. Now many of the region’s key industries — construction, trade, manufacturing, tourism and entertainment — are reeling. Los Angeles County’s unemployment rate soared to 12.8% last month, up from a revised 12.6% in September.
>Job losses and competition from foreclosed homes have made concessions by large landlords common. Thomas Shelton, president of Western National Property Management in Irvine, said he was offering about a month of free rent for every 12-month lease signed. In some of the hardest-hit areas, particularly the Inland Empire, he said, he is competing with investors who are renting out condominiums and homes, undercutting market rates.
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>Her San Jose lease was due to expire Aug. 31 and she still hadn’t found a place by Aug. 30. Then as she and her daughter were walking out of a Century 21 office in Chino Hills, Cato spotted a Ford F-150 emblazoned with the website of an Internet rental agency, Renttoday.us, a citation for one of Cato’s favorite Bible passages, John 3:16 (which says in part: “For God so loved the world that he gave his only begotten Son”), and the agency’s phone number. They called, and by the end of the day, the two had a new rental home to move into.
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