Industry News

Los Angeles home ownership trails nation

Housing shortage means higher rents, home prices
Published on Mar 30, 2004

Los Angeles County has had a rental shortfall of 25,000 units per year for the past four years, and that same dynamic of strong demand and insufficient new supply is expected to continue, according to a University of Southern California real estate economics forecast. Economics forecasters and real estate experts are meeting at a conference in Los Angeles today to discuss the forecast and issues relating to the region's multifamily housing sector. The conference, "Cracking the Code: Reshaping Urban L.A.," is hosted by the USC Lusk Center for Real Estate, which conducts the Casden Real Estate Economics Forecast for the Los Angeles region. This forecast projects real estate trends in Los Angeles, Orange, Ventura, Riverside and San Bernardino counties. Raphael Bostic, director for the Casden Real Estate Economics Forecast, said 2004 is expected to be a status quo year for the multifamily housing market in the southern California area, with predatory lending and construction insurance...

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