Riverside-San Bernardino-Ontario, California (2006)

C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Riverside-San Bernardino- Ontario, California

U.S. Department of Housing and Urban Development Office of Policy Development and Research As of July 1, 2006

Summary

Economy and existing sales housing reflects gains in both employment and net The economy of the HMA is af- in-migration. During the past 12 fected by both internal and exter- Housing Market Area months, sales of homes and median nal employment gains and losses. home sales prices continued to More than 21 percent of the labor increase but at slower rates than force commutes to work outside during the previous 12 months. the HMA. During the 12-month During the forecast period, demand period ending June 2006, nonfarm for an estimated 98,700 sales units is employment increased by 40,700 expected (see Table 1). jobs, or 3.4 percent, compared with Nevada the previous 12-month period. The Rental Market construction industry led the goods- The rental market in the HMA is A producing sectors in employment r

San Bernardino i

z balanced. The rental vacancy rate o gains, while the retail trade and the n

a is about 1 percent higher than it Riverside professional and business services was a year ago. The higher rate California sectors led the service-providing Mexico resulted from the recent completion Pacific sectors in employment gains. These of several large apartment projects. Ocean sectors will continue to lead the Over the next 3 years, the rental HMA in employment growth in the market is expected to tighten, with The Riverside-San Bernardino-Ontario, 3-year forecast period. California Housing Market Area demand for an estimated 26,450 rental units (see Table 1). (HMA), defined as Riverside and San Sales Market Bernardino Counties, is coterminous with Currently, the sales market in the the Riverside-San Bernardino-Ontario HMA is tight. Demand for new Metropolitan Statistical Area. In this analysis, each county is discussed as a separate submarket. The HMA is also Table 1. Housing Demand in the Riverside-San Bernardino-Ontario known as the Inland Empire because, HMA, 3-Year Forecast, July 1, 2006 to July 1, 2009 unlike the other major metropolitan Riverside- Riverside San Bernardino counties in southern California, none of San Bernardino- County County the HMA borders the Pacific Ocean. Ontario HMA Submarket Submarket Sales Rental Sales Rental Sales Rental Units Units Units Units Units Units

Market Details Total Demand 98,700 26,450 64,650 14,200 34,050 12,250 Under Economic Conditions ...... 2 Construction 22,300 6,350 14,350 5,100 7,950 1,250 Population and Households .....5 Notes: Total demand represents estimated production necessary to achieve a balanced market at the end of the forecast period. Under construction as of July 1, 2006. Housing Market Trends ...... 6 Source: Forecast—estimates by analyst R i v erside-San Ber nardino-Ontario , C A • COMPREHENSIVE HOUSING MARKET ANALYSIS Source: CaliforniaEmploymentDevelopmentDepartment Figure 1. Source: Economy.com Table 2. Verizon Communications,Inc. Pechanga Resort&Casino Airport Ontario International Fort Irwin atRiverside University ofCalifornia Wal-Mart Stores, Inc. Kaiser Permanente Stater Brothers Markets Marine CorpsAirGround CombatCtr. Loma LindaUniv. MedicalCenter Labor Force & Employment Economic Conditions 1,000,000 1,100,000 1,200,000 1,300,000 1,400,000 1,500,000 1,600,000 1,700,000 1,800,000

Major Employers in the Riverside-San Bernardino-Ontario HMA

HMA, 1990to2005 Unemployment RateintheRiverside-SanBernardino-Ontario Trends inLaborForce, ResidentEmployment,and Name ofEmployer 1990 Labor Force 1992

1994 1996 Employment June 2006. The current rate of June rateof 2006.Thecurrent the12-monthperiodending of average unemployment rateas witha4.7-percent in California, thestrongest HMA remainsoneof T 1998

Information Leisure &Hospitality Transportation Military/Fed Education Services Retail Trade Health Care Retail Trade Military/Fed Health Care 2000 San Bernardino-Ontario San Bernardino-Ontario theRiverside- he economy of Type Unmployment Rate 2002 2004 Employees Number of 10,000 12,000 13,000 10.0 12.0 0.0 2.0 4.0 6.0 8.0 4,200 4,600 5,000 5,600 6,850 7,550 9,300

Unemployment Rate the HMA.LomaLindaUniversity tries aretheleadingemployers in warehousing anddistributionindus The government, healthcare, and date.current unemployment from1990tothe on laborforce, employment, and fordata thereport) (at theendof HMA. SeeFigure1andTable DP–1 the thecountiessurrounding of HMA andtheimproving economies employment gainsinthe reflects The improved unemployment rate the previous 12-monthperiod. 5.3-percent raterecordedduring unemployment isdown fromthe job gainsinthe trade, transportation, 1990 to1993, primarily becauseof a year, or1.0percentannually, from employment increasedby7,050jobs prices droppedsharply. Nonfarm employment declinedashomesales during theearly 1990s, construction the MarchAirReserve Base. Also March AirForce Base(AFB)into employment andtherealignmentof high-paying aerospaceand defense recession resultedfromthelossof thedecade. The early of part duringthe California southern throughout recession thatoccurred increased intheHMAdespite Throughout the1990s, employment ange, andSanDiegoCounties. jobs inadjoiningLosAngeles, Or live intheHMAcommute totheir theresidentswho than 21percentof employment opportunities, more the HMAprovide awiderange of HMA. Althoughindustrieswithin tails onthetop10employers inthe second largest. SeeTable 2forde and StaterBrothersMarketsisthe governmental employer intheHMA Medical Centeristhelargest non - - - - R i v erside-San Ber nardino-Ontario , C A • COMPREHENSIVE HOUSING MARKET ANALYSIS Figure 2. Source: California Employment Development Department Note: Basedon12-month averageendingJune2006. Figure 3. Source: CaliforniaEmploymentDevelopmentDepartment Note: Currentisthe12-monthaverageendingJune2006. 0 Education &HealthServices Professional &BusinessServices Financial Activities Transportation &Utilities Trade Service Providing Manufacturing Natural Resources, Mining, &Construction Goods Producing Total NonfarmEmployment Government Other Services Leisure &Hospitality Information Hospitality 10.0% Leisure & Economic Conditions 3.4% Other Services Government 18% Government 9.8% Health Services Education & 10 Services 11% Professional &Business Sector Growth in the Riverside-San Bernardino-Ontario HMA, Percentage of Increase, 1990 to Current

Bernardino-Ontario HMA,bySector Current EmploymentinRiverside-San employment grew at an annual rate of 44,600 employment grewatanannual rateof From date, 2000tothecurrent nonfarm government sectors. manufacturing,were intheconstruction, and jobs market. Thelargest gainsinthenumber of andanimproved California housing southern the significantly improved economy throughout large employment increaseinnonfarm reflected 34,150 jobsayear, or4.6percentannually. The employmentto 1999,nonfarm increasedby and leisurehospitalitysectors. From 1994 and utilities, educationandhealthcareservices, 20 30 Activities 4% Financial

Continued 40 Information 1.2% 50 Transportation &Utilities4.9% & Construction10.3% Natural Resources, Mining, Manufacturing 9.8% Trade 17.7% 60 70 80 90 ending June 2006. 12-monthperiod from 1990throughthecurrent increaseineachemployment sector percentage of growth sectors.the primary Figure2shows the andlocalgovernment wereperiod. Construction percent, comparedwiththeprevious 12-month 40,700jobs, or3.4 astronggainof still represent jobs recordedintheHMAduringthisperiod ending June 2006,the1,232,800totalnonfarm growth slowed 12-monthperiod duringthecurrent sectors.business services Althoughemployment wholesale andretailtrade, andprofessional increased employment intheconstruction, jobs, or4.2percent.Thegrowth resultedfrom rate of increase thatwas recordedduring the rate of 12-month period,whichisabout thesame current increased bymorethan13percent duringthe were inneighborhoodretailcenters. Retail sales thesejobgains trade employment, andmostof The gainwas mainly duetostronggainsinretail compared withtheprevious 12-monthperiod. 12-monthperiod 4.5 percent,duringthecurrent Figure 3.Thissectorincreasedby9,400jobs, or in jobsasdepicted allnonfarm for 18percentof sectoristrade,service-providing whichaccounts jobsintheHMA.Theleading nonfarm percent of employmentService-providing accountsfor80 100 110 120 130 140 150 160 R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S Source: T Gover Leisur Pr T T ServicePr NaturalResour GoodsPr T able 3. otal NonfarmEmployment OtherServices Education&HealthServices FinancialActivities Information Manufacturing Economic Conditions ransportation &Utilities rade ofessional &BusinessServices California Employment DevelopmentDepartment e &Hospitality nment 12-Month A resor of will remainatitscur duty personnel.Militar emplo Ri are themajoremplo related businesses local go The militar is sho g emplo of casinos andresor the past12months increased by4,900jobs leisure andhospitalityotherser jobs w months 12 monthscomparedwiththepre by 7,100jobs professional andbusinessser pre oducing oviding r o the3-y theleisureandhospitalitysector’ v vious 12-monthperiod.Emplo w erside Countysubmarket.Themilitar Sector t ts cur wn inT h ys about3,900ci yment. A ere relatedtoemplo ces, Mining,&Construction . Mostof f v o er r ear forecastperiod.Indiancasinosand rentl e nment, Indiancasinos y (ci verage EmploymentintheRiverside-SanBer a , or5.5percent,duringthecur c able 3. h y emplo v vilian andacti s e theadditionalbusinessser e ts accountedforalarg Continued , andtradetranspor r c a . Thee t g o ying industriesinthe rent le e r duringthepast24months a vilian and10,200acti , or3.1percent,during y about11,000w y-related emplo n n xpansion of u yment ser v a el throughtheend l vices sectorrose e v m e-duty personnel), p , healthcare vious 12 yment inthe l o s increased vices sectors y vices m Indian yment e e por n orkers . The y t tation rent vices 12 MonthsEnding tion v - e- June 2005 1,192,100 216,900 119,700 119,200 128,800 208,200 953,100 120,600 118,400 239,000 40,300 47,300 14,400 58,300 Center becomingthetopnongo resulted intheLomaLindaUni healthcare co the SanBer healthcare arethemajoremplo Local go cargo andlogisticshubsinthesubmarket. resulted inDHLandLo nonmilitar J most of forecast period.Smallretailersaree in thesubmarket,willremainstableduring P during theforecastperiod.Emplo and aree in theSanBer Mor related companiessuchasW occur period. Cur chang as StaterBrothersMarketsandW in theHMA.Emplo ul er y 1,2009.Thecommercialcon manente tgag nar ring atlocalshoppingcenters e significantl theprojectedretailemplo e are v dino-Ontario HMA,bySector xpected toaddse er y sideof 12 MonthsEnding rentl nardino Countysubmarket.Expanded nment, tradeandtranspor , theleadinghealthcareemplo v 1,232,800 June 2006 nardino Countysubmarketduring erag xpected toaddthousandsof 222,100 123,400 120,400 135,900 217,600 985,700 120,200 126,900 247,100 y 41,500 49,500 14,400 60,900 , mostof y duringthepast12-month e duringthepast2y MarchAirR yment atlarg w e’ theretailjobg v eral hundredjobs s Companiesbuilding ells F ying industriesin v v er eser ersity Medical Per e retailerssuch yment atKaiser al-Mar v yment through argo Home nment emplo . R ersion of xpected toadd cent Change v eal estate- -0.3 e Base tation, and 2.4 3.0 3.1 1.0 5.5 4.7 0.0 4.5 4.5 3.4 7.2 3.4 3.4 ears has t didnot ro y wth is er jobs the y er R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S Economic Conditions P estimates byanalyst Sources: 1990and 2000—U.S.CensusBureau;current andforecast— Figur logistics centerinthesubmarket. De the countyduringforecastperiod.K are e as UnitedP will resultinthee air the forecastperiod.Thesubmarket’ opulation andHouseholds por par

Average Annual Change xpected toaddse e 4. 100,000 120,000 140,000 ts tment Storesiscur 20,000 40,000 60,000 80,000 , raillines PopulationandHouseholdGr San Ber 0 arcel Ser , shippingpor Continued xpansion of 1990 to2000 nar vice andF v dino-Ontario HMA,1990toFor eral hundredjobsin rentl A y deaths) a (resident bir to J 1990 to1992.F factor inpopulationg Net in-mig and 2000. 2 the a Figure 4).Thisrateishigherthan percent, sincethe2000Census(see erag mated at4,030,800,ref Ber y de companiessuch ear andnetin-mig . 3 edEx, which ts p nardino-Ontario HMAisesti ul , andhighw Population e ann e v 2000 toCurr v y 1992,netnaturalincrease r erag eloping a c s pro e lation of s of n v ual gainof t erag e ann , ration w recordedbetw ohl’ ximity to J ths min ent owth intheRiverside- ul ed 48,100peoplea s y 1,2006,thepopu ual g rom April1990 a theRi ys Households as theprimar ration a us resident Curr a 124,150,or3.5 i ro n ent toFor v lecting ana wth from o erside-San go constr of percent, ann increase byappro that totalnonfar and nationaleconomies Based onanticipatedg f een 1990 ecast 6 v thene v 6 erag er ecast , 6 nment sectors 0 uction, wholesaleandretailtrade 0 y ed - , w jobsaree o - v r - uall m 55,800 peopleay housing demand. Ashousingprices net in-mig the area;ho the increasingn the netin-mig to 92,700peopleay y to ana date F of the 1990sbecauseof Household g w a people to ana y increase a to J and 1996.DuringtheJ county housingpricesbetw of plo slo 1993 toJ in populationg increase becamethemainfactor rental housing to theareabyaffordablesalesand v ear andnetin-mig ear andnetin-mig rom April2000tothecur y throughtheforecastdate m emplo as 16,800units uters andretireesw erag netin-mig the1990sandadeclineincoastal w ximatel yment raterecordedduringmost ul , netnaturalincreasedeclined ed becauseof . y 1999period,netnatural xpected tobeaddedinthe e ann . Betw v v erag erag ro ul , e v wth inthelocal,state ration w y 43,750jobs yment intheHMAwill erag y 1999,netin-mig xpectations indicate w ual householdg e of e ann ro een 1990and2000, ration. e ration resultedfrom . In1993,netnatural v wth w ed 40,600peoplea ro er umber of 31,450peoplea , or1.8percent. wth. F ear , mostof ual rateof thehighunem as dri ration impro ration declined ear . Bothcom thelo as slo ere attracted . Someof ul , or3.4 rom J v , andlocal y 1993 jobsin en by the w during w le rent een 1991 ro 13,400 . Most ration ul wth v , - y v el ed - R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S Figur by analyst Sources: 1990and2000—U.S.CensusBureau;currentforecast—estimates Average Annual Change 100,000 20,000 40,000 60,000 80,000 e 5. 0 San Ber Components ofPopulationChangeintheRiverside- P opulation andHouseholds Housing Market net in-mig g percent, since2000.Theincreaseinhousehold an a the HMAisestimatedtobe1,281,600,ref of date chang Figure 5sho mo comm the coastalcounties rent apar renters couldstillaffordtopurchasehomesand in souther counties and rentsincreasedinalltheadjacentcoastal 1990 to2000 ro nar thecur v wth w , andthecur v e far dino-Ontario HMA,1990toFor erag e from1990to2000,2000thecur uter trainser , theHMAw ther a tments andstillcomm as mainl e ann rent date n Califor Net NaturalIncr ration. ws thecomponentsof w ual increaseof a rent datetotheforecast y fromthecoastalcounties 2000 toCurr y theresultof , then vice enabledcomm nia wherehomebuy . T ease as oneof oll roadsandimpro Continued umber of ent Sales Market—RiversideCountySubmarket betw ann ann homes a and 1997,salesof to declinein1990.Betw the econom Home salesfelldramaticall 39,500units Net Migration theonl ute tojobsin thelarg ual salesof uall een 1987and 1988. Themedian Curr householdsin population y comparedwitha v ent toFor erag ecast uters to y locations ers and y of e gainsin T ed onl v lecting rent , or3.5 ecast ed 40,800homes rends theHMAbegan . . As ne y 25,350units w ande een 1990 4,404,100 bytheforecastdate in-mig figure thatref for theHMAisestimatedtobe3.0percent,a The forecastann and 165,462,respecti with populationsof cities intheSanBer Rancho Cucamonga,andF 144,661, respecti with populationsof larg Ri the stateof population centers Both submarketsintheHMAincludemajor San Ber for is e forecast period.TheRi to 1,401,700householdsbytheendof increase by40,000unitsann indicate thatthen and contin e percent. Basedontherateof g Ber ann population ise v xpected asaresultof ro erag y as v mation duringtheforecastperiodthanwill xisting xpected toha w atana erside nardino County’ ual rateof est citiesintheRi e ration. Thepopulationise nardino Countysubmarket. , MorenoV ued netin-mig Califor v erag lects mainl 38,400 unitsbetw sales increased toappro a the localeconom and 1999,demandincreased as from $156,100in1990.In1998 homes declinedto$115,550 in1997 sales priceforne 76,700,or3.7percent,andSan xpected tog v erag v ual populationg v e ann e afasterrateof el umber of . Accordingtoestimatesby nia, asof y 201,823,171,113,170,479, 287,820,174,565,and nardino Countysubmarket, s populationise e ann . SanBer alley v v emplo el erside Countysubmarket, v ual rateof y erside Countysubmarket y theincreaseinnet . , andCoronaarethe ration, projections ual n ro householdswill ontana arethelarg J uall populationg w atana yment increases . Ri nardino an w ande umber of y impro een 1998and y uar , or3.0percent, xpected tototal ro v 47,750,or2.3 household erside County’ wth rate y 1,2006, xpected to , Ontario ximatel v the3-y xisting v erag ed. The home ro e wth y ear est , s R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S Source: U.S.CensusBureau,BuildingPermitsSurvey Notes: IncludesdatathroughJune2006.onlysingle-family units. Figur Figur Sources: 1990and 2000—U.S.CensusBureau;current—estimates byanalyst 10,000 15,000 20,000 25,000 30,000 35,000 5,000 100,000 200,000 300,000 400,000 500,000 600,000 0 e 6. e 7.

0 1990 NumberofHouseholdsbyT side CountySubmarket,1990to2006 Single-Family BuildingPermitsIssuedintheRiver County Submarket,1990toCurr

1991 Sales Market—RiversideCountySubmarket Housing Market

1992 131,247

1993 compared with$350,000forthepre ne units home salesa J during thecur sales inRi the othercountiessur 2003 and2005.Unlikele in salesa $210,000. Theimpro and e 2000 and2002,themediansalespriceforne homes a in Ri through 2002,thesalesmarketremainedstrong Despite thedo $139,650. the Ri 1999. By1999,themedianhomesalespricein une 2006.Duringthisperiod,then 1990 w ande 1994 270,820 , or4percent,andthemedianpriceof v xisting homesincreasedfrom$160,100to erside County v

1995 erside Countysubmarketincreasedto v v erag eraging 64,000homesay xisting homesw 1996 v erside Countycontin T v rends ed 45,700unitsay

1997 erag rent 12-monthperiodending wntur Renter 157,739 1998 ed 67,250,againof . Salesof 2000 1999 n intheeconom ving localeconom rounding theHMA,home 348,479 enur 2000 v els of as about$400,000 Owner 2001 e intheRiverside ent ne 2002 homesalesin w ande Continued ued toincrease ear 177,000 2003 . Betw ear betw vious 12- umber of Curr y from2000

2004 2,700 y resulted ent 488,300 xisting

2005 een een

2006 w - More than30,000ne they diday for about60to90da are stillsellingw sell within30da throughout thesubmarket;thesehomestypicall for lessthanthemediansalespriceisv deser re of for alarg R home salesinthew in Ri relati month period.Increasedemplo an increaseof submarket (see Figure7).Thisfigurere o As of miniums cur str to considerbuildingcondominiumsinm gag of during thepast12-monthperiod.Therisingprices constr F the cur Condominiums re County submarketfrom1990tothecur famil cur constr higher thanthea pace isslo star of their paceof during the3-y builders willcompleteabout28,650unitsann month period.Atthecur percent, higherthanitw ending J completed duringthecur wner-occupied unitsareinthe Ri e etirees andbuy presents three-four thecounty single-famil homesunsoldduringtheconstr w uctures forthefirsttime rent date e interestratesha ted toincreasein2006.Althoughthecur er than300condominiumsarecur v v y buildingper t lands thecur erside Countyhelpedmaintainthele uction andfe uction acti e affordabilityof rent constr une 2006.Thisfigureis1,500units e shareof w ear ago . Thesalesmarketforhomesselling er . SeeFigure6fordetailsonsingle- constr rentl rent date . Theg , itisstill5,200units ear forecastperiod.Buildersslo 25,450units y detachedunitsandrisingmor ys ell, buttheysta ers of vity recordedfrom2000tothe v y areintheplanningprocess uction acti erag present av . Homespricedabo thesalesineaster . mit acti w uction acti ester eog ths of ys v w single-famil er than300w , anestimated488,300 e promptedmanybuilders e ann secondhomesaccounted , about30da ne raph n por as inthepre rent paceof rent 12-monthperiod w ande . About3,000condo thecounty vity intheRi , or5.5percent, ay ual rateof y of vity inthesubmarket. er tion of vity asthen y smallpor yment andthe y onthemarket thisarea,which xisting homes , or23percent, v uction phase ere completed y homesw erside County ys long thecounty vious 12 constr , ismostl v residential rentl er e $400,000 presents v rent date n por y strong erside ultifamil umber tion of er than v y under , or3 uction, el of rent - w uall ere . tion ear t y - - ed . y . y y R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S Sales Market—RiversideCountySubmarket Housing Market estimates byanalyst Sources: 1990and 2000—U.S.CensusBureau;current— Figur ha in unitsbuiltbefore1980.Thepre-1980 their rent-upphase y rental v submarket isbalanced.Thecur T Rental Market—RiversideCountySubmarket completed duringthene the de sales housingunitsareunderconstr during theforecastperiod.Cur sales housingintheRi the demandbypricerang T 3-y 64,650 ne estimates indicateademandforappro household demand forsaleshousing will betheprimar g this period,netin-mig slo in medianhomesalespricesaree Rising mor submarket from1990tothecur and salesv for additionalinfor percent. SeeT in 2000.Thesalesv from the348,479o ear agobecausese ro able 4pro h 10.0 11.0 v 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 w salesduringtheforecastperiod.During e ear forecastperiodendingJ wth andretireesmo e acur o v e 8. v e elopment pipelineandaree acancy rateisupabout1percentfroma r a w unitsof l rent v County Submarket,1990toCurr Rental V l acancy ratesintheRi g tgag vides anestimateddistributionof T r ro e rends 1990 10.0 n able DP–2attheendof wth t e interestratesandincreases a acancy rateof l y dri m . R and wner-occupied unitsrecorded acancy RatesintheRiverside mation onhousingin v acancy rateiscur saleshousingduringthe a eral larg r ental v k ration resultingfromjob ving forcebehindthe v cur ving intothecounty e erside Countysubmarket t xt 3y . Basedonanticipated es forne i n rent 2000 7.5 t acancies arelo e projectsarestillin h ears about4percent. e ul market rentl rent 7-percent rent date R Continued v y 1,2009. erside County i xpected to . w market-rate v xpected tobe e y uction orin r , 16,750ne rentl s i there ximatel conditions d Curr e . v 7.0 entor C y 1 ent w o por est u ent y n y t w t y , and $1,600,respecti de three-bedroom unitsinne a increases occur the pre with the6-percentrentincreaserecordedduring the 12-monthperiodendingJ R to thecur rates intheRi re post-1999 units 1980s and1990srentforabout$300lessthanthe rate of is inunitsbuiltafter1999,whichha rates of Units builtinthe1980sand1990sha Source: Estimatesbyanalyst Note: Dataarerounded. T v able 4. ents inthesubmarketincreased7percentduring 1,000,000 por erag v elopments areappro 900,000 850,000 800,000 750,000 700,000 650,000 600,000 550,000 500,000 450,000 400,000 950,000 Fr t) andFigure8fordetailsonrentalv om Price Range($) e rentsforone-bedroom,tw morethan9percent.Unitsbuiltinthe vious 12-monthperiod.The highestrent about5percent.Thehighestv rent date July 1,2009 County Submarket,July1,2006to Rate SalesHousingintheRiverside Estimated DemandforNewMarket- v and higher erside Countysubmarketfrom1990 . SeeT red inunitsbuiltbefore1999. The 949,999 899,999 849,999 799,999 749,999 699,999 649,999 599,999 549,999 499,999 449,999 999,999 T . o v el able DP–2(attheendof y . ximatel wl Demand Units of y completedClassA 12,950 1,000 1,300 1,300 3,200 6,450 7,750 8,400 6,450 6,450 6,450 1,950 1,000 une 2006compared y $1,000,$1,300, o-bedroom, and v e av v e v acancy rate Per acancy acancy of T acancy 10.0 12.0 13.0 20.0 10.0 10.0 10.0 centage 3.0 1.5 1.5 2.0 2.0 4.9 otal the R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S Figur Source: U.S.Census Bureau,BuildingPermitsSurvey structures withtwoormoreunits. Notes: IncludesdatathroughJune 2006.Includesallmultifamilyunitsin 1,000 2,000 3,000 4,000 5,000 6,000 0 e 9.

1990 County Submarket,1990to2006 Multifamily BuildingPermitsIssuedintheRiverside Rental Market—RiversideCountySubmarket Housing Market 1991

1992 major colleg The Uni o Students accountforasignificantpor become o the affordablehousingpricesenabledrentersto The lo occupied comparedwith31percentin2000. occupied unitsinthissubmarketarerenter recorded in2000.Cur y an increaseof units areinthissubmarket.Thisfigurere As of ket from1990tothecur per Figure 9forinfor rising mor can nolong A g ket whilelookingforper targ units cur rental unitsareintheplanningphase rental unitsareunderconstr pre n completed. Thisfigureisaboutthesameas 2006, appro During thecur ear fromthe157,739renter-occupiedunits v 1993 umber of erall demandforrentalhousinginthecounty vious 12-monthperiod.Appro mit acti ro 1994 eted tohouseholdsmo thecur wing propor w mor

1995 v rentl ersity of wners tgag rentalunitscompletedduringthe 1996 vity intheRi T er affordtopurchasehomesdue ximatel e campusinthesubmarketwitha rends tgag rent date y underconstr 3,100units e ratesandrisinghomeprices

1997 rent 12-monthperiodendingJ . e interestratessince2002and mation onm Califor 1998 tion of y 4,100rentalunitsw 1999 , 177,000renter-occupied rentl v rent date

2000 manent emplo thesene erside Countysubmar nia atRi , or1.9percent,a ving intothesubmar y , 27percentof uction aremainl

2001 uction and1,400 ultifamil 2002 . Continued ximatel w households v

2003 erside isthe . Therental tion of y building 2004 yment. ere y 5,100 presents

2005 the . See y the

2006 une - - . Section 8rentalv the Countyof people withdisabilities 1,750 areforfamiliesand1,450seniors (HUD) prog De based rentalassistancehousingfundedbyU projects aretypical.Thein and w Ri v The suppl pri the remaindercompeteformarket-rateunitsin Appro full-time enrollmentof under constr rooms perunit.Cur submarket byrentle market-rate rentalhousingin theRi noncum J ing unitsduringthe3-y demand forappro cur Based onanticipatedhouseholdg the forecastperiod. submarket andshouldbea 2,550 LIHT credit unitsislessthan3percent.Appro constr units areforseniors housing taxcredits(LIHT in thesubmarketw completed rentalunitsforlo households inthesubmarket.Anestimated7,700 in rentalhousingproductionforlo T About 32percentof De U county 480 con housing authorityalsooperatesappro ul er ax creditfinancingpla .S v v y 1,2009.T v par y-lo rent marketconditions erside County . ate housingmarket. elopment m De aiting listsof ucted after1990.Thev tment of ximatel . Ri w-income rentersise v par ulati entional publichousingunitsinthe y of v tment of erside Countycontains2,630unitsof C unitsareinthepipelineforthis rams totals3,200units;of uction orinthe de v e distributionof y 3,000studentsli assistedrentalhousingforlo Ri able 5pro HousingandUrbanDe ultifamil v . Occupancyratesof ouchers inthesubmarket.This ximatel erside administersabout8,200 ere financedusinglo se . Mosttax-creditunitsw Ag rentl theseunitsareforseniors v els andthen v eral y . TheHousingA morethan16,600students ear forecastperiodending riculture (USD ys animpor y y rentalhousingunits vides anestimateof y 14,200ne , 6,500rentalunitsare , estimatesindicatea Cs); about2,250of v v entor ailable bytheendof xtremel w-income residents ears forsubsidized acancy ratefortax- demandforne v v elopment pipeline y of e oncampusand ro umber of w-income tant role y limitedin v wth and erside County w rentalhous project- ximatel 100percent A) R theseunits v uthority of w-income ximatel elopment w- and ural bed .S ere the w y these . . . - y , . . - R i v erside-San Ber nardino-Ontario , C A • COMPREHENSIVE HOUSING MARKET ANALYSIS 10 Rental Market—RiversideCountySubmarket Housing Market Trends Source: Estimatesbyanalyst Notes: Distributionaboveisnoncumulative.Demandshownatanyrentrepresentsdemandthatlevelandhigher. 700 unitsor1.5 percentlower thanduring the period ending June 2006averaged 47,000units, units ayear. 12-month Salesduringthecurrent 2005 resultedinhomesales averaging 47,200 The improving localeconomy between 2003and sales pricesincreasedfrom$128,600 to$162,000. approximately 37,300units andmedianhome this period,average annual home saleswere downward.regional economiesturned During 2000 and2002even thoughthelocaland The salesmarketremainedstrongbetween Countyincreasedto$142,900. San Bernardino 1999. By1999,themedianhomesalespricein to approximately 33,900unitsbetween 1998and average homesalesincreased annual number of theimprovement inthelocaleconomy.of The Demand increasedin1998and1999because from $137,750in1990to$130,2001997. new andexisting homesdeclined sales priceof from 34,100unitsto25,600units. Themedian new andexisting homesdeclined 1997, salesof began todeclinein1990.Between 1990and theHMA County submarketastheeconomy of sales felldramatically intheSan Bernardino As intheRiverside Countysubmarket, home Sales Market—SanBernardinoCountySubmarket Table 5. Gross Rent($) and higher Monthly 1,700 1,600 1,500 1,400 1,300 1,250 1,200 1,150 1,100 1,050 1,000

Submarket, July1,2006to2009 Estimated DemandforNewMarket-RateRentalHousingintheRiversideCounty 1 Bedroom

Units of Demand 1,050 1,350 1,600 1,900 2,150 2,400 2,600 3,000

550 700 850

Continued Gross Rent($) and higher Monthly 2,000 1,900 1,800 1,700 1,600 1,550 1,500 1,450 1,400 1,350 1,300 2 Bedrooms Units ofDemand percent, higher thantheaverage annual rateof pace isslower,current itisstill3,600 units, or35 toincreasein2006. Althoughthe phase started homesunsoldduringtheconstruction number of activity asthe construction slowed theirpaceof with theprevious 12-monthperiod.Builders 1,200units, or9percent,compared increase of ending June an 2006.Thisfigurerepresents 12-monthperiod completed duringthecurrent More than15,100single-family homeswere about 30days longer thantheydidayear ago. they stay onthemarketforabout60to90days, Homes pricedabove $350,000arestillselling, but and thesehomestypically sellwithin30days. sales priceisstillstrongthroughoutthesubmarket, market forhomessellinglessthanthemedian homesalesthroughoutthecounty.of Thesales Countyhelpedmaintain thelevelBernardino new andexisting homesinSan affordability of period. Increasedemployment andtherelative $284,750 recordedduringtheprevious 12-month and existing homesincreasedto$355,450from new 12-month period,themediansalespriceof homesalesdidnotchange duringthecurrent of previous 12-monthperiod.Althoughthelevel

1,150 1,700 2,600 3,200 3,800 4,500 5,200 5,800 6,350 7,650 750 Gross Rent($) and higher Monthly 2,300 2,200 2,100 2,000 1,900 1,850 1,800 1,750 1,700 1,650 1,600 3 Bedrooms Units of Demand 1,150 1,600 1,800 2,050 2,500 2,850 3,200 3,550 500 600 850

R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S 1 1 Figur F Sources: 1990and2000—U.S.CensusBureau;current—estimates byanalyst i Source: U.S.CensusBureau,BuildingPermitsSurvey Notes: IncludesdatathroughJune2006.onlysingle-familyunits. g 10,000 12,000 14,000 16,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 2,000 4,000 6,000 8,000 u 50,000 r e 0 e 11. 0 1

1990 0 . Sales Market—SanBernardinoCountySubmarket Housing Market Ber Number ofHouseholdsbyT 1991 B S i e n r g 170,372 n nar 1992 l a e County submarketfrom1990tothecur building per period. SeeFigure10fordetailsonsingle-famil 14,000 unitsann of 2000 tothecur residential constr r - d dino CountySubmarket,1990toCurr

1993 F 1990 constr i a n m o 294,365 1994 i C l y

1995 o B uction, builderswillcompleteabout u u 1996 n T i t mit acti l y d rends i S n Renter

1997 rent date 187,580 g u uall b uction acti 1998 P m e vity intheSanBer 2000 y duringthe3-y a r

1999 m r 341,014 k i e t . Atthecur enur s

2000 t , I Owner s 1 vity recordedfrom s 2001 9 e intheSan u 9 e 0

2002 d t 203,800 o i n 2 2003 rent pace t ear forecast 0 h Curr Continued 0 e nardino 6

ent 2004 412,500 S rent date a ent

2005 n

2006 y . of Figure 11).Thisfigurere o As of 1,000 condominiumsareintheplanningphase t submarket, ho mor the pricesof str J completed duringthe12-monthperiodending condominiums inm acti a v Condominiums inm completed duringthene the de sales housingunitsareunderconstr during theforecastperiod.Cur ne distribution of e housing unitsduringthe3-y a demandforappro and cur housing primar and retireesmo Net in-mig 1990 tothecur sales additional infor 2000. SeeT a decreasefromthe3.6-percentraterecordedin The salesv 341,014 o o une 2006.Nocondominiumsinm n wner-occupied unitsareinthissubmarket(see 11,450units d w market-ratesaleshousinginSanBer c uctures arecur er o vity inthesubmarket.F i tgag n n y smallpor v g thecur s v acancy y dri i elopment pipelineandaree J d rent marketconditions . Basedonanticipatedhouseholdg u e interestratescontin e l wner-occupied unitsrecordedin2000. r y ration resultingfromjobg acancy rateiscur b ving forcebehindthedemandforsales able DP–3attheendof 1 u single-famil , rent date i rates w l 2 thedemandbypricerang d , or3.1percent,ay rent date ving intothecountywillbe 0 mation onhousingin e tion of i 0 n v rentl 9 g er . in ximatel c , buildersha ultifamil T o ultifamil a , anestimated412,500 y underconstr San n b thecur d . l xt 3y o y detachedunitsriseand e presents anincrease m Ber 6 y 34,050ne e pro i ear forecastperiod n w rentl y str y unitsre ue toincreaseinthis i nardino ears er than100 , estimatesindicate u rent constr rentl vides anestimated m v y 1.0percent, uctures w e recentl s . ear fromthe . xpected tobe y ultifamil C there uction orin uction. As , 9,950ne v ro u entor County r present w sales wth r e es for n uction nardino y star por t ere ro l y and y y , wth t for a w from . b ted o u t R i v erside-San Ber nardino-Ontario , C A • COMPREHENSIVE HOUSING MARKET ANALYSIS 1 2 Sales Market—SanBernardinoCountySubmarket Housing Market Trends Figure 12. about 4percent.Thehighestvacancy rateisin in the1980sand1990shave vacancy ratesof about3percent.Unitsbuilt a vacancy rateof before 1980.Thepre-1980unitscurrently have period. Rental vacancies arelowest inunitsbuilt projectsduringthepast12-month apartment several large attributed tothecompletionof percent fromayear ago. Theriseismainly rental vacancy rateis6percent,upabout1 County submarketisbalanced.Thecurrent The overall rentalmarketintheSanBernardino Rental Market—SanBernardinoCountySubmarket Table 6. estimates byanalyst Sources: 1990and 2000—U.S.CensusBureau;current— Source: Estimatesbyanalyst Note: Dataarerounded. 10.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 1,000,000

950,000 900,000 850,000 800,000 750,000 700,000 650,000 600,000 550,000 500,000 450,000 400,000 Submarket, July1,2006to2009 Estimated DemandforNewMarket-RateSalesHousingintheSanBernardinoCounty

From 1990 toCurrent Bernardino CountySubmarket, Rental Vacancy RatesintheSan 1990 8.8

Price Range($) 2000 7.6 and higher 999,999 949,999 899,999 849,999 799,999 749,999 699,999 649,999 599,999 549,999 499,999 449,999

To Continued Current 6.0 the previous 12-monthperiod.Approximately 200 rentalunits, or9percent, compared with about a decrease of 2006. Thisfigurerepresents 12-monthperiodendingJuneduring thecurrent Approximately 2,600rental unitswere completed and $1,600,respectively. A developments areapproximately $1,000,$1,300, and three-bedroomunitsinnewly completed Class The average rentsforone-bedroom,two-bedroom, in rental stock built before increases 1999. occurred the rent during theprevious 12months. Mostof compared with the 7-percent rent increase recorded 12-monthperiodendingJulythe current 1,2006, Rents inthesubmarketincreased 8percentduring date.current Countysubmarket from 1990tothe Bernardino 12 fordetailsonrentalvacancy ratesintheSan andFigure thereport) Table DP–3(attheendof for about$300lessthanthepost-1999units. See more than8percent.Unitsbuiltbefore1999rent units builtafter1999,whichhave avacancy rateof Units ofDemand 1,700 3,400 4,100 4,450 6,800 3,400 3,400 3,400 1,000 500 500 700 700 Percentage ofTotal 10.0 12.0 13.1 20.0 10.0 10.0 10.0 1.5 1.5 2.1 2.1 5.0 2.9 R i v erside-San Ber nardino-Ontario , C A • COMPREHENSIVE HOUSING MARKET ANALYSIS 1 3 Figure 13. Source: U.S.Census Bureau,BuildingPermitsSurvey structures withtwoormoreunits. Notes: IncludesdatathroughJune 2006.Includesallmultifamilyunitsin 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 500 0

1990

1991 Multifamily Building Permits Issued in the San Bernardino County Submarket, 1990 to 2006 Rental Market—SanBernardinoCountySubmarket Housing Market Trends

1992 both on and off base. Fort IrwinandtheMarine both onandoff its contractorsoperateabout4,250rentalunits, County.in SanBernardino and Themilitary tribute totheoverall demandforrentalhousing personnelandcollege studentscon Military become owners. the affordablehousingpricesenabledrentersto The low interestratessince2002and mortgage occupied comparedwith36percentin2000. occupied unitsinthissubmarketarerenter recorded in2000.Currently, the 33percentof year fromthe187,580renter-occupiedunits 2,600units, or1.3percent,a an increaseof units areinthissubmarket.Thisfigurerepresents date, thecurrent 203,800renter-occupied As of date.County submarketfrom1990tothecurrent activitybuilding permit intheSanBernardino onmultifamilySee Figure13forinformation ratesandrisinghomeprices.rising mortgage can nolonger affordtopurchasehomesdue thesenew households of growing proportion employment. AsinRiverside County, a the submarketwhilelookingforpermanent are mainly targeted tohouseholdsmoving into The rentalunitscurrently underconstruction 3,500 rentalunitsareintheplanningprocess. and 1,250 rentalunitsareunderconstruction 1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Continued 2005 - 2006 Approximately 1,650studentslive onthesetwo morethan22,000students. full-time enrollmentof and LomaLindaUniversity, have acombined StateUniversity ket, California atSanBernardino housed. Thetwo majoruniversities inthesubmar cated onbase, butabout2,000familiesneedtobe area. About1,500housingunitsforfamiliesarelo AirGroundCombatCenterlocatedinthe Corps Twentynine Palms isaffectedbytheMarine city of be builtatFort Irwin.Thehousingmarketinthe the next 8years, morethan700family unitswill base. During on baseand1,000familieslive off ing units. AtMCLBBarstow, only 230familieslive families, butdemandcallsfor5,000family hous Fort Irwinhasabout2,000housingunitsfor Barstow.affect thehousingmarketincityof LogisticsBase,Corps Barstow (MCLBBarstow), forecast period. the pipeline andshouldbeavailable bytheendof Approximately 1,300LIHTC unitsareinthe rate fortax-creditunitsisless than3percent. after1990.The vacancyunits were constructed theseunitsareforseniors. Mosttax-credit 1,850 of in thecountywere financedusingLIHTCs; about completed rentalunitsforlow-income residents households inthecounty. Anestimated3,750 in rentalhousingproductionforlow-income Tax creditfinancingplays role animportant Development multifamily rentalhousingunits. USDA Rural County contains700unitsof conventional publichousingunits. SanBernardino housing authoritiesalsooperatemorethan1,800 8 rentalvouchers inthesubmarket.Thesethree authorities administermorethan8,900Section and peoplewithdisabilities. Threelocalhousing 1,800 areforfamiliesand1,500seniors theseunits, totals3,300units;of HUD programs project-based rentalassistancehousingfundedby subsidized projectsaretypical.Theinventory of several years for 100 percentandwaiting listsof County. in SanBernardino Occupancyratesof and very-low-income rentersisextremely limited assistedrentalhousingforlow- The supply of campus inprivate housing. thestudentsresideoff campuses, andtherestof - - - R i v erside-San Ber nardino-Ontario , C A • COMPREHENSIVE HOUSING MARKET ANALYSIS 1 4 and UrbanDevelopment Sources: Estimates by analyst; California Employment Development Department; U.S. Census Bureau; and U.S. Department of Housing Note: Medianfamilyincomesare for1989,1999,and2006. Table DP–1. Median FamilyIncome Rental Vacancy Rate(%) Owner Vacancy Rate(%) Total HousingUnits Rental Tenure (%) Renter Households Homeownership Rate(%) Owner Households Total Households Total Population Nonfarm Wage & Salary Employment Unemployment Rate(%) Total Employment Rental Market—SanBernardinoCountySubmarket Housing Market Trends Data Profiles Table 7. Source: Estimatesbyanalyst represents demandatthatlevelandhigher. Notes: Distributionaboveisnoncumulative.Demandshownatanyrent Gross Rent and higher Riverside-SanBernardino-OntarioHMADataProfile, 1990toCurrent Monthly 1,700 1,600 1,500 1,400 1,300 1,250 1,200 1,150 1,100 1,050 1,000 ($) 1 Bedroom

Estimated DemandforNewMarket-RateRental July 1,2006to2009 Housing intheSanBernardinoCountySubmarket, Demand Units of 1,050 1,250 1,500 1,700 1,900 2,050 2,350 400 550 650 850

Gross Rent and higher Monthly 2,000 1,900 1,800 1,700 1,600 1,550 1,500 1,450 1,400 1,350 1,300 1,026,179 2,588,793 1,001,000 ($) 2 Bedrooms $37,274 301,619 565,185 866,804 741,000 1990 34.8 65.2 9.3 4.0 5.6 Demand Units of 1,000 1,450 2,250 2,750 3,300 3,900 4,500 5,000 5,450 6,600 650

Continued

1,186,043 1,034,812 3,254,821 1,367,000 $47,400 345,319 689,493 953,800 2000 Gross Rent and higher 33.4 66.6 Monthly 7.5 3.2 5.1 2,300 2,200 2,100 2,000 1,900 1,850 1,800 1,750 1,700 1,650 1,600 ($) 3 Bedrooms 1,414,450 1,281,600 4,030,800 1,232,800 1,638,300 Demand Units of Current $57,500 380,800 900,800 1,100 1,500 1,700 1,900 2,300 2,650 2,950 3,300 450 550 800 29.7 70.3

6.5 1.0 4.7

the development pipeline. units areunder construction or in rooms perunit.Currently, 4,750 bed levels andthenumber of distribution demandbyrent of estimate the noncumulative of July 1,2009.Table 7provides an the 3-year forecastperiodending new rentalhousingunitsduring demand for approximately 12,250 conditions, estimatesindicatea market growth andcurrent Based onanticipatedhousehold 1990 to2000 Annual Average Change(%) 2.4 1.5 1.4 2.0 1.8 2.3 2.6 3.2

2000 toCurrent 3.1 2.9 1.6 4.4 3.5 3.5 4.2 2.9

- R i v erside-San Ber nardino-Ontario , C A • COMPREHENSIVE HOUSING MARKET ANALYSIS 1 5 Sources: Estimatesbyanalyst;U.S.CensusBureau;andDepartment ofHousingandUrbanDevelopment Note: Medianfamilyincomesarefor1989,1999,and2006. Table DP–3. Sources: Estimatesbyanalyst;U.S.CensusBureau;andDepartmentofHousingUrbanDevelopment Note: Medianfamilyincomesarefor1989,1999,and2006. Table DP–2. Median FamilyIncome Rental Vacancy Rate(%) Owner Vacancy Rate(%) Total HousingUnits Rental Tenure (%) Rental Households Homeownership Rate(%) Owner Households Total Households Total Population Median FamilyIncome Rental Vacancy Rate(%) Owner Vacancy Rate(%) Total HousingUnits Rental Tenure (%) Rental Households Homeownership Rate(%) Owner Households Total Households Total Population Data Profiles Housing Market Trends SanBernardinoCountySubmarketDataProfile, 1990toCurrent RiversideCountySubmarketDataProfile, 1990toCurrent

Continued

1,170,413 $37,694 483,847 131,247 270,820 402,067 1,418,380 1990 1990 $36,977 542,332 170,372 294,365 464,737 67.4 10.0 32.6 4.9 36.7 63.3 8.8 3.2 1,545,387

1,709,434 157,739 348,479 506,218 $48,109 584,674 $46,574 601,369 187,580 341,014 528,594 2000 2000 68.8 31.2 35.5 64.5 7.5 2.7 7.6 3.6 2,023,900 2,006,900 Current 177,000 488,300 665,300 $58,550 742,800 Current $56,050 671,650 203,800 412,500 616,300 73.4 26.6 33.1 66.9 7.0 1.0 6.0 1.0 1990 to2000 1990 to2000 Annual Average Change(%) Annual Average Change(%) 1.9 2.6 2.3 2.8 2.5 1.9

2.3 1.0 1.0 1.5 1.3 1.9

2000 toCurrent 2000 toCurrent 3.2 3.9 1.9 5.5 4.5 4.4 3.0 1.8 1.3 3.1 2.5 2.6

R i v e r s i d e - S a n B e r n a r d i n o - O n t a r i o , C A • C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S 1 pdf/CMARtables_RiversideCA.pdf. please goto F the de for unitscur e the as-of of needed toachie the estimatesof are notaforecastof Demand: Thedemandestimatesintheanal estimates F Cur 2000: 4/1/2000—U 1990: 4/1/1990—U Data DefinitionsandSources x or additionaldataper orecast period:7/1/2006–7/1/2009—Anal cess v the3-y www F rent date:7/1/2006—Anal or additional re v elopment pipeline acancies dateof ear forecastperiodgi .huduser www rentl v thetotalhousingproduction . Theestimatesdonotaccount theanal e abalancedmarketattheend y underconstr .huduser .S .S buildingacti . DecennialCensus . DecennialCensus taining tothisHMA, .org/publications/econde ysis . .org/publications/ , g por v yst’ ro uction orunitsin en conditionson vity wth, losses s estimates ts onother marketareas . Theyare ysis , and yst’ s mor deter trends with localhousingmarketconditionsand to builders findings in itsoperations of assistance andguidanceof This anal [email protected] 213–534–2464 Los Ang Ikuo J Contact Information and housingmarketconditions pro and statelocalgo e by subsequentde such, findingsorconclusionsma “as-of as possiblebasedoninfor anal Economic andMarketAnal the guidelinesandmethodsde The factualframe consideration bytheDe xpress itsappreciationtothoseindustr HousingandUrbanDe vided dataandinfor tgag ysis andfindingsareasthoroughcur v/mkt_anal minations regardingtheacce . Theanal . Nakano ” datefromlocalandnationalsources , andconclusionsma e insuranceproposalsthatma eles HUDFieldOffice ysis hasbeenpre , mor , pleasego to , FieldEconomist tgag . Thefactualinfor ysis doesnotpur v w elopments ork forthisanal ees v er , andothersconcer ysis mation onlocaleconomic par v nment officialswho mation a pared forthe v theU tment. elopment (HUD) ysis Di . HUDwishesto .html. y alsobeuseful v . eloped byHUD’ y bemodified .S por ptability of mation, v . De vision. The ysis follo ailable onthe t tomake y beunder par y sources ned tment ws . As any rent s