Sep 16, 2019
California nears statewide rent control
Now awaiting sign-off from Gov. Gavin Newsom after state's two legislative bodies both approved the measure.
The bill will cap annual rent increases by 5%, including the rate of inflation. In addition to the rent cap, a bill known as AB-1482, the Tenant Protection Act of 2019, will allow “just cause” eviction policies to qualified housing in California.
California, one of the nation's priciest housing markets, is following Oregon’s footsteps in enacting rent control. In March, Oregon approved a law placing an annual limit on rent increases of 7% plus inflation.
The bill appears to have Newsom's support, as the governor tweeted that “The rent is too damn high -- so we’re damn sure doing something about it” and “Because there should be a cap on how much you pay for rent...Because your landlord shouldn’t be able to evict you for no reason.”
Zillow Offers is live in San Diego
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Average FICO scores hit all-time high
The credit reporting firm said this week that the average score has now hit 706, marking a dramatic turnaround from a decade ago when average scores bottomed out.
FICO vice president for scores and analytics Ethan Dornhelm wrote that “there have been nine consecutive years of increases in the national average FICO Score” to bring this year’s average to 706. Average scores had previously bottomed out a decade ago, in October 2009, during the housing and financial crisis. At that time, the average score fell all the way to 686.
“The key driver of this trend,” he explained, “is the improved consumer financial health that has resulted from the steady economic growth that the U.S. has experienced since the Great Recession.”