How Altadena Fires Trigger Critical Housing Shortage

By Tammy Jerome

Tammy Jerome is an award-winning broker and host of “Selling Los Angeles” on the acclaimed American Dream TV show, with over two decades of experience and more than 1,500 successful transactions.

Even before the wildfires hit, we were already facing a serious housing shortage. There weren’t enough homes for buyers or renters. But when the wildfires struck, the problem got much worse. Over 9,000 homes and businesses were destroyed in the Altadena Heat and Fire, and another 5,000 were lost in the Pacific Palisades fire. That means thousands of families are now looking for new places to live fast.

The demand for housing has surged. The demand for both rentals and homes to buy has skyrocketed. And with fewer homes available, the competition is fierce. The ones that come on the market are getting snatched up immediately, making it hard to find something that’s both available and affordable.

On top of that, the cost of building materials like steel and lumber has gone up. There are also fewer workers to handle new construction, which makes it even harder to keep up with demand.

Rates are dropping, but the clock is ticking. There is a silver lining: interest rates have come down. We’ve seen a drop from around 7.5% to about 6.3%, and FHA loans are even lower. That’s good news for buyers. There are also creative financing options that allow sellers to help ease the burden on buyers by negotiating better terms. These small shifts can make a big difference in getting into the right home.

The real estate landscape is shifting quickly, and if you’re thinking about buying, selling, or renting, you need a strategy that works in today’s market. I can help you understand your options and take confident steps forward.

Also, as the host of American Dream TV, I recently filmed a segment on the Altadena fires. It will be airing soon. Keep an eye out for it to see what’s really happening on the ground. And if you have any questions, call or text me at 818-903-5854 or email tammyjerome@gmail.com. Let’s find a solution that works for you.