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23
Mar

Beverly Hills Patch Interview with TERRE STEINBECK!

Click here for interview:

http://patch.com/california/beverlyhills/real-estate-advice-terre-steinbeck-rodeo-realty-beverly-hills

 

16
Sep

233 acres in prime OJAI!!

233 Acres in Prime Ojai!

16
Sep

My son’s wedding – Ahhh

25
Jun

Economic update for the week ending June 24, 2017

Stocks stable again this week – Hovering just above and below their all time highs stocks ended the week pretty much unchanged for the third straight week. Energy stocks dropped as the price of oil plummeted to just under $43 per barrel, an 18 month low. Financial stocks rose after the Federal Reserve announced that all banks passed their annual stress test.  The Dow Jones Industrial Average ended the week at 21,394.76, up slightly from 21,384.28 last week. The S&P 500 closed the week at 2,438.30, just above its close last week of 2,433.15. The NASDAQ closed the week  at 6,265.25, up from last week’s close of 6,151.76. 
 

Bond yields – The 10-year Treasury bond closed the week at 2.15%, almost unchanged from 2.16% last week. The 30-year treasury yield ended the week at 2.71% down from 2.78% last week. Mortgage rates follow treasury bond yields so we watch bond yields carefully.

Mortgage Rates remain at lowest levels of the year – The June 22, 2017 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 3.90%, almost unchanged from 3.91% last week.  The 15 year fixed was 3.17%, almost unchanged from 3.18% last week.  The 5-year ARM was 3.14%, also unchanged from 3.15% last week. 
 
California existing home sales numbers and prices accelerate in May – After a disappointing April, existing home sales bounced back in May. On a seasonally adjusted annualized rate single family existing home sales totaled 430,460 in May. That was a 5.4% increase from April and a 2.6% increase from last May. The statewide median price paid for a home was $550,200, up 2.3% from April and up 5.8% from May 2016.
At a regional level the Los Angeles metro region had a 6.9% increase in sales. Existing home sales include all detached and attached homes which include single family, town-homes, condominiums, and co-ops.
C.A.R.’s Unsold Inventory Index fell from 3.3 months in April to 2.9 months in May. The index measures the number of months needed to sell the supply of homes on the market. The index stood at 3.4 months in May 2016.
With home inventory at record low levels prices will continue to rise. When you have more buyers than sellers that is what happens. Earlier in the year I predicted a 10% rise in the median price. I believe we are on track for that. The number of sales at 430,000, which would be much higher if more sellers listed, is the highest level in many years. Many sellers worry that they will not find anything to buy after they sell. With 430,000 sales in California there are plenty of homes selling. Unfortunately, as buyers they just need to act fast and chose from fewer homes. We can’t have it both ways. If homes sat on the market and were difficult to sell there would be plenty of homes to chose from when their home sold. In this market where homes are selling there are fewer homes to chose from and they need to act fast. Every buyer wishes, or should wish, that they bought a home they passed on just months ago as those homes are much more expensive now. So many of our clients have been “priced out” of neighborhoods they were able to afford just months ago. Especially people that hoped to “move up” to a more expensive home.
Have a great weekend!
30
Mar

Beverlywood, Los Angeles – Wikipedia, the free encyclopedia

via Beverlywood, Los Angeles – Wikipedia, the free encyclopedia

12
Oct

http://guests.themls.com/Details/CA/LOS-ANGELES/11863-DARLINGTON-AVE-110/90049/15-927563.aspx

11863 Darlington #110.

12
Oct

Economic update for the week ending October 10, 2015

Stocks close the week with big gains – Minutes from the Federal Reserve’s September meeting released this week made investors feel that the Fed’s first rate rise since 2006 will not happen this year. The notes revealed that The Fed is worried about unusually low inflation, spill over from slowing in China, and unusually low wage growth. They also said that the economy was still growing. The September jobs report showed job growth around 140,000 jobs a month for the last 2 months, after averaging 212,000 new jobs monthly for the first 7 months of the year. That slowdown also caused investors to expect that The Fed will not raise rates in the next couple of months as previously expected. Higher interest rates mean higher borrowing costs which cut into corporate profits, so continued low rates were seen as positive by investors. Oil prices also rose this week on fears of Russia’s involvement in Syria. Low oil prices have hurt the energy sector, so energy stocks rose on higher oil prices. The dollar which has been strong this year and has caused U.S. goods to be more expensive overseas and overseas goods to be less expensive here in the U.S. also weakened this week. This was helpful as exports have suffered as a result of the strong dollar and slowing economies overseas. The Dow Jones Industrial Average closed the week at 17,084.49, up from last week’s close of 16,472.37. The S&P 500 closed the week at 2,014.89, up from last Friday’s close of 1,951.36. The NASDAQ closed the week at 4,830.47, up from last week’s close of 4,707.78.

Treasury bonds rise from last week’s lows – The 10 year Treasury bond yield closed week at 2.12%, up from 1.99% last Friday. The 30 year treasury bond yield closed Friday at 2.94%, up from last week’s close of 2.82%. Bond yields follow stocks as money moves. Often when investors sell stocks on fears in the stock market they buy bonds which are safe but offer a low return. This week they bought stocks and sold bonds which drove bond yields higher.
Mortgage rates rise from last week’s lows of the year – The 30 year fixed rates are around 3..875% for loans up to $417,000, and around 4.00% for loans over $417,000. The 15 year fixed rate loans are about 3.20% for loans up to $417,000, higher loan amounts have rates that are around 3.375%. 5-Year-ARM and 3–Year ARM rates are both around 3.00%.
September sales data will be released later in the month. It will be interesting to see how prices and sales numbers are holding up. Stay tuned!
Have a great weekend!

1
Oct

11863 Darlington #110 $1,299,000 OPEN SUNDAY, OCT 4TH 2-5pm

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1
Oct

Economic Update for the week ending September 26, 2015

 

Stocks rally on Friday to end the week just slightly down – The stock markets have been volatile for the last six weeks mostly due to worries about the effects from slowing growth in China, European weakness, and and uncertainty about the outlook for interest rates. Early in the week markets dropped as more data came in showing China’s economy has continued to slow. One report Wednesday showed that their manufacturing had slowed to the lowest level in 6 years, during the peak of the financial crisis. However; stocks made up much of their loses on Friday after the Commerce Department reported that 2nd quarter GDP had been revised upward, consumer spending was revised upward, and Fed Chairperson Janet Yellen gave a more optimistic view of the economy. Her assessment included that The Fed does still intent to raise rates this year.  Uncertainty over rates, and The Fed’s decision last week to leave rates at near zero levels, made experts fear that The Fed felt the economy was weaker than experts believe. Janet Yellen’s speech at the University of Massachusetts yesterday seemed to put investors’ minds at ease when she reiterated that growth was strong and that a rate increase was coming. US airlines also reported that profits were up 53% in the second quarter mostly due to lower fuel prices and steady travel demand. It is the best year for the airlines since 2007. The Dow Jones Industrial Average closed the week at 16,314.67, almost unchanged from last week’s close of 16,384.79.  The S&P 500 closed the week at  1,931.34, down slightly from last Friday’s close of 1,958.03. The NASDAQ closed the week at 4,686.50, down from last week’s close of 4,827.23. 

Mortgage rates just under 4%  –  The 30 year fixed rates ended the week around 3.875% for loans up to $417,000, and around 4.00for loans over $417,000.  The 15 year fixed rate loans are about 3.25% for loans up to $417,000, and around 3.375% for loans over $417,000. The 5 Year-ARM rate is around 3.00%  and 1 Year-ARM mortgages are about 2.50%.  

Primary Mortgage Market Survey®

Freddie Mac surveys lenders each week on the rates, fees and points for the most popular mortgage products.

September 24, 2015 30-Yr FRM 15-Yr FRM 5/1-Yr ARM
Average Rate 3.86 % 3.08 % 2.91 %
Fees/Points 0.7 0.6 0.5

Next Rate Update on October 1, 2015

Weekly Survey Archive

Freddie Mac Multi-Indicator Market Index®

MiMi measures the stability of local housing activity by combining current local market data with Freddie Mac data for all states, the top 100 metros, and the nation.

Treasury Bond yields slightly lower this week – The 10 year Treasury bond yield closed week at 2.17%, up slightly from 2.13% last Friday.  The 30 year treasury bond yield closed Friday at 2.96%, almost unchanged from last week’s close of 2.93%. Mortgage rates follow bond yields so these are closely watched.

Consumer confidence reading the edges up in September- The University of Michigan final reading on consumer sentiment for September moved higher.It ended the month at a reading of 87.2 from an initial reading of 85.7 at the beginning of the month. The average reading since its inception has been 85.3. The average reading during the 5 recessions since its inception has been 69.3. During non-recessionary years the average reading has been 87.5, which is right about where we are. Consumer sentiment is important because consumer confidence is so closely tied to consumer spending which accounts for nearly a third of the economy.

Second quarter GDP revised upward – The Commerce Department said Fridaythat the second quarter gross domestic product showed a growth rate of 3.9%. This was higher than their initial estimate of 3.7%. The Commerce Department also said Friday that consumer spending rose 3.6% during the quarter up from an initial estimate of 3.1%.

Pending home sales decline in August, but numbers are still above last year’s levels – The California Association of Realtors reported that pending home sales fall 8.7% in August from July. While monthly pending home sales were down, year over year pending home sales in August were still up 12.8% from August 2014.  It was the 10th straight month of year over year increases in the number of pending sales, and the 7th straight month of double-digit year-to-year gains.

6
Sep

Economic update

Economic update for the week ending September 5, 2015

Economy adds 173,000 net new jobs in August- The Labor Department Reported that the economy added 173,000 new non-farm jobs in August. This was below the 220,000 jobs expected. The unemployment fell to 5.1%, its lowest level in 7 years. That is down from 5.3% last month and has dropped nearly in half since peaking during the recession. The most positive part of the report was that wages, that have been stagnant, rose 8 cents an hour in August following a 6 cent an hour rise in average wages in July. This was welcome news after June’s number showed that the April, May, June quarter had the lowest wage growth in over 30 years. August’s figure shows wage growth of 2.2% over the last 12 months, which is well over the inflation rate.

Stocks down again this week – Fears of China’s slowdown and a possible interest rate hike by the Fed spooked the markets. More bad economic data from China showed their economy slipping further. At the same time U.S. G.D.P. rose 3.7%, which was better than expected. The August jobs number showed fewer new jobs than expected, yet the unemployment rate fell to near pre-recession levels, and wages, which have been stagnant, rose more than expected. Auto sales were strong, another sign that U.S. consumers are spending money. The Federal Reserve Beige Book, the Fed’s assessment of the strength of the economy, showed that they felt that the economy was growing at a “modest to moderate pace” and that the Chinese slowdown is havering a “only a moderate affect on the U.S. economy.” This again got investors fearing an interest rate hike by the Fed. Some fear that the first rate hike since 2006 could happen as soon as it’s September 16th – 17th meeting. This was also a drag on stocks. The Dow Jones Industrial Average closed the week at 16,102.38, down from last week’s close of 16,643.01. The S&P 500 closed the week at 1,921.22, down from last Friday’s close of 1,988.87. The NASDAQ closed the week at 4,683.92, down from last week’s close of 4,828.33.
Mortgage rates remain near lows for the year – The 30 year fixed rates ended the week around 3.875% for loans up to $417,000, and around 4.00% for loans over $417,000. The 15 year fixed rate loans are about 3.25% for loans up to $417,000, higher loan amounts have rates that are around 3.375%. The 5 Year-ARM rate is around 2.75% and 1 Year-ARM mortgages are about 2.50%.

Treasury Bond yields rose from lows early in the week and closed higher than last week – Investors bought stocks and pulled money from the safety of U.S Treasury Bonds pushing yields up from Monday’s lowest point in over a year. The 10 year Treasury bond yield closed week at 2.13%, almost unchanged from 2.19% last Friday. The 5 year was under 2% at one point on Monday. The 30 year treasury bond yield closed Friday at 2.89%, down slightly from last week’s close of 2.92%.

U.S. Bank’s earnings rise – The FDIC reported that profits from U.S. Banks rose 7.3% in the second quarter of 2015. The number of “problem banks” continued to fall. Only 5.6% of all banks were not profitable. This was by far the most healthy banks have been since the financial crisis which began in 2007.

Factory orders higher – Orders from U.S. Factories posted a modest gain in July according to The Commerce Department. Factory orders were up 0.4% in July. This was not as good as June’s 2.2% increase, but it did build on that increase.

Have a great holiday weekend!