Author: Rodeo Realty Media Team

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Economic Update | Week Ending May 11, 2024

Economic news this week – Stock markets increased and mortgage rates dropped this week as it appears that we are finally seeing some signs that the economy is slowing. Up until last week, experts were puzzled as to how the labor market, retail sales, and inflation were picking up after almost two years of Fed rate hikes and other tightening measures. Last Friday’s jobs report had the number of new jobs added in April significantly lower than March. The Fed also announced that they were going to stop selling off their treasury bond portfolio, which has enabled long-term rates to drop. This week it was announced that new jobless claims increased for the first time this year. Consumer confidence dropped well below expectations. Usually when consumer confidence drops people cut back on spending. When spending slows inflation retreats. Investors feel that we have turned a corner. Next Monday the Producer Price Index will be released and on Wednesday the Consumer Price Index will be released. Analysts are expecting those reports to show some signs that inflation is beginning to moderate. That has pushed the Dow up for eight straight sessions. The S&P and Nasdaq have also rebounded strongly over the last two weeks.

Stock markets – The Dow Jones Industrial Average closed the week at 39,512.84, up 1.1% from 38,675.68 last week. It is up 4.8% year-to-date. The S&P 500 closed the week at 5,222.68, up 1.8% from 5,127.79 last week. The S&P is up 9.5% year-to-date. The Nasdaq closed the week at 16,340.87, up 1.1% from 16,156.33 last week. It is up 8.9% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.50%, unchanged from 4.50% last week. The 30-year treasury bond yield ended the week at 4.64%, almost unchanged from 4.66% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of May 9, 2024, were as follows: The 30-year fixed mortgage rate was 7.09%, down from 7.22% last week. The 15-year fixed was 6.38%, down from 6.47% last week.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

Real Estate sales figures for April will be released by the California Association of Realtors and the National Association of Realtors next week. You can get April’s data for your city, zip code’ or county on our website RodeoRe.com. It is tabulated from the same data that the California Association of Realtors uses.

Have a great weekend!
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Mortgage Rate Update | May 9, 2024

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of May 9th, 2024, were as follows: The 30-year fixed mortgage rate was 7.09%, down from 7.22% last week. The 15-year fixed was 6.38%, down from 6.47% last week.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

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From a Disney-Max Bundle to Threads and More! | Tech News

Stay connected with the latest news from the world of tech and media. From a Disney-Max Bundle to Threads and more, we have you covered. Check out this week’s blog for what’s happening across the world-wide web.

Threads Simplifies Viewing Post View Counts for Everyone

Instagram chief Adam Mosseri has announced that Threads is enhancing its transparency. The app will make it easier for users to see the view count of their posts. This new feature allows users to simply tap on a post to reveal its total views. Likewise, the update aids influencers, businesses, and everyday users in understanding their engagement. Although the update is rolling out gradually and might not be available to everyone immediately. This change marks a significant step in providing valuable insights to creators. Additionally, Threads continues to improve user experience with new features. On Instagram, efforts are being made to boost visibility for smaller creators and to favor original content over aggregated shares.

TikTok Introduces ‘AI-Generated’ Label for Content with Third-Party Watermarks

TikTok is enhancing its content authenticity measures. The app will automatically apply an “AI-generated” label to uploads that include metadata tags from third-party platforms. This change makes TikTik the first social media platform to adopt the new Content Credentials. This initiative is part of TikTok’s collaboration with Adobe’s Content Authenticity Initiative (CAI) and the Coalition for Content Provenance and Authenticity (C2PA). The platform will undergo a multi-phase implementation to support Content Credentials. This will start with the automatic labeling of AI-generated uploads that carry such tags. Subsequently, TikTok plans to maintain these labels on content created using its AI effects.

Disney, Hulu, and Max Prepare to Launch Joint Streaming Bundle

A new streaming bundle featuring Disney Plus, Hulu, and Max is set to launch in the US this summer. The news was announced by Disney and Warner Bros. Discovery this week. This upcoming package will be available in both ad-supported and ad-free formats, with pricing details yet to be disclosed. The bundle can be purchased through the websites of Disney Plus, Hulu, or Max upon release. This strategic move arrives at a critical time for the streaming industry, which is shifting focus from subscriber growth to revenue generation. Recently, Disney Plus and Hulu achieved a milestone by posting a profit of $47 million. With the new bundle, Disney aims to offer even more value to subscribers. Meanwhile, as streaming costs rise, bundles are becoming an attractive option for consumers looking to economize. 

Marvel Introduces a Mixed Reality Version of “What If…?” for Vision Pro

Marvel Studios and ILM Immersive are set to enhance the Vision Pro with “What If…? – An Immersive Story.” This will mark Disney Plus’ inaugural venture into interactive original content exclusively for Apple’s VR headset. The hour-long mixed reality episode draws from the Marvel series “What If…?” on Disney Plus and offers a novel approach. The episode will allow users to engage directly with the narrative. Participants will not only observe but also interact. This development promises a deeper level of immersion beyond the platform’s existing offerings. Marvel has yet to announce a specific release date, stating only that it will be “released soon.”

 

Google DeepMind’s Latest AI Can Model DNA, RNA, and All Essential Biological Molecules

Google DeepMind has unveiled AlphaFold 3, an advanced AI model that significantly enhances our ability to predict the structures of not only proteins but also DNA, RNA, and other crucial molecules involved in all forms of life. This latest iteration boasts a 50% improvement in prediction accuracy over its predecessors and expands its utility across various fields such as medicine, agriculture, materials science, and drug development. AlphaFold 3 utilizes a diffusion method similar to those used in AI image generators for creating 3D molecular models, aiding researchers in envisioning how different molecules combine. As DeepMind rolls out this tool, they are collaborating with experts to ensure its responsible deployment, mindful of potential biosecurity risks.

 

Instacart Adds Restaurant Delivery Through Partnership with Uber Eats

Instacart is venturing into restaurant delivery through a new collaboration with Uber Eats. Soon, Instacart users will be able to order restaurant takeout directly within the Instacart app or website, utilizing Uber’s software for transaction management and relying on Uber Eats couriers for food pickup and delivery. This partnership allows Instacart to expand its offerings by integrating a vast array of restaurant options without the need to develop its own delivery infrastructure. According to Uber spokesperson Noah Edwardsen, customers will see the same menu prices as on Uber Eats, and delivery couriers will receive equivalent pay. Uber aims to increase order volume for its restaurant partners, while Instacart enhances its service capabilities. Despite the overlap in grocery delivery competition between Instacart and Uber, this move marks a significant step towards supporting physical businesses without altering costs for consumers or earnings for couriers.

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Weekend Events | May 10 – May 13

The weekend has arrived and so has a bevy of fun options for Mother’s Day weekend. There are plenty of fun activities happening all around town. Check out the top events taking place from May 10 through May 13.

Los Angeles Weekend Events | May 10 – May 13 

Netflix is a Joke Fest

When: May 2 – May 12

Where: Various Locations

What: Netflix’s comedy specials are a staple for home entertainment, but their grand comedy festival, Netflix is a Joke: The Festival, is seriously impressive. Originally set for 2020, the festival finally launched in 2022, featuring an incredible 295 shows across a week in Los Angeles. Returning from May 1 to 12, 2024, the festival is expanding even further, boasting over 500 shows at 36 different venues. The lineup includes comedy giants like Ali Wong, Jerry Seinfeld, Jim Gaffigan, Chris Rock, and Taylor Tomlinson, among hundreds more. To make your choice easier, we’ve picked out 10 of the most unique acts.

 

Community & Unity: People’s Kite Festival

When: May 11 

Where: Chinatown

What: Create a sky-high gallery of kites at this community festival hosted by Clockshop and California State Parks. Celebrating the communities near L.A. State Historic Park, this free festival includes kite flying demonstrations, art workshops, and musical performances.

 

Cinespia

When: May 10 – June 29

Where: Various Locations

What: The summer screening series is back, kicking off the season with events at L.A. State Historic Park, featuring “Mamma Mia!” on May 10 and “The Lord of the Rings: The Two Towers” on May 17. The series then moves to the Rose Bowl for a screening of “Almost Famous” on May 25, before returning to Hollywood Forever Cemetery later in the month.

 

Westside and Beach Communities Weekend Events | May 10 – May 13

Rockin’ Fur Mama’s Day

When: May 11

Where: Redondo Beach

What: You care for them, wash them, and even scoop their poop into little plastic bags—we’re referring to dogs, naturally. To celebrate all the fur moms out there, Bubbles Dog Rescue is organizing a dog-friendly event at Rock & Brews in Redondo. Attendees can get matching temporary rock & roll-themed tattoos, participate in photo opportunities, and enter a raffle. The venue will also function as an adoption center during the event. Proceeds from food and drink sales will support Bubbles Dog Rescue. Plus, if you order an entrée, your pup will receive a complimentary treat.

Venice Family Clinic Art Walk + Auction

When: May 10 – May 19

Where: Venice

What: The Venice Artwalk is back for its 45th year, supporting the Venice Family Clinic through an auction and offering a free chance to explore the Venice and broader L.A. art scene. From May 10 to 19, visit 910 Abbot Kinney to view artworks by Ed Ruscha, Larry Bell, Ed Moses, Alison Saar, Kenny Scharf, Patrisse Cullors, Sayre Gomez, and others.

Nick Offerman’s Whisky Odyssey

When: May 10

Where: Venice

What: First, he’s using comedy to tackle the climate crisis, and the very next night, he’s hosting a whisky tasting. Indeed, Nick Offerman has captured our hearts. Head over to Venice on May 10 for the launch of the actor and comedian’s new Scotch whisky collaboration with Lagavulin. If you’re over 21, you can taste the new spirit, experience a “multisensory” installation described as full of “tropical delights” and “Scottish charm,” and even meet Offerman himself. While the event is open to the public, securing a spot requires a reservation.

 

San Fernando Valley Weekend Events | May 10 – May 13 

Filipino California: Art and the Filipino Diaspora

When: April 20 – September 8  

Where: Glendale 

What: Explore the works of seven contemporary artists—Eliseo Art Silva, Allison Hueman, Anthony Francisco, Maryrose Cobarrubias Mendoza, Christine Morla, Maria Villote, and Junn Roca—at the Forest Lawn Museum. Their pieces delve into Filipino culture and the Filipino-American experience.

Mother’s Day Baking Class

When: May 12 

Where: Violet Cactus Studio, West Verdugo Avenue, Burbank

What: Create lasting memories this Mother’s Day by learning to craft your own hand-tied bouquet! Spend quality time bonding and relaxing while gaining inspiration and learning new techniques for creating and caring for your personal floral arrangement. Additionally, enjoy a beignet-making demonstration and indulge in these delicious fried treats, adding a sweet touch to unforgettable memories. Don’t miss out on this distinctive experience!

Mother’s Day Plant Paint Night

When: May 10

Where: Tansy | 2120 West Magnolia Boulevard | Burbank

What: This in-person workshop is the ideal spot to bring Mom—or create a gift for her! Designed for plant lovers who want to express their creativity, these classes offer a relaxing and stress-free atmosphere for exploring artistic talents.

 

Conejo Valley Weekend Events  | May 10 – May 13

Moorpark Apricot Festival

When: May 11, 11am – 5pm

Where: High Street, Moorpark

What: Join us for the Moorpark Apricot Festival and Art Fair on Saturday, May 11, 2024, from 11am to 5pm on Historic High Street in Moorpark. The festival will showcase a variety of art and craft vendors, food trucks, apricot-themed treats, live music, dance performances, and a range of family-friendly activities. 

ARCHANA 2024 Hosted by the India Friends Association

When: May 11, 3pm – 5pm

Where: Fred Kavli Theater, 2100 Thousand Oaks Blvd, Thousand Oaks

What: The India Friends Association proudly presents Archana, its 30th Annual Festival of Indian Folk and Bollywood Dance, Drama, Music, and Food. This vibrant celebration will light up the Fred Kavli Theatre at the Bank of America Performing Arts Center in Thousand Oaks on Saturday, May 11, 2024, at 3pm. Prepare for an enchanting afternoon filled with the rich traditions and exhilarating performances of Indian culture.

Tiny Porch Concerts at Peter Strauss Ranch

When: May 12

Where: Peter Strauss Ranch, 30000 Mulholland Hwy, Agoura Hills

What: Tiny Porch Concerts, a passionate non-profit 501(c)(3) committed to supporting our local National Parks and the incredible artists who perform there, extends heartfelt thanks for your ongoing support. Get ready for an electrifying evening this Sunday as we feature the sensational talents of The Accidentals and Jems. Don’t miss out on this musical celebration under the stars!

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Mother’s Day Brunch | L.A. Eats

Mother’s Day is almost here and a Sunday Fette for Mom is the most ideal way to celebrate. Pair those radiant rays with the company of family, and you’ve got the perfect brunch setting. Delve into a plethora of delectable LA brunches — complete with both cocktails and mocktails. Here are 13 of LA’s must-visit brunch spots for the discerning palate.

Ardor

Location: West Hollywood

The West Hollywood EDITION’s vegetable-centric lobby restaurant is hosting a lavish buffet-style Mother’s Day brunch, featuring a welcome cocktail, chef-manned stations for prime rib and omelets, and a dessert “garden” on Ardor’s beautiful patio.

Redbird

Location: DTLA

Located in a picturesque former cathedral in Downtown, this restaurant boasts a spacious dining room ideal for Mother’s Day celebrations. Executive Chef Neal Fraser has crafted a special holiday prix fixe menu that allows diners to select from an array of appetizers and entrées. Notable dishes include spring gazpacho with avocado and garden “caviar,” duck chilaquiles, and Basque baked eggs. Additionally, Redbird offers a Mother’s Day dinner, perfect for those planning an evening celebration with Mom.

Inn of the seventh ray

Location: Topanga Canyon

Celebrate Mother’s Day at the charming and sophisticated Topanga eatery, Inn of the Seventh Ray, renowned as one of the finest spots for outdoor dining in L.A. Nestled in the canyons, the restaurant will serve a partial buffet-style brunch as well as dinner, catering extensively to vegans and vegetarians. Guests can enjoy a selection of bagels, salads, soups, waffles, and pastries, followed by a choice between vegetarian or traditional main courses.

Baltaire

Location: Brentwood

This longtime Brentwood steakhouse is serving a grand buffet-style Mother’s Day brunch complete with roving gelato and Bloody Mary carts and carving stations for prime rib, honey baked ham and roasted salmon. Chilled seafood options include freshly shucked oysters, jumbo shrimp, crab claws and scallops will also be available, as well as classic brunch dishes like French toast, eggs Benedict and more.

Pasjoli

Location: Santa Monica

Indulge this Mother’s Day at the upscale French bistro in Santa Monica, featuring a family-style prix fixe brunch that includes a special kid’s menu for the first time, recommended for guests under 12. Begin with an array of deviled eggs and tartelettes, followed by a refreshing spring salad, Pasjoli’s renowned baguette, butter-poached salmon, hanger steak, and seasonal vegetables. Conclude the meal with chocolate profiteroles and vanilla ice cream for dessert. Children have the option of mac-n-cheese instead of the salmon and steak.

Bacetti

Location: Echo Park

Located in the scenic Echo Park, Bacetti offers Roman-inspired brunch from 10 a.m. to 2 p.m. on weekends. Their diverse menu includes delights like polenta with eggs, ricotta toast, classic pizzas, and refreshing salads.

Mon Ami

Location: Santa Monica

A gem in Santa Monica, Mon Ami boasts a new brunch menu aimed to satiate both travelers and locals. Starting August 19, they’ll be serving spicy vegan scrambles, traditional shakshuka, and drinks like the unique tiramisu latte cocktail.

Grandmaster Recorders

Location: Hollywood

Hollywood’s favorite late-night haunt now features a weekend jazz brunch from noon to 3 p.m. Dive into breakfast sandwiches, avocado bruschetta, and exceptional cocktails worth savoring.

Baar Baar

Location: Los Angeles

Turn your weekend brunch into a festive experience at Baar Baar. Relish the famous egg Kejriwal, a Mumbai original, while grooving to a DJ spinning classic and modern Bollywood hits.

Stanley’s Wet Goods

Location: Culver City 

This Culver City wine shop now offers brunch on weekends. Their mouthwatering dishes are best paired with their vast collection of wines, making for a truly luxurious dining experience.

Ronan

Location: Los Angeles

Ronan’s long-anticipated weekend brunch is finally here. Specializing in California Italian cuisine, their menu encompasses wood-fired pizzas, innovative takes on avocado toast, and sourdough waffles adorned with seasonal fruit.

Mírate

Location: Los Angeles

Elevate your brunch game with Mírate’s rooftop seating, complemented by a diverse menu featuring breakfast burritos, eggs Benedict, and wood oven-roasted lobster.

Holcomb

Location: Highland Park

Located in Highland Park, this renowned wine bar has unveiled its brunch offerings. From shakshuka to harissa cauliflower, there’s a delightful pairing for every wine or cocktail, served from 11 a.m. to 2 p.m.

Casa Madera West Hollywood

Location: West Hollywood

Enjoy panoramic city views at Casa Madera. Their spring menu features delectable dishes like poppy seed pancakes and churro french toast, accompanied by both spirited and non-alcoholic cocktails.

La Serenata Restaurant

Location: Los Angeles

A mainstay on Pico Boulevard, La Serenata has introduced its weekend brunch menu. From classic French toast to hearty Mexican plates, they’ve got a dish for every palate.

Mom, Please

Location: Los Angeles

At Mom, Please, every day feels like brunch day. From opening to closing, they serve delightful dishes like vareniki dumplings, crepes, and syrnyky pancakes.

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Celebrating Mother’s Day | Out & About

Mother’s Day in Los Angeles offers a myriad of ways to celebrate and appreciate the most special woman in your life. The options are endless, from scenic views to artistic adventures and cultural explorations. L.A. is brimming with unique activities that cater to every mother’s taste. Whether she enjoys the tranquility of nature or the indulgence of fine wine. Our guide promises a Mother’s Day filled with memorable experiences tailored to make her feel cherished. Here are ten wonderful ways to make Mother’s Day in Los Angeles unforgettable.

1. Griffith Observatory Outing:

Kick off Mother’s Day with a trip to the Griffith Observatory, an iconic spot that offers not only spectacular views of Los Angeles but also fascinating astronomical exhibits. Delight in the live shows at the planetarium or explore the exhibits detailing the wonders of the universe. It’s a perfect blend of education and awe-inspiring sights, ideal for a morning adventure.

2. Serene Day at Huntington Gardens:

For a soothing day, visit the Huntington Library, Art Collections, and Botanical Gardens. Wander through the themed gardens, such as the Japanese Garden or the Desert Garden, each offering its unique landscape and tranquil vibes. After exploring, enjoy a delightful afternoon tea at the on-site café, surrounded by the lush beauty of the gardens.

3. Scenic Drive Adventure:

Take advantage of Southern California’s beautiful scenery with a scenic drive. Whether it’s cruising down the Pacific Coast Highway with its ocean views or meandering through the canyons near Malibu, the journey is as rewarding as the destination. Stop along the way for photos or a leisurely picnic to make the most of your time together.

4. Artistic Escape to The Broad:

Dive into the contemporary art scene at The Broad, known for its post-war and modern art collections. Take your time exploring the vast array of works, and make sure not to miss the Infinity Mirror Room by Yayoi Kusama. It’s an immersive experience that’s sure to spark conversation and inspire.

 

5. Dodgers Game Excitement:

If your mom is a sports fan, nothing beats the thrill of a live Dodgers game. Soak in the vibrant atmosphere, indulge in classic ballpark food, and enjoy a day of baseball. It’s a fun way to bond over sports and cheer on your favorite team together.

6. Venice Canals Walk:

For a more laid-back outing, the Venice Canals offer a picturesque setting reminiscent of Italy’s famous waterways. The walkways along the canals are perfect for a peaceful stroll, away from the crowded tourist spots, providing a quaint and charming backdrop for Mother’s Day.

7. Cultural Trip to Getty Villa:

Explore the Getty Villa, where art and architecture transport you back to ancient Rome. The villa is home to an impressive collection of Greek, Roman, and Etruscan antiquities. Meander through its Roman-style gardens, or participate in one of the available workshops or tours for a deeper understanding of the ancient world.

8. Relaxing Afternoon at Malibu Wines:

Nestled in the Santa Monica Mountains, Malibu Wines offers a serene setting to enjoy local wines. Relax on their outdoor patio, savor a wine-tasting session, and bask in the picturesque vineyard views. It’s a perfect spot for a leisurely afternoon.

9. Petersen Automotive Museum Discovery:

For mothers who appreciate the artistry and history of automobiles, the Petersen Automotive Museum is a must-visit. From vintage car collections to modern designs, the exhibits are sure to impress. The museum also offers interactive displays, making it an engaging experience for all ages.

10. Magical Day at Disneyland:

End the day with a magical trip to Disneyland. Relive childhood memories and create new ones as you explore the enchanting rides and attractions. Enjoy the parades, meet beloved characters, and experience the joyous atmosphere that makes Disneyland a cherished place for families.

 

Each of these activities offers a unique way to celebrate Mother’s Day in Los Angeles, ensuring memorable experiences that cater to diverse interests and tastes.

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May Maintenance Guide | Home Tips

As the gateway to summer, May with it a change in your maintenance to-do’s when it comes to your luxury home. Keeping your opulent space in pristine condition requires attention to detail and proactive care. Read our detailed guide for regular maintenance tasks specific to your luxury home to ensure your space is top-notch this season.

1. Exotic Hardwood Floor Care

Luxury homes often feature exquisite hardwood floors that can be sensitive to changes in temperature and humidity that come with the transition from spring to summer. Begin by ensuring your climate control systems are set to maintain a consistent indoor environment to prevent warping or swelling. Clean the floors using a cleaner specifically designed for high-end hardwood flooring to enhance their shine and protect their finish. May is also an ideal time to consider professional re-finishing if your floors are starting to show signs of wear.

2. Seasonal Gutter Cleaning

After the debris and leaves of spring, your home’s gutters may be clogged and in need of a thorough cleaning to prepare for the summer rains. Clogged gutters can lead to water damage, which can be particularly costly in luxury homes where materials and finishes are often more susceptible to water stains and mold. Hiring professionals who specialize in handling high-end properties will ensure that this task is done efficiently and without damage to your home’s exterior.

3. Custom Window Treatment Maintenance

Custom window treatments such as high-quality drapes, blinds, and shutters not only add to the aesthetic appeal of luxury homes but also play a crucial role in protecting interiors from sunlight and heat. This month, take the time to dust and clean your window treatments. For draperies, consider a professional cleaning service especially if the material is delicate or heavy. Inspect mechanisms for opening and closing blinds or shutters to ensure they are functioning smoothly, lubricating if necessary.

4. HVAC System Check

Before the onset of the summer heat, have your HVAC system checked and serviced by a professional. This should include cleaning or replacing filters, checking for duct leakage, and ensuring that the system is running efficiently. This not only extends the life of the system but also ensures your home remains comfortably cool as temperatures rise.

5. Inspect Outdoor Living Spaces

Luxury homes often feature extensive outdoor living spaces, which may include patios, pools, and outdoor kitchens. Inspect these areas for any winter damage. Prepare your pool for summer use by checking and balancing the chemicals, inspecting the pumps, and cleaning the covers and liners. For outdoor kitchens, check gas connections, clean grills and appliances, and consider a fresh coat of sealant on wood or stone structures.

6. Landscape and Garden Upkeep

Well-manicured grounds are a hallmark of a luxury property. May is the perfect time to refresh your landscape by pruning, fertilizing, and planting seasonal flowers and shrubs. Consider a consultation with a landscape designer who specializes in luxury properties to ensure your grounds are both beautiful and manageable as the season changes.

7. Security System Updates

With longer days and travel plans likely on the horizon, ensuring your home’s security system is functioning correctly is crucial. Test all alarms, cameras, and motion sensors. If necessary, update your system with the latest security technology to keep your home safe whether you’re there or away.

8. Roof and Foundation Inspections

Check your roof for any signs of damage or wear, especially if your area experienced a harsh winter. Similarly, inspect the foundation for any cracks or signs of moisture that may have developed during the colder months. Early detection and repair are key to preventing major issues down the line.

 

Maintaining a luxury home requires diligent care and attention, but the reward is a beautiful, comfortable, and safe environment that stands the test of time. This May, set the standard for excellence with these essential home maintenance tasks.

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Economic Update | Week Ending May 4, 2024

Economic news this week – May started out with stocks falling and interest rates jumping to their highest levels since last October because inflation has increased since the start of the year. Some experts, who began the year expecting four interest rate drops, were now talking about a possible Fed rate increase, but on Wednesday, Federal Reserve Chairman, Jarome Powell put investors’ fears of a rate increase to rest by saying that the Fed had no intention of raising rates and would leave rates unchanged at this time. He also said that the Fed would not continue to reduce its balance sheet aggressively and would stall the sale of its bond portfolio. The Fed has reduced its balance sheet from about $9 trillion in 2022 to $7.5 trillion. By stopping the sale of their U.S. treasury bond portfolio, fewer bonds will be sold, which should push bond prices higher. Since yields move down when bond prices move up, this is the first step in lowering long-term rates for the Fed. On Friday, the April jobs report was released. It showed that job growth slowed in April, wage growth moderated, and the unemployment rate increased slightly. These are all data points that the Fed is looking at before they begin to drop their key short-term interest rates from their current 25-year highs.

U.S. Job growth slowed in April – The Department of Labor and Statistics reported that 175,000 new jobs were added in April, down from 303,000 new jobs added in March. That marked the 40th consecutive month of job growth. The unemployment rate rose to 3.9% in April, up from 3.8% in March. April was the 27 straight month with the unemployment rate below 4%. That has not happened since the 1960s. The Fed is looking to get the unemployment rate up to the mid-4% range in order to slow wage growth to combat inflation. After two years of high-interest rates, this was the first sign that job growth may finally be slowing. Average hourly wages increased 3.9% year-over-year, their lowest year-over-year increase in two years.

Stock markets – The Dow Jones Industrial Average closed the week at 38,675.68, up 1.1% from 38,239.66 last week. It is up 2.6% year-to-date. The S&P 500 closed the week at 5,127.79, up 0.5% from 5,099.96 last week. The S&P is up 7.5% year-to-date. The Nasdaq closed the week at 16,156.33, up 1.4% from 15,927.90 last week. It is up 7.6% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.50%, down from 4.68% last week. The 30-year treasury bond yield ended the week at 4.66%, down from 4.78% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of May 2nd, 2024, were as follows: The 30-year fixed mortgage rate was 7.22%, up from 7.17% last week. The 15-year fixed was 6.47%, up from 6.44% last week. Rates were lower on Friday after the Jobs report. Next week’s rates will be lower.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

Real Estate sales figures for April will not be released by the California Association of Realtors and the National Association of Realtors for another two weeks. We will have that data available next Wednesday. You can get April’s results for your city, zip code, or county on our website RodeoRe.com.

Have a great weekend!
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Mortgage Rate Update | May 2, 2024

Mortgage rates – Every Thursday Freddie Mac publishes interest rates based on a survey of mortgage lenders throughout the week. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of May 2nd, 2024, were as follows: The 30-year fixed mortgage rate was 7.22%, up from 7.17% last week. The 15-year fixed was 6.47%, up from 6.44% last week.

The graph below shows the trajectory of mortgage rates over the past year.

Freddie Mac was chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Their mandate is to provide liquidity, stability, and affordability to the U.S.

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