Economic update for the week ending August 22, 2020

Stocks had another strong week – This week the S&P 500 reached a record high. The NASDAQ is also at a record high. Markets have seen a tremendous recovery from their low levels in March. Real estate sales in July showed their highest month-over-month increase in history, and corporations are reporting strong results. The Dow Jones Industrial Average closed the week at 27,930.33, unchanged from 27,931.02 last week. It’s down 2.1% year-to-date. The S&P 500 closed the week at 3,397.16, up 0.7% from 3,372.85 last week. It’s up 5.1% year-to-date. The NASDAQ closed the week at 11,311.81, up 2.7% from 11,017.12 last week. It’s up 26.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 0.64%, down from 0.71% last week. The 30-year treasury bond yield ended the week at 1.35%, down from 1.45% last week.

Mortgage rates – The August 20, 2020 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.99%almost unchanged from 2.96% last week. The 15-year fixed was 2.54%, up from 2.48% last week. The 5-year ARM was 2.91%, unchanged from 2.90% last week.

California existing-housing sales recorded record results in July! – The California Association of Realtors announced that existing, single-family home sales in July totaled 437,890 on a seasonally adjusted annualized rate. That marked a staggering month-over-month increase of 28.8% from the number of sales in June. Year-over-year sales were up 6.6% from July 2019. July 2019 had a pretty healthy sales rate, so a 6.6% increase is remarkable considering that we are in the middle of a pandemic. Existing-home sales are recorded sales. These represent homes that went under contract mostly in May and June. The state-wide median price also hit a record high. It was $666,320. That marked a 6.4% increase month-over-month from June, and a 9.6% increase year-over-year from July 2019. The median price is the point at which one half the homes sell for more and one half sell for less. Historic low-interest rates with 30-year fixed at or under 3% combined with tight inventory levels have pushed prices up. The unsold inventory index in July dropped to a 2.1-month supply of housing from a 3.2-month supply one year ago. The index indicates the number of months it would take to sell the supply of homes on the market at the current rate of sales. The graph below indicates the number of sales and median prices for counties in Southern California.

Valley Eats: Local Donut Shops

In the mood for something satisfying and sweet this weekend? Donuts are socially acceptable to eat at any time of day. Breakfast, with lunch, after dinner, and anytime in between. We have rounded up a list of local donut shops that are open for takeout!

Blinkie’s Donut Emporium 

Located at: 4884 Topanga Canyon Blvd, Woodland Hills, CA 91364

This far-flung shop is a worthy destination for anyone seeking creative doughnuts in the West Valley. It’s best to go early, and with cash, as Blinkie’s closes up by noon every day.

The Donut Hut

Located at: 2025 W Magnolia Blvd, Burbank, CA 91506

Burbank’s Donut Hut is open for takeout. Place orders online and pick-up at the designated time. The orange-glazed cake doughnut is the shop’s sleeper hit.

The Donut Man

Located at: 915 E Rte 66, Glendora, CA 91740

Strawberry season is here and so is the Donut Man. The protocol is a bit different these days — show up, leave your name and phone number, then wait for a text before coming up to the window. The strawberry doughnuts and tiger tails are rightfully famous.

Mama’s Donuts 

Located at: 16844 Sherman Way, Van Nuys, CA

Known for their special Unicorn meets Z-Gallerie donuts, these will always be a show stopper at any breakfast table.

Fonuts 

Located at: 12065 Ventura Place, Studio City, CA

These donuts are baked or steamed and NEVER fried. They taste just as good as the deep-fried donuts. Check them out if you haven’t had a Fonut yet!

LA Eats: Local Donut Shops

In the mood for something satisfying and sweet this weekend? Donuts are socially acceptable to eat at any time of day. Breakfast, with lunch, after dinner, and anytime in between. We have rounded up a list of local donut shops that are open for takeout!

Sidecar Doughnuts

Located at: 631 Wilshire Blvd, Santa Monica, CA 90401

Sidecar’s two LA locations in Santa Monica and Torrance are making fresh doughnuts throughout the day for takeout and delivery. The huckleberry glazed cake doughnut is excellent here.

Kettle Glazed Donuts 

Located at: 6211 Franklin Ave, Los Angeles, CA 90028

This Hollywood shop is frying up very fine raised doughnuts for takeout and delivery. The blueberry-lemon old fashioned is worth ordering, as is the original raised glazed.

California Donuts 

Located at: 3540 W 3rd St, Los Angeles, CA 90020

California Donuts on West Third is open daily for takeout. The panda bear-inspired doughnut never fails to bring a smile.

Donut Friend

Located at: 5107 York Blvd, Los Angeles, CA 90065

Donut Friend is open daily from 10 a.m. to 8 p.m. for takeout and delivery. On the menu are the shop’s greatest hits including the Fudgegazi, a raised doughnut filled with chocolate cream and topped with a chocolate glaze and chocolate chips.

Cafe Dulce 

Located at: 134 Japanese Village Plaza Mall, Los Angeles, CA 90012

Head to Cafe Dulce’s original Little Tokyo location for a full selection of deep-fried delights including ones topped with Fruity Pebbles and bacon. The shop is open for takeout and delivery.

Summer Staycation By Car: Los Angeles

Looking for the best things to do at home in Los Angeles? Whether you’re a culture vulture, outdoorsy type, or simply a lover of our fine city, there’s more than enough here to keep you busy. Even lifelong Angelenos will find something new to add to their to-do list. Check out our list of things to do in your own backyard!

Take a scenic drive around the Palos Verdes Peninsula

This drive consists of ten miles of streets, mostly along Palos Verdes Drive, hugging the coast from the Torrance border to San Pedro. The first third of the drive sticks mostly to spectacular real estate a few blocks inland, but after you round Point Vicente, the drive changes dramatically. For a few miles past Terranea, there’s nothing but undeveloped oceanfront hillsides, winding roads and golden-hued bluffs.

Bike the Strand

The Strand is a 22-mile bike path, officially known as the Marvin Braude Bike Trail, that traces nearly the entire extent of L.A.’s westward-facing coastline. It’s the best way to tour the coastline. The path starts at Will Rogers State Beach and winds its way all the way down to Torrance County Beach.

See L.A. from above at Griffith Park

Griffith is a 4,000-plus–acre rugged park in the center of the city. The trails, the flora, the views, the howls of coyotes down the canyons at night, the twinkly lights of Downtown in the distance—L.A. may not have a grassy, centralized park, but Griffith’s massive, hilly wildnerness makes for a stellar alternative. Even when the Griffith Observatory is closed, you can still drive or hike up to the grounds of the landmark Art Deco dome to take in the unparalleled views.

Stroll through the stunning gardens at the Huntington Library

A historic library, museum, and sprawling gardens that was the bequest of entrepreneur Henry E. Huntington. The Huntington’s distinctly themed gardens are easily the most stunning manicured outdoor spaces in SoCal. Thought its library and museum are currently closed, the gardens are open with reservations.

Take your pup to the only off-leash beach, Rosie’s Dog Beach

The four-acre waterfront spot is the only legal off-leash dog beach in L.A. County. The park is named after the area’s late local canine celebrity, Rosie the English bulldog. You’ll know you’re in the pooch-friendly paradise if you see the colorful “Dogs at Play” sculpture—so you’ll want to stay between Granada Avenue and Roycroft Avenue between 6am and 8pm daily.

Streaming: What’s on Quibi?

Quibi is a phone focused streaming network that was made for those who are on the go or only have a few minutes to watch a “show” while waiting in line to get into the grocery store. Quibi presents fresh content from today’s biggest stars — one quick bite at a time. Make any moment extraordinary with incredible storytelling delivered right to your phone. From all-new original shows to must-see movies told in chapters, the next story will always be waiting. Check out our favorite Quibi Originals below!

Thanks A Million 

Big names. Big money. Big Giving. Celebrities (Jennifer Lopez, Kristen Bell, Nick Jonas, etc) kickstart a chain of kindness, each gifting $100,000 to an unsuspecting individual who have had a positive impact on their lives — with a catch. Watch as the “pay it forward” chain unfolds. All episodes streaming now.

Chrissy’s Court 

Real people. Real cases. And real, legally binding decisions. If you thought Chrissy Teigen couldn’t become an actual courtroom judge, you’ve been overruled. All episodes streaming now.

Most Dangerous Game 

A man (Liam Hemsworth) desperate and in debt. In a dystopian thriller where the hunter turns out to be the hunted. Game on. All episodes streaming now.

Survive 

Jane (Sophie Turner) wants to end it all. Then a plane crash almost ends it for her. Now she’s crawling from the wreckage with Paul, the only other survivor, and a new drive to stay alive. All episodes streaming now.

Shape of Pasta

Chef Evan Funke. Italy. And the pursuit of pasta perfection. He’s uncovering the craft and culture behind some rare and forgotten pasta shapes. Hungry yet? All episodes streaming now.

California Homes More Affordable in the Second Quarter of 2020

The California Association of Realtors announced that 33% of California households could afford to purchase a median priced single family home in the second quarter of 2020, up from 30% in the second quarter of 2019. The income needed to purchase a $610,850 median priced home was $115,200. That qualified for a payment of $2,880 which included principal, tax, and insurance on a 3.43%  30-year fixed loan with 20% down. 44% of California households were able to qualify for a median priced condominium or townhouse. The income needed to qualify for a payment of $2,280 was $90,000. That payment included principal, interest, taxes, insurance, and homeowner’s fees.

California existing-housing sales recorded record results in July!

The California Association of Realtors announced that existing, single-family home sales in July totaled 437,890 in July on a seasonally adjusted annualized rate.  That marked a staggering month-over-month increase of 28.8% from the number of sales in June. Year-over-year sales were up 6.6% from July 2019.

July 2019 had a pretty healthy sales rate, so a 6.6% increase is remarkable considering that we are in the middle of a pandemic. The state-wide median price also hit a record high. It was $666,320. That marked a 6.4% increase month-over-month from June, and a 9.6% increase year-over-year from July 2019. The median price is the point at which one half the homes sell for more and one half sell for less. Historic low interest rates with 30-year fixed at or under 3% combined with historically tight inventory levels have pushed prices up. The unsold inventory index in July dropped to a 2.1-month supply of housing from a 3.2-month supply one year ago. The index indicates the number of months it would take to sell the supply of homes on the market at the current rate of sales. The graph below indicates the number of sales and median prices for counties in Southern California. The graph below indicates results from Southern California by county.

Home Tips: Beating the Heat

As more people continue to work from home, some while caring for loved ones, keeping homes cool and comfortable can sometimes be a challenge– especially if there is more than one person under the roof. Follow these easy ways to help your body, room and home stay cool during this heat wave

Ceiling Fans

Adjust your ceiling fan to turn counter-clockwise during the summer to help circulate the cool air downward. Be sure to turn off your ceiling fan when leaving the room because fans cool people, not rooms.

Block the Sun

Don’t let the sun overheat your home. Tilt your blinds up and close drapes and shades on windows that receive direct sunlight. If you’re outside, make the most out of awnings, trees and shrubs for shade.

DIY Mini Air Conditioner

You’ll need a pan or bowl and fill it with ice in front of a fan. The breeze from your fan will pick up the ice’s surface as it melts and will create a cooling mist for you.

Take a Bath or Shower

Taking a bath or shower can help your body cool down. The warmth of the water sends a rush of blood to your hands and feet, where the veins are right under your skin. This lets off extra heat and cools your bloodstream. Let your hair air-dry to help extend the cooling period of your body and maximize the cool and clean feeling of a shower.

Don’t Use Your Stove

Consider using your microwave or grill to cook and prepare food. It’ll help keep your home cooler and save energy as well. You can also consider ordering take-out from a local restaurant to avoid getting hot in the kitchen!

Economic update for the week ending August 15, 2020

Stock markets were up again this week – Stocks rallied again this week despite congress’ failure to pass another stimulus package. Fortunately, investors feel a package containing approximately $2 trillion in stimulus will pass. The main sticking point in the bill is the approximate $1 trillion of the Democrat’s $3 trillion bill that will be given to state and city governments to offset budget deficits caused by loss of tax revenue due to the pandemic. Republicans don’t want to use federal money to bail out state and local governments. It’s also widely felt that many state and local governments would return to more strict business closures and stay-at-home orders if not for financial concerns. Retail sales in July reached pre-pandemic levels, as did housing sales. The number of first time unemployment claims dropped below 1 million last week for the first time since March. The Dow Jones Industrial Average closed the week at 27,931.02, up 1.8% from 27,433.48 last week. It’s down 2.1% year-to-date. The S&P 500 closed the week at 3,372.85, up 0.6%  from 3,351.26 last week. It’s up 4.4% year-to-date. The NASDAQ closed the week at 11,017.12, up 0.1% from 11,010.94 last week. It’s up 22.8% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 0.71, up from 0.57% last week. The 30-year treasury bond yield ended the week at 1.45%, up  from 1.28%  last week.

Mortgage rates – The August 13, 2020 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.96%, up from 2.88% last week. The 15-year fixed was 2.48%, up from 2.44% last week. The 5-year ARM was 2.90% unchanged  from 2.90% last week.

California homes were more affordable in the second quarter of 2020 – The California Association of Realtors announced that 33% of California households could afford to purchase a median priced single family home in the second quarter of 2020, up from 30% in the second quarter of 2019. The income needed to purchase a $610,850 median priced home was $115,200. That qualified for a payment of $2,880 which included principal, tax, and insurance on a 3.43%  30-year fixed loan with 20% down. 44% of California households were able to qualify for a median priced condominium or townhouse. The income needed to qualify for a payment of $2,280 was $90,000. That payment included principal, interest, taxes, insurance, and homeowner’s fees.

Official home sales numbers for July will be released next week, but preliminary numbers were quite strong. It appears that the number of sales will be about 6% higher this July than last July, and the median price will show a staggering increase of nearly 10% from one year ago. The official numbers will be included in next week’s report.
Have a great weekend!

Streaming: Independent Shakespeare Co

The Griffith Park Shakespeare Festival is commencing in your living room this year! The festival events began on August 8th and will run through the beginning of September. An all-new hybrid production of Romeo and Juliet is making its debut this year! All events are online, free, and open to all. Check them out below, and register for the link!

Without You We’re Nothing: Audience Appreciation Event

August 15 at 7:00 pm (Livestream): Register here

”We do this for you but we cannot do it without you.” Have you ever heard Xavi Moreno say this on the Festival stage? It’s true now more than ever! Consider this our love letter to the beautiful individuals who trek up the hill every summer to join us in the park. They’ll be sharing favorite stories and photos from the incredible audience as they reminisce about special memories and look forward to a time we can all gather together again under the stars.

Keeping the Momentum: Theater’s Role in Social Justice

August 22 at 7:00 pm (Livestream): Register here 
Join Carene Rose Mekertichyan in a panel discussion with important voices in the Black theater community. How has theater been used to bring about social change and how can the LA Theater community maintain the momentum of this current movement?

Making the Magic of the Festival: Stories from Backstage


August 29 at 7:00 pm (Livestream): Register here 
Ever wonder how a small group of people work together to create one of the most beloved Shakespeare Festivals in the country? Carolina Xique, the producer of the ISC Art Break podcast series, digs into what makes the Festival tick, especially this year. Along the way, she’ll uncover more than a few backstage stories and explore what it takes to bring Shakespeare’s plays to the Los Angeles community. (Hint: it usually involves gaffer tape.)

ROMEO & JULIET


September 3rd, 4th, 5th, & 6th at 7:00 PM (Livestream)
(Recording available September 7 – 13): Register here

This brand new production of Romeo & Juliet is directed and adapted by Melissa Chalsma. It features Nikhil Pai as Romeo, Bukola Ogunmola as Juliet, and many of your favorite ISC ensemble members. This hybrid stage production will use movie-making, animation, social media, and their own ISC stage in Atwater. The front and center of this new production is the Shakespearean acting of the ISC Ensemble.