Economic update for the month ending June 30, 2020

Stock markets – June featured major weekly shifts in stock markets. Fueled with a better than expected May jobs report, and the largest monthly gain in retail sales ever, stocks soared at the beginning of the month. By the third week of June, the country began to see a spike in coronavirus cases, which caused many states to pause the speed of the re-opening of their economy, and some states even scaled back and closed some sectors that had recently reopened. Investors sold off stocks and stock markets lost most of their gains from earlier in the month, but still closed higher. The Nasdaq closed the month at a record high. The Dow Jones Industrial Average closed the week at 25,812.88, up 1.7% from 25,383.11 last month. It’s down 10% year to date. The S&P 500 closed the month at 3,100.29, up 1.8% from 3,044.31 last month. It’s down 3.8% year to date. The NASDAQ closed the week at 10,058.87, up 6.0% from 9,489.87 last month. It’s up 12.2% year to date. U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 0.66%, almost unchanged from 0.65% last month. The 30-year treasury bond yield ended the month at 1.41%, unchanged from 1.41% last month. Mortgage rates dropped again this week – The Freddie Mac Primary Mortgage Survey released on June 25, 2020, reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 3.13% down slightly from 3.15% last month. The 15-year fixed was 2.59%, down from 2.63% last week. The 5-year ARM was 3.08% down from 3.13% last month. Employers added 2.5 million jobs in May – The Department of Labor Statistics reported that the economy added 2.5 million net jobs in May. That marked an all-time record for jobs added in one month. The unemployment rate in May was 13.3%. While that marked an improvement from April’s 14.7% unemployment rate, it’s still much higher than at the peak of the Great Recession. Economists had expected the unemployment rate to be 20%, so this beat all expectations and stocks surged. It should be noted that the unemployment rate was 3.5% three months ago! Most of the job gains came from re-hiring of employees that had been laid off by companies forced to close and have now begun to reopen. While some experts questioned the methods of how the numbers were calculated, they all agreed that employers are hiring back workers faster than expected. The June figures will be released Friday and will appear on Saturday’s report. Home sales figures are released in the third week of the month for the previous month. These are May’s home sales data. California existing home sales – The California Association of Realtors announced that existing home sales totaled 238,740 on a seasonally adjusted annualized basis. As expected that was down 41.4% of the number of homes sold last May. May sales consist mostly of homes that went under contract and in escrow in March and April when it was not permitted to even show home in some cities. Fortunately, since May pending sales, homes that went under contract, have increased. The median price paid for a home in California decreased by 3.7% year over year from last May. That marked the first year over year decrease in almost a decade. Experts were not surprised by this, as many of these sales represented people that either bought homes virtually, or viewed homes in person against city ordinances. Fortunately, those ordinances changed in the third week of April, and in person, showings became permissible with safety restrictions statewide. Once that happened pending sales increased sharply. On a regional basis Los Angeles County saw a 1.4% increase in the median price, Ventura County saw a 3.1% increase, and Orange County saw a 1.2% drop in the median price from last May’s level. We are expecting the median price increases to be higher next month judging by the pending sales. California Pending Home Sales – Leslie Appleton Young the chief economist and VP of The California Association of Realtors announced that pending sales increased 67% in May from April’s pending sales figures. Pending sales are new contracts signed and reported to MLS systems. They take on average 30-60 days to close. May’s existing-home sales marked a historic low number, down over 41% of the number of homes sold last May. Fortunately, judging by the number of pending sales, June and July’s existing sales numbers will be significantly higher, and much closer to last year’s figures.

Every year, we feature the best places to watch fireworks in our area for the Fourth of July. Firework shows that normally would be open are closed and canceled due to increased cases of COVID-19. This year, stay safe and enjoy fireworks in the safety (and comfort) of your home on TV!

A Capitol Fourth | PBS 

WHEN: July 4th @ 5PM PST

HOW TO WATCH: A Capitol Fourth is broadcast on PBS and can also be heard on NPR member stations nationwide and via the American Forces Network to U.S. troops serving around the world. This 40th annual event features a star-studded concert event and fireworks that go off above the National Mall in Washington, D.C. The event is covered from 20 cameras positioned around D.C., ensuring viewers are front and center for the greatest display of fireworks in the nation. 

Macy’s 4th Of July Fireworks | NBC

WHEN: July 4th @ 5PM PST 

HOW TO WATCH: This event is broadcast live on NBC. For those who don’t have a television or cable subscription, NBC can be streamed online. This year’s event is slated to look a little different. Rather than a single 25-minute show on Independence Day, Macy’s will instead hold several unannounced, smaller fireworks displays across New York City’s five boroughs. The smaller displays, held June 29-July 4, are meant to reduce crowds and encourage social distancing. The mini displays will build-up to this televised finale July 4 featuring the Empire State Building.

Boston Fireworks, Fourth of July Fireworks & Pops | Bloomberg TV 

WHEN: July 4th @ 5PM PST 

HOW TO WATCH: The event will be broadcast on Bloomberg Television and Bloomberg Radio. This July 4, the Boston Pops will present “A Boston Pops Salute to Our Heroes” to pay tribute to COVID-19 front-line workers and honor those who have lost their lives during the current health crisis. The event can only be watched on television, radio, or and digital media; no live performance will take place. The event will feature newly created content from the Boston Pops and guest artists, as well as traditional Fourth of July favorites and other highlights from recent broadcasts of The Boston Pops Fireworks Spectacular.

Rancho Cucamonga Chaffey College | Facebook Live 

WHEN: July 4th @ 9PM PST

HOW TO WATCH: The event will physically take place in the Rancho community– There are actually no spectators allowed on campus. If you are physically close, look at the sky towards Chaffey College, or you can stream it on their Facebook Live at @CityofRanchoCucamonga if you are not in an area with a clear view of the show.

Tustin Fourth of July Fireworks | Tustin4thofJuly.com

WHEN: July 4th @ 9PM PST

HOW TO WATCH: The event will physically take place at Tustin High School. However, it is encouraged to watch from your homes if you are close, or online at their website Tustin4thofJuly.com. 

 

Pack up the family and drive south an hour to Newport Beach, two hours to Dana Point, or any Orange County city in between. We have compiled a list of resorts overlooking the Southern California coast and some of the best restaurants in Orange County that your family is sure to enjoy. Check them out below!  

RESORTS

LAGUNA BEACH 

Laguna is a small coastal city in Orange County. It’s famous for its art galleries, oceanside coves and beaches, state parks, and pristine ocean views.     

Montage Laguna Beach

The Montage Laguna Beach spans 30 acres on a bluff overseeing the Pacific Ocean. It’s location, views, and stunning Craftsman-style architecture make it one of the world’s most beautiful hotels. Along with a fantastic beachfront, and miles of trails, there are two pools, a 20,000 square feet spa and three restaurants. 

Surf and Sand Resort 

Located directly on 500 feet of beachfront this award-winning resort features 164 guest rooms and 13 suites. There is also a complete spa, exquisite coastal dining, event center, and more sitting right on the beach.  It’s just steps from the quaint town of Laguna Beach. Guests rave about the service. You’re sure to be pampered here! 

NEWPORT BEACH

Newport is known for its large harbor, the Balboa Peninsula, the Balboa Fun Zone Amusement Park, pristine beaches, Fashion Island shopping mall, and more.

Resort at Pelican Hill

This Italian Revival-style resort hotel is perched on 504 acres overlooking the  Newport Beach coast. This luxury resort features spacious bungalows, guest rooms, and villas. It’s 136-foot diameter circular Coliseum Pool is entirely surfaced with hand-cut glass mosaic tiles.  There are two 18 hole Tom Fazio-designed golf courses and a five-star spa. 

Lido House Hotel 

The authentic beach house experience gets reimagined at Lido House, Autograph Collection, a luxury hotel nestled on Lido Isle in Newport Beach. Situated near Lido Marina Village and Balboa Peninsula, the hotel is perfectly positioned on the water to discover Newport Beach’s vibrant atmosphere, bustling marina, and white-sand beaches.     

DANA POINT

Dana Point is a quaint coastal town. It features a marina with great restaurants and shops, golf courses, trails, parks, beautiful coastlines, and world-class resorts. 

Monarch Beach Resort

The Monarch Beach Resort In Dana Point features 400 guest rooms with private balconies or patios overlooking a beautiful pool, golf courses, parks, and the Pacific Ocean. There is a full-service spa where you can enjoy a massage, body treatment, or facial after a day at the beach, in the pool or a round of golf. This five-star resort boasts six restaurants and a coffee shop/cafe.     

Ritz Carlton Laguna Niguel

The Ritz Carlton sits on a bluff just above the Pacific Ocean in Dana Point. This beachfront resort allows guests to walk down and enjoy the beach, escape to one of the many private parks like sitting areas, swim in the pools, enjoy oceanfront fine dining, go to the spa, hike, golf, and more! 

RESTAURANTS

Nick’s Laguna Beach

440 South Coast Highway, Laguna Beach, CA 92651

Known for the fresh seafood, juicy steaks, and melt-in-your-mouth butter cake, Nick’s is a spot where both locals and tourists collide. It’s that good. 

 

The Dock

2816 LaFayette Avenue, Newport Beach, CA 92663 

The Dock is a quaint waterfront restaurant. The infused Continental Menu is creative, and approachable with a harmony of well-balanced flavors and seasonal ingredients. We recommend their fresh fish, pork chop, and all of the sides. 

 

Andrea at Pelican Hill 

22701 S Pelican Hill Rd, Newport Coast, CA 92657

When you think of upscale Italian fare, you think of Andrea at Pelican Hill. Homemade pasta, an extravagant wine list, fresh caviar, and some of the best barrel-aged risotto presented to you in a cheese barrel at the table.

The most straight forward benefit of installing solar panels on your home is that solar is a renewable energy source. Usually, if installed properly, a solar system provides a low maintenance solution to reducing energy bills. It is a viable option in minimizing your ecological footprint.   

Cost of Installation Continues to Fall 

Costs of solar systems have fallen dramatically in recent years as technology improves and more firms manufacture solar panels. Some estimates have the cost of solar down 70% from 2010. 

Clean and Renewable 

Solar is 100% clean and renewable. It reduces reliance on oil, coal, and natural gas for energy production. It’s a zero-emission fuel source.

Solar Energy Never Turns Off!

Households have experienced an increase in power outages. This is due to an older power grid, rolling blackouts during times of high energy usage, fires, etc..Solar panels can reduce your dependence on traditional power from utility companies. 

Incentives and Tax Credits

The ITC (Investment Tax Credit) for installing a solar system that is completed in 2020 is 26% That drops to 22% in 2021, and 10% in 2022. It was 30% in 2018 and 2019. 

There are hundreds of solar providers. The cost can vary dramatically from a vendor to vendor for the exact same system. Some have a horrible reputation. Make sure you get several estimates, check their reviews, research and double-check everything before committing to this purchase. Leases and financing can be deceiving. Do your homework! In the end, most people are quite satisfied with their systems, but you don’t want to hear your neighbor paid 1/2 for the same system!

We can now dine in at restaurants who are compliant with the rules of a safe reopening as we move into the next phase of Reopening California. Without further ado, there are many restaurants that are now open for dine-in customers! A true adventure (and a sigh of relief) for those of us who were getting tired of cooking/cleaning and ordering take out. 

We have rounded up a list of restaurants that are open for business. All restaurants below are available on the dining reservation app, OpenTable. Download the app, make some reservations, and enjoy the adventure. Make sure to assess the restaurant’s compliance with your comfortability before fully committing to sitting down at the restaurant. Happy eating! 

The Six – Calabasas 

The Society of Six was a group of innovative Northern California artists who came to prominence in the 1920s, during Prohibition. At an Oakland cabin known as the Chow House, the six closely knit painters held heated discussions about the state of the art world, fueled by home-cooked meals served with home-brewed beer and wine. The Society of Six and their passion for art, food and wine inspired us to create a new Six, an American rustic restaurant concept with traditional, unpretentious fare. The Six has a cozy, neighborhood vibe that is affordable and accessible to singles, families and business-people.

Sushi Sasabune – Glendale 

Sasabune is known as one of the earliest and the best “Omakase” Edo style sushi restaurant in Los Angeles for over 20 years. Japanese authentic style sushi with handpicked fresh types of fish every day.

La Cava – Sherman Oaks 

The LA CAVA concept is based on Armando’s roots. Born and raised in Florence, he grew up learning that as a local, one would go dining in the little Osterias where everything was made fresh daily, prepared with basic ingredients, simple recipes, delightful flavors and lots of love, for a fantastic experience that was also “gentle” on your wallet.

Monty’s Steakhouse – Woodland Hills

Monty’s is a classic American Steak house that proudly serves the finest and most delectable choice cuts of beef and seafood available with an endless array of sides and sauces to customize your dining experience and tailor it your unique taste. Whether you’re in the mood for a 24 oz Porterhouse or an 8oz Filet Mignon, a 28 oz Lobster tail or their famous Halibut, Monty’s dining experience is one to remember.

Pagliacci’s – Studio City 

Pagliacci’s Trattoria Tavern in Studio City serves a wide variety of wines, has a premium selection of beer and offers a menu of American and Italian food items. All of the ingredients are fresh. Even the focaccia bread there receives rave reviews. Other great starters to consider are the tropicale salad, as well as amazing homemade fresh pastas.

We can now dine in at restaurants who are compliant with the rules of a safe reopening as we move into the next phase of Reopening California. Without further ado, there are many restaurants that are now open for dine-in customers! A true adventure (and a sigh of relief) for those of us who were getting tired of cooking/cleaning and ordering take out. 

We have rounded up a list of restaurants that are open for business, and have linked directly to where you can make a reservation via OpenTable. Please make sure that upon arrival, you assess the restaurant’s compliance with the guidelines to align with your comfortability. Happy eating! 

 

Fogo De Chao –  Beverly Hills 

Fogo de Chao is a leading Brazilian steakhouse, or churrascaria, which has specialized in fire-roasting high-quality meats since 1979 utilizing the centuries-old Southern Brazilian cooking technique of churrasco. 

 

Ombu Grill – Koreatown

Ombu Grill is an elevated Korean BBQ Dining experience with an Argentinian Fusion. There is valet parking, and the service is excellent! 

Geoffrey’s Restaurant

Magnificent views of the Pacific coastline complimented by waterfalls and tropical plants create a romantic Mediterranean meets Malibu atmosphere. Guests can enjoy a relaxing weekday lunch and weekend brunch or candlelit dinner with surrounding fire pits.

Home Restaurant – Los Feliz 

Your HOME away from home! HOME restaurant offers authentic, HOME cooked delicious food in a homey atmosphere. They have become your neighborhood’s favorite hangout, even if they are not in your neighborhood!

Public School – Culver City 

Located in the heart of Downtown Culver City, Public School is a fun, school-themed gastropub that features a wide selection of local craft beers, classic drafts and craft cocktails. They offer a chef-driven menu that is made from scratch using only the freshest quality ingredients.

 

Last month was a pretty spectacular month on Netflix with the addition of old favorites and new titles in their digital library. This month, Netflix is not slowing down, and they are bringing a plethora of classics and new content to their library. Check out what is headed your way in July — mark your calendars as this is the perfect way to kick of summer!

Charlotte’s Web – July 1st, 2020 

A timeless classic brought to Netflix that is perfect for the family. In summary, Wilbur the pig is scared of the end of the season, because he knows that come that time, he will end up on the dinner table. He hatches a plan with his new friend Charlotte, a spider that lives in his pen, to ensure that this will never happen.

Million Dollar Baby – July 1st, 2020 

With a heavy hitters cast like Hilary Swank, Clint Eastwood, and Morgan Freeman, this movie leaves you inspired, motivated, and craving lemon pie. In summary, a determined woman works with a hardened boxing trainer to become a professional and we follow along her journey of wins and losses inside and outside the ring.

The Karate Kid I, II, and III – July 1st, 2020

One of the most memorable trilogy’s from the 80’s is coming to Netflix. In summary, a boy and his mother move to California for a new job. He struggles to fit in, as a group of karate students starts to bully him for dating a rich girl from their clique. It’s up to the Japanese landlord, Miyagi, to teach him karate.

Down to Earth with Zac Efron – July 10th, 2020 

A new Netflix Original Series —  Actor Zac Efron journeys around the world with wellness expert Darin Olien in a travel show that explores healthy, sustainable ways to live.

The Notebook – July 18th, 2020 

A classic love story that has been referenced in more than one point of your life — grab the tissues! In summary, a poor yet passionate young man falls in love with a rich young woman, giving her a sense of freedom, but they are soon separated because of their social differences.

ENTIRE JULY RELEASE LIST

Want to take a vacation but don’t want to jump on a plane? Sometimes what we are looking for is right in our own backyard! 

For over a century Santa Barbara has famously been referred to as The American Riviera as early visitors saw so much of a resemblance to the French Riviera. There is so much to do in Santa Barbara! Here are some five star world class hotel choices and a couple of four star choices. Additionally, we have included a few of our favorite restaurants to enjoy while there.  

HOTELS: 

Belmond El Encanto 

This five star resort advertises itself as one of California’s most indulgent hideaways and it’s true! It’s an architectural masterpiece. Every part of its original 1920’s glory still remains, but it’s been meticulously restored. It boasts separate bungalows with fireplaces and patios, a full spa, dramatic pool and lounge areas overlooking Santa Barbara and the Pacific Ocean, award wining dining and more. Peached in the Santa Barbara foothills just above State Street it’s a quiet forest setting just above downtown! 

San Ysidro Ranch

Located in the historic Montecito area of Santa Barbara this  five star resort boasts 41 individually decorated private cottages winding along San Ysidro’s hillside creek. This romantic getaway has a rich history. It was the spot John and Jackie Kennedy chose to spend their honeymoon! Just because it’s close doesn’t mean it’s not among the best in the world! 

The Four Seasons Biltmore Santa Barbara

 It doesn’t get better than this! The Biltmore is a  five star resort tucked in between the beach and the San Ynez mountains spanning 22 acres! Its Spanish colonial villas and bungalows are updated but are still reminiscent of what made this historic landmark a Hollywood favorite since the 1930’s. 

The Ritz Carlton Bacara Santa Barbara 

Located adjacent to the famous Sandpiper Golf Course this five star resort will match the best Hawaiian resorts without the flight! It spans 78 beachfront acres on the Gaviota Coast just north of Santa Barbara. Here you can escape to its two beaches, three pools or you can pamper yourself in the resort’s 42,000 square foot spa! 

Hilton Santa Barbara Beachfront Resort 

This four star beachfront resort is located  across the street from famous East Beach and near the Funk Zone district  this beachfront hotel Is a winner!

Fess Parker Santa Barbara Doubletree Hotel by Hilton  

 

The Fess Parker Santa Barbara is in a great East Beach location. This four star resort is close to everything and has been a favorite for years. It’s convenient for Cabrillo Pavilion, Presidio Santa Barbara, The Mission, Downtown and more!

Rosewood Miramar Beach Montecito 

This five star hotel was just completed and sits on the former site of the Miramar By The Sea Hotel. It is a luxury resort with  124 rooms, and 37 spacious suites, a full wellness center and  cabins lined pools, sitting on the beautiful Miramar Beach. This Caruso developed resort offers true pampering and luxury!

RESTAURANTS: 

The Lark 

131 Anacapa Street, Santa Barbara, CA 93101

805-284-0370

The Lark, named for the sleek overnight Pullman train of the Southern Pacific Railroad that serviced Santa Barbara from 1910 -1968, is situated in the heart of the Funk Zone, a vibrant arts and entertainment district near the Waterfront in downtown Santa Barbara. Their menus are locally sourced and responsibly grown, using the highest quality seasonal ingredients based on the abundant bounty of the Central Coast. Their wine list highlights small Santa Barbara County producers as well as artisan winemakers from afar. 

Boathouse at Hendry’s Beach

2981 Cliff Drive, Santa Barbara, CA 93109

805-898-2628

The Boathouse at Hendry’s Beach, featuring exquisite dining and Santa Barbara’s most spectacular ocean views. They have incredibly fresh seafood and an incredibly memorable happy hour. 

Barbareño 

205 W. Canon Perdido Street, Santa Barbara, CA 93101

805-963-9591

Centrally located in downtown Santa Barbara, Barbareño enhances the essence of the local cuisine on the Central Coast of California.  Using the history and traditions of the  area as a starting point, along with the abundance of locally produced products available from the region, Executive Chef Julian Martinez and Chef de Cuisine Preston Knox work to create a menu that vividly expresses our time and place. Served in a casual yet refined space and complemented by some of the best wines and beers in California, they seek to redefine the significance of California Cuisine.

Heavy rain this summer? Of course not, but the best time to prepare is before heavy rain floods you out!

The best time to get ready for rain is when it’s not raining. The following tips can help you be prepared for winter.

HIRE A ROOFER

It’s easier to get a roofer when they are not needed. Don’t wait until it’s raining to try to get a roofer out. They will be  overloaded with emergencies. Take care of those roof repairs and replacements you have put off, or just get a roofer out for a tune up now.

CHECK THE GUTTERS 

Did you know that clogged gutters can cause water to pool and will lead to roof leaks or other water intrusion issues? Get your rain gutters cleaned and inspected. You also may want to consider screening on top if you have trees that clog them up.

CHECK AREA DRAINS

Area drains are there for a reason! Clogged area drains can lead to a flood in your home. Have your area drains cleared to make sure water flows freely out to the street. Consider getting them hydro jetted rather than just snakes out. Hydro jetting is more likely to  clear the whole drain pipe, while snaking may just put a hole through a clog which may clog again.

Let’s go Retro! Spend a night at a drive-in movie.

If you are looking for a fun night out, but want to remain in your car away from others, a great date night idea is a drive in movie! The first drive-in theater opened in 1933 in New Jersey by Richard Hillingshead. Over the next forty years drive-in theaters sprung up all over the country. Unfortunately, with the invention of the multiplex theaters in the 1970’s drive-in theaters began to close.  There are not many drive-in theaters today, but you can still go back in time and spend a night at the drive-in.  If you look at online reviews people still love the drive-in! These are some of the very few drive-in theaters remaining in Southern California. 

Electric Dusk Drive In Van de Karp Bakery Building

2930 N Fletcher Drive, Los Angeles, CA 

This is the last remaining drive-in theater in Los Angeles. It features top films from the 1980’s, and 1990’s. Along with drive-in there is outdoor seating. 

Mission Tiki

10798 Romona Ave, Montclair, CA

This drive-in opened in 1956 and expanded to four screens in 1975. They began to refurbish it in 2006 and the drive-in stands today as an exciting rare piece of history which unlike so many other drive-in theaters still exists. 

Van Buren Drive-in

3036 Van Buren Blvd, Riverside, CA

Located in the historic Arlington district in Riverside, California this drive-in opened in 1964. It was expanded to three screens in 1975. In 2006 the owners, who have run the theater for 40 years, contemplated a development deal, but that fell through and they instead remodeled the property and added state of the art projection systems. In 2015 they became one of the first drive-in theaters to install digital projection.  

Vineland Drive-in

443 Vineland Ave, City of Industry California, CA 

Pacific Theaters opened the Vineland Drive-in in 1955. It was expanded to four screens in 1981. There is a 1700 car capacity. It’s a giant facility with gigantic screens. 

Rubidoux Drive-in

3770 Opal Street, Riverside, CA 

This fully restored landmark with its original 1948 screen is still standing tall! Although it has retained much of its original character it has incorporated state of the art digital projection and sound. Originally there was room for 690 cars, so they added two additional screens in 1983 to compete with the new wave of multiplex theaters. 

Paramount Drive-in

7770 Rosecrans Ave, Paramount, CA

Located in the Paramount Entertainment Center this drive-in theater boasts two screens and plays first run movies. It opened in 1955, but closed in 1991. Fortunately, the property remained intact and was refurbished and re-opened in 2014.

 

West Wind Drive-in also known as the Santa Barbara Drive-in

907 S Kellogg Ave, Goleta, CA

The West Wind Drive-in has been family owned and operated since it opened in 1952. They boast crystal clear image quality in a screen so large it dwarfs what you would see at an indoor theater, and great sound quality fed right to your car sound system.