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Economic Update | Week Ending July 27, 2024
Economic news this week – The second quarter Gross Domestic Product (GDP) was released this week. It showed that the economy grew 2.8% in the second quarter, exceeding analysts’ expectations of a 2.1% increase. Technology stocks continued to drop for a third straight week. On the inflation front, the Personal Consumption Expenditures Price Index (PCE), a key indicator for the Fed, was released on Friday. It showed that consumer prices rose 2.5% in June from one year ago. That is the lowest annual increase in two years, another indication that inflation is cooling. Core PCE, which excludes volatile food and energy prices, grew 2.6% year-over-year. Economists surveyed gave just an 8% chance of a rate drop at the Fed meeting next week but gave a 92% chance of a rate drop at the September Fed meeting. All the experts agree that a rate drop cycle is not far off, as the Fed’s key rates currently at a 25-year high have successfully tamed inflation.
Stock markets – The Dow Jones Industrial Average closed the week at 40,589.34, up 0.8% from 40,257.53 last week. It is up 7.7% year-to-date. The S&P 500 closed the week at 5,459.10, down 0.8% from 5,505.00 last week. The S&P is up 14.5% year-to-date. The Nasdaq closed the week at 17,357.88, down 2.1% from 17,726.94 last week. It is up 15.6% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.20%, down from 4.25% last week. The 30-year treasury bond yield ended the week at 4.45%, unchanged from 4.45% 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 July 25, 2024, were as follows: The 30-year fixed mortgage rate was 6.78%, unchanged from 6.77% last week. The 15-year fixed was 6.07%, almost unchanged from 6.05% 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.
U.S. existing-home sales June 2024 – The National Association of Realtors reported that existing-home sales totaled 3.89 million units on a seasonally adjusted annualized rate in June, down 5.4% from an annualized rate of 4.11 million last June. The median price for a home in the U.S. in June was $426,900, up 4.1% from $410,109 one year ago. There was a 4.1-month supply of homes for sale in June, up from a 3.1-month supply one year ago. First-time buyers accounted for 29% of all sales. Investors and second-home purchases accounted for 16% of all sales. All cash purchases accounted for 28% of all sales. Foreclosures and short sales accounted for 2% of all sales.
Have a great weekend!
Mortgage Rate Update | July 25, 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 July 25, 2024, were as follows: The 30-year fixed mortgage rate was 6.78%, up from 6.77% last week. The 15-year fixed was 6.07%, up from 6.05% 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.
From Warner Bros. to Nasa and More! | Tech News
Connect with the latest news happening in the world of tech. From Warner Bros. to Nasa and more, we have you covered on what’s buzzing. Read on for our weekly tech news round-up!
Google Upgrades Gemini AI Chatbot with New Features
Google’s Gemini AI chatbot has received an upgrade to the Gemini 1.5 Flash AI model, enhancing its speed and content processing capabilities. According to Amar Subramanya, VP of engineering for Gemini, users will notice significant improvements in response time, reasoning, and image understanding. The chatbot’s context window has been expanded to process 32K tokens at once. The 1.5 Flash model, announced at Google I/O in May, is now available in the free version of Gemini on both web and mobile platforms. Additionally, Gemini will now provide links to related content for fact-seeking prompts, accessible by clicking a gray arrow at the end of a paragraph. Google is also introducing Gemini gradually in Google Messages for users in the European Economic Area, the UK, and Switzerland. Furthermore, Gemini for teens will be available in over 40 languages starting next week.
Amazon Prime Video Secures 11-Year Deal for NBA and WNBA Games
Amazon’s Prime Video has signed an 11-year deal to stream NBA and WNBA games starting with the 2025-2026 season, including 66 regular-season and 20 playoff games annually. The partnership, also involving Disney and NBCUniversal, will bring games to ESPN, ABC, NBC, Disney’s upcoming ESPN streaming service, and Peacock. Financial commitments are significant, with Disney paying $2.62 billion, Comcast $2.45 billion, and Amazon $1.93 billion annually. This marks a shift from the NBA’s long-standing partnership with TNT. Prime Video’s coverage will feature Friday night games, select Saturday afternoon games, Thursday night doubleheaders, the NBA Cup, Play-In Tournament, NBA League Pass, and half of the NBA Summer League games.
NASA Successfully Tests Laser Communications for Space Missions
NASA researchers have successfully tested laser communications in space by streaming 4K video from an airplane to the International Space Station (ISS) and back. This breakthrough could enable live coverage of Moon landings during the Artemis missions and enhance optical communications for future Mars missions. Using infrared light, laser communications can transmit data 10 to 100 times faster than traditional radio waves. In the test, an airplane equipped with a portable laser terminal flew over Lake Erie, sent data to Cleveland, which was then relayed to NASA’s Laser Communications Relay Demonstration (LCRD) satellite and the ISS. Despite delays in the Artemis missions, the fourth mission aims to bring humans back to the Moon. Likewise, this would potentially provide clear 4K livestreams of astronauts on mainstream 8K TVs.
Apple Maps Launches Beta Web Version
Apple Maps is now available on the web through beta.maps.apple.com, offering driving and walking directions, ratings, and reviews. The web version mirrors many features of the iOS app, such as viewing guides, ordering food, and exploring cities. Apple plans to add more features, like Look Around, in the coming months and will expand language and browser support. This official web launch aims to enhance Apple Maps’ competitiveness against Google Maps and open-source alternatives like the Overture Maps Foundation.
Warner Bros. Games Acquires Player First Games
Warner Bros. Games has acquired Player First Games, the developer behind the new free-to-play platform fighter “MultiVersus.” Player First Games will continue to be led by co-founders Tony Huynh and Chris White, now reporting to Carlos Barbosa, VP and studio head of Warner Bros. Games San Diego. “MultiVersus,” developed with support from Warner Bros. Games San Diego, features a roster of popular characters from Warner Bros. Discovery franchises and is available on PlayStation, Xbox, and PC. The acquisition follows significant layoffs across the gaming industry, affecting major companies like Microsoft, Sony, EA, Take-Two Interactive, and Riot Games.
Weekend Events | July 26 – July 28
The weekend has arrived with a bevy of fun things to do locally. From Barbie at the Hollywood Bowl to Wine Fest in DTLA and the Valley, the options are endless. Check out what’s happening this weekend for your July 26 through July 28 events round-up.
Los Angeles Weekend Events | July 26 – July 28
Barbie The Movie: In Concert
When: July 27
Where: Hollywood Bowl
What: We already loved this year’s Hollywood Bowl lineup, but now there’s a new addition that has us excited: Barbie will be shown at the Bowl this summer with a live orchestra performing the score. On July 27, conductor Macy Schmidt will direct the Barbie Land Sinfonietta, an orchestra composed entirely of women, with a majority being women of color, to accompany the screening of Greta Gerwig’s film.
Uncorked Wine Festival
When: July 27
Where: California Science Center
What: More than 100 wines, top wineries, food trucks, music, and a beautiful setting—sounds like an ideal Saturday. Uncorked Wine Fest is back, this time at the California Science Center, offering wine enthusiasts a chance to sample incredible varietals. General admission attendees can enjoy tastings from 8 to 11 pm, while VIP ticket holders get an extra hour, starting at 7 pm. Tickets cover all beverage tastings, with food available for purchase separately.
KCon
When: July 26 – July 28
Where: Crypto Arena
What: If you’re familiar with the term Hallyu, you’ll want to mark your calendar for this summer’s annual K-pop convention. Spanning three days, the L.A. Convention Center will be bustling with panels, workshops, signings, and more. Additionally, the Crypto.com Arena will feature concerts on Saturday and Sunday, showcasing Korean celebrities and superstars.
Westside and Beach Communities Weekend Events | July 26 – July 28
Stand Up for Pups
When: July 26
Where: Playa Vista
What: Bring your furry friend to this dog-friendly comedy show at the Annenberg PetSpace, featuring performances by Taylor Williamson, Leah Knauer, Hugo Galaxy, Angie Stroud, and Antjuan Tobias. Hosted by Caitlin Benson with music by DJ CLASSIC MATERIAL, the event includes two drinks with each ticket. A portion of the proceeds will benefit the PetSpace Extraordinary Care Fund.
Off the 405
When: Until August 24
Where: The Getty
What: Hilltop sunset views and emerging bands make this Getty tradition a must-visit for Angelenos from both sides of the 405. This year’s lineup of free Saturday night shows includes Hailu Mergia (June 1), Slauson Malone 1 (June 15), Helado Negro (July 20), Julia Holter (July 27), and Woods (August 24). Tip: To avoid traffic and crowds, arrive early, preferably after 3pm when the parking fee drops to $15 (or $10 if you wait until the show starts). This way, you can explore the exhibits, which remain open until 8pm on Saturdays, and avoid the dinner rush.
Poolside Cinema at the Fairmont Miramar
When: Until September 1
Where: Fairmont Miramar | Santa Monica
What: Every Sunday during the summer at sunset, both hotel guests and visitors at the Fairmont Miramar can enjoy a movie by the luxurious pool. The Hulu-curated schedule features a mix of nostalgic favorites and recent releases. Food and drinks can be purchased from the FIG Restaurant menu, and while seating is free for hotel guests, visitors need a reservation. Tickets cost about $60 with tax, tip, and fees, but include a $45 food and drink credit plus complimentary popcorn.
San Fernando Valley Weekend Events | July 26 – July 28
Movies on the Roof
When: Until July 27
Where: Sherman Oaks
What: Grab a seat on the rooftop of Westfield Fashion Square’s parking garage for this outdoor film series. Every Friday and Saturday throughout the summer, enjoy a variety of classic movies like Top Gun, La La Land, The Sandlot, Clueless, and more.
Kitten Yoga: YogaSix Studio City
When: July 28
Where: 12265 Ventura Blvd
What: Participants can look forward to unwinding with the cutest yoga partners around—kittens! On Sunday, July 28th, at 2:00 PM, Yoga Six Studio City will host a purr-fectly relaxing hour-long yoga session, followed by an hour of kitty playtime. Furry friends from Kitty of Angels will roam around as attendees flow through poses, adding an extra element of joy and playfulness to the practice. This unique and fun experience promises to leave everyone feeling zen and filled with love. Attendees are encouraged to grab their mats and join for a meow-nificent time!
Intro to California Native Plant Garden Design with Tim Becker
When: July 26
Where: Theodore Payne Foundation | 10459 Tuxford Street
What: Prepare to landscape with native plants in this special introductory class! Participants will learn the basics of assessing, mapping, and designing their home or community gardens while taking into account factors such as light, irrigation, and space. This class is perfect for beginners eager to get started with native plant landscaping.
Conejo Valley Weekend Events | July 26 – July 28
Dallas Cowboys Training Camp
When: Until August 21
Where: River Ridge Fields | 2501 Ventura Road, Oxnard
What: The 2024 Dallas Cowboys Training Camp, presented by American Airlines, invites fans to attend practice sessions in Oxnard from July 25th through August 21st. All practice sessions open to the public will be held at the River Ridge Playing Fields, adjacent to the Residence Inn at River Ridge, located at 2501 West Vineyard Avenue, Oxnard. Fans can watch the Cowboys in action starting with the first workout on Thursday, July 25th, through the final open practice on Wednesday, August 21st.
Cinemalibu Outdoor Summer Movie – Space Jam
When: July 27, 7pm – 10pm
Where: Malibu Bluffs Park
What: Enjoy family movies under the stars! Join us at Malibu Bluffs Park, 24250 Pacific Coast Highway, for an evening of fun and entertainment. Before the movie starts, dive into activities like food trucks, special guest appearances, raffles, and more. Admission is free! Movies begin at sunset, with activities kicking off an hour before. Don’t forget to bring chairs and blankets for a cozy night under the open sky.
Taste of Camarillo Wine, Brew & Food Festival
When: July 28, 12:00pm – 4:30pm
Where: 201 Camarillo Ranch Road
What: Get ready for A Taste of Camarillo – Wine, Brew & Food Festival on Sunday, July 28, 2024, at the Camarillo Ranch, 201 Camarillo Ranch Road, Camarillo, from noon to 4:30 PM. As one of Ventura County’s longest-running festivals, guests can spend the afternoon sampling fine wines, craft beers, and gourmet foods on the historic Camarillo Ranch grounds. Enjoy offerings from local restaurants, live music, dancing, boutique shopping, and more.
Top Spots for Music and Bites | L.A. Eats
Exploring the vibrant dining and music scene in Los Angeles reveals an array of venues. Whether you’re in the mood for jazz, Latin beats, or the charm of Old Hollywood, these spots offer unforgettable experiences. Here’s a guide to some of the top spots for music and bites from around town!
Polo Lounge
Location: 9641 Sunset Blvd, Beverly Hills
The Polo Lounge is a storied establishment in Beverly Hills. Renowned for its idyllic patio setting, the restaurant also features live music during lunch, dinner, and Sunday brunch. This lunchtime haven boasts a lush garden ambiance and impeccable service, creating an oasis in the heart of the city. While the menu offers straightforward, albeit pricey, fare, the experience is about more than just the food. Guests come for the classic McCarthy salad and other mid-century dishes, but the real draw is the chance to mingle with Hollywood elite in a setting that exudes luxury and exclusivity.
The Velvet Martini Lounge
Location: 4349 Tujunga Ave, Studio City, CA 91604
Above Vitello’s restaurant and the Rendition Room bar, the Velvet Martini Lounge offers a nostalgic Old Hollywood vibe. This Studio City gem features live jazz, classic cocktails, and themed dishes like an old-fashioned TV dinner served on a metal tray. The lounge’s piano bar often hosts impromptu performances, adding to its Rat Pack-inspired charm.
Industry Cafe & Jazz
Location: 6039 Washington Blvd, Culver City, CA 90232
Industry Cafe & Jazz in Culver City has been a local favorite for 18 years. Known for its weekly open jam nights on Wednesdays and jazz performances from Thursday to Sunday, it’s a communal space where music and food are equally celebrated. The menu includes well-seasoned soups, hummus with tomato, basil, and feta, and a generous veggie platter with injera.
The Georgian Room
Location: 1415 Ocean Ave, Santa Monica, CA 90401
Housed in the historic Art Deco Georgian Hotel, The Georgian Room offers live jazz performances and classic Italian dishes like veal Parmesan and rigatoni alla vodka. The Italian steakhouse, which opened in 1933, is open from Thursday to Saturday, and reservations are recommended for a night of music and fine dining.
Sadaf Restaurant
Location: 16240 Ventura Blvd, Encino, CA 91436
Sadaf in Encino, with another location in Thousand Oaks, stands out as one of the best Persian restaurants in the Valley. Known for dishes like kashke bademjan (eggplant delight) and ghormeh sabzi, the restaurant also features live guitar music on weekend evenings, creating a warm and inviting atmosphere.
Vibrato Grill Jazz
Location: 2930 Beverly Glen Cir, Los Angeles, CA 90077
Founded by music legend Herb Alpert, Vibrato Grill Jazz combines a sophisticated dining experience with live jazz performances. Guests are encouraged to quietly enjoy their meals, such as wild striped bass crudo and Wagyu ribeye, while listening to top-tier musicians. The curated drink menu includes the caipirinha, inspired by Alpert’s Brazilian vocalist wife.
Hollywood Bowl
Location: 2301 N Highland Ave, Los Angeles, CA 90068
As LA’s premier live entertainment venue, the Hollywood Bowl offers diverse dining options. Concertgoers can pre-order dinner boxes, make mobile orders, or dine at one of three on-site restaurants by chef Suzanne Goin and Caroline Styne. Options include a three-course dinner at the Pool Circle, wine and small plates at Ann’s Wine Bar, and wood-grilled dishes at the Backyard.
Catalina Jazz Club
Location: 6725 Sunset Blvd, Los Angeles, CA 90028
Catalina Jazz Club, now located on Sunset Boulevard, has a rich history of hosting world-renowned jazz artists and comedians. The venue offers a casual menu with items like short rib quesadilla and goat cheese pesto burger, alongside mains such as grilled vegetable pasta and rack of lamb.
El Cid
Location: 4212 Sunset Blvd, Los Angeles, CA 90029
Silver Lake’s El Cid charms visitors with its eclectic performances and Mediterranean menu. Guests descend a crooked stairway to find live music, burlesque, or flamenco shows, accompanied by dishes like patatas bravas, empanadas, and paella. Reservations and checking the events schedule are recommended.
The Bellwether
Location: 333 South Boylston Street, Los Angeles, CA 90017
The Bellwether is one of LA’s trendiest venues, featuring a full calendar of underground music acts, comedy shows, and DJs. Attached is the Virginian, offering a simple yet satisfying menu with pizza, nachos, and chicken tenders for concertgoers.
Checker Hall
Location: 104 N Ave 56, Los Angeles, CA 90042
Located in Highland Park, Checker Hall boasts high ceilings and a balcony overlooking Figueroa Street. The venue’s central bar is the perfect spot to enjoy bourekas, whipped feta, or a whole crispy branzino before or after catching a performance downstairs.
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The Best Outdoor Flea Markets Around Town | Out & About
When it comes to finding unique decor treasures and stylish vintage picks, the flea markets of LA are where they are at. With so many flea markets happening around town and at any given time, the question remains. Which one is the best one to visit? Luckily we have you covered in this week’s blog of the best Outdoor Flea Markets around town.
Melrose Trading Post
If there is one shopping district renowned for cool finds, it’s Melrose. Likewise, you can expect that the Melrose Flea Market would be the ideal place to find vintage pieces. From independent designers to curated finds, make your way to one of the best flea markets in town!
Rose Bowl Flea Market
As one of LA County’s largest flea markets, the Rose Bowl Flea Market is full of finds for everyone. Of course, you’ll likely want to make a day of it with over 2500 vendors to pursue through. At this flea market, you’ll find one-of-a-kind antiques, vintage pieces, and more. Whether you are looking to add something to your home decor or closet lineup, you surely will not be disappointed!
Los Feliz Flea Market
A curated market of over 170 sellers, the Los Feliz Flea Market has a lot to offer. With plenty of cool finds, there is also an array of gourmet food trucks on site if you need a delicious nosh. Enjoy music, great people, and most importantly, free parking at one of the trendiest flea markets around town.
Long Beach Antique Flea Market
If you are looking for unique furniture pieces, the Long Beach Flea Market is an ideal place to find that missing piece. With thousands and thousands of household treasures, you will not be disappointed by your decor options at this seaside market. Browse through over 20 acres of fantastic furniture finds as well as collectible art and textiles.
Topanga Vintage Market
Locals of San Fernando Valley know that the Topanga Vintage Market is worth a trip to for vintage and antique finds. Held every fourth Sunday of the month, this market is smaller than most but full of a vast trove of great items.
The Best Summer Porch Decor Ideas | Home Tips
Give the exterior of your home a summer splash of style! This week, we’re sharing our favorite summer porch decor ideas. While seasons come and go, summer can be a great time to add some extra curb appeal to the front entrance of your abode. Read on for the best front porch decor recommendations!
Add some flora to your front porch
Whether you take a potted approach or opt for hanging an arrangement, consider adding a touch of nature to your front porch. A hanging floral arrangement is a great summer porch decor choice and will make your front entrance even more inviting.
Bring your summer porch to life by creating a new living space
Who said the party has to stay inside or out back? Your front porch can also be a great place to entertain guests with the right touch of style. By adding chic furniture and lounging pieces, you can turn your porch into the best hangout spot.
Consider adding a porch swing
Don’t we all love the nostalgia of a porch swing? Why not consider adding one to your entrance for the ultimate summer porch fixture. Choose summer tones like blue, yellow, or red to brighten up your porch swing. If the weather is just right, your porch will be the best destination for daytime or night enjoyment.
Textiles for the win
Another great way to give the summer porch touch to your front entrance is with textiles. Patterns and textures enhance the feeling that your outdoor space is an extension of the indoors. Things like pillows and rugs will help your porch to be both decorative and functional.
Make it Modern
If your home has a contemporary look, then planters and porch swings may not be for you. Don’t sweat it, though, because you can still have the ultimate summer porch with a more simplistic approach. Consider streamlined planters that vary in height or seasonal greenery for a nice touch that still says summer.
Economic Update | Week Ending July 20, 2024
Stock markets – The Dow Jones Industrial Average closed the week at 40,257.53, up 0.6% from 40,000.90 last week. It is up 6.8% year-to-date. The S&P 500 closed the week at 5,505.00, down 2% from 5,615.35 last week. The S&P is up 15.4% year-to-date. The Nasdaq closed the week at 17,726.94, down 3.7% from 18,398.45 last week. It is up 18.1% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.25%, up from 4.18% last week. The 30-year treasury bond yield ended the week at 4.45% up from 4.39% 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 July 18, 2024, were as follows: The 30-year fixed mortgage rate was 6.77%, down from 6.89% last week. The 15-year fixed was 6.05%, down from 6.17% last week.
The graph below shows the trajectory of mortgage rates over the past year.
California home prices jumped 7.5% from one year ago in June – The California Association of Realtors reported that existing-home sales totaled 270,200 on an annualized rate in June, down 2.7% from a revised 277,960 homes sold on an annualized basis last June. There was a 3-month supply of homes for sale, up from a 2.2-month supply one year ago. The statewide median price paid for a home in June was $900,720, up 7.5% from a revised median price of $837,850 one year ago.
The graph below shows sales data by county in Southern California.
Have a great weekend!