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April is Earthquake Preparedness Month | Home Tips

Earthquake Preparedness Month

With April being California’s Earthquake Preparedness Month, it’s the perfect time to make sure we’re ready to face any tremors that come our way. By taking the right precautions, we can minimize the risk to ourselves, our families, and our communities.

In this blog post, we’ll provide essential tips for earthquake preparedness, including securing your home, preparing an emergency kit, and creating a family plan. Let’s shake up our preparedness routines and ensure we’re ready to ride out the next big one.

Secure Your Home

Earthquake Preparedness Month

The first step in earthquake preparedness is ensuring your home is as safe as possible. Start by:

  • Anchoring heavy furniture to walls, such as bookcases, dressers, and appliances.
  • Installing latches on cabinets to prevent items from falling out during an earthquake.
  • Securing televisions, computers, and other electronics with straps or brackets.
  • Storing heavy and breakable items on lower shelves to reduce the risk of injury.
  • Retrofitting your home if it was built before the 1980s to better withstand shaking.
Prepare an Emergency Kit

Earthquake Preparedness Month

In the event of an earthquake, having an emergency kit readily available can make a significant difference. Your kit should include:

  • At least three days’ worth of non-perishable food and water for each person in your household.
  • A first-aid kit with essential medications and prescription information.
  • A battery-powered or hand-crank radio for receiving updates and instructions from authorities.
  • A flashlight with extra batteries or a solar-powered alternative.
  • A whistle to signal for help.
  • A multi-tool or Swiss Army knife for various tasks.
  • A supply of cash in small bills and coins.
  • Copies of important documents, such as identification, insurance policies, and medical records.
Create a Family Plan

Earthquake Preparedness Month

It’s crucial to have a plan in place before disaster strikes. Develop a family earthquake plan by:

  • Designating a safe meeting spot outside your home, such as a nearby park or landmark.
  • Identifying potential escape routes and safe places within your home.
  • Establishing an out-of-state contact person who can relay information between family members if local communication is disrupted.
  • Teaching children how to call 911 and when it’s appropriate to do so.
  • Practicing “Drop, Cover, and Hold On” drills to ensure everyone knows what to do during an earthquake.
Stay Informed

Educate yourself about the earthquake hazards in your area, including the location of active fault lines and the history of seismic activity. Stay informed about the latest preparedness tips and guidelines by:

  • Following credible sources such as the California Earthquake Authority (CEA), the United States Geological Survey (USGS), and your local government agencies.
  • Participating in community events and workshops focused on earthquake preparedness.
  • Sharing information and resources with neighbors, friends, and family.

Living in California means embracing the ever-present risk of earthquakes. But by taking the time to prepare for these natural events, we can mitigate their impact on our lives. This Earthquake Preparedness Month, take the opportunity to secure your home, create an emergency kit, develop a family plan, and stay informed. Together, we can ensure that when the earth shakes, we’re ready to roll with it.

 

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Economic Update | Week Ending April 6, 2024

This week investors were very unsure of what to expect from the economy due to several factors. One was inflationary pressure due to the strength of the economy. At the end of 2023, it appeared that the economy was finally slowing, inflation was dropping, and the labor market was beginning to cool. Investors were expecting the Fed to shift from a restrictive monetary policy to a more neutral one and begin to cut rates in March. In the first three months of the year, the economy has picked up steam. Inflation reports show that the inflation rate which had steadily worked its way down from its peak 9.1% year-over-year increase in June 2022 to about a 3% year-over-year increase by the end of 2023, has now stalled remaining mostly unchanged through the first quarter. Hiring has picked up and job gains have far outpaced expectations. Experts have given up hopes of four rate cuts this year and now expect one to three without the first cut until June or July. That has increased bond yields and mortgage rates to their highest levels since last fall. Oil prices have also risen to their highest levels in over six months due to geopolitical tensions in the Middle East.

Employers added another 303,000 new jobs in March – The Department of Labor and Statistics reported that 303,000 new jobs were added in March. That blew away the 200,000 new jobs that analysts expected, and it marked the fourth straight month with job gains above 200,000 and the 39th consecutive month of job growth. The unemployment rate dropped to 3.8% in March, down from 3.9% in February, marking 26 straight months of unemployment below 4%. That has not happened since the 1960s. Investors are puzzled as to how the economy and labor market have remained so strong after 11 rate hikes and the highest Fed interest rates in 24 years. Average hourly wages increased 4.1% year-over-year in March, down from 4.3% in February, which was the only part of the report that does not put pressure on inflation. Bond yields and mortgage rates ended the week at their highest levels since last October.

Stock markets – The Dow Jones Industrial Average closed the week at 38,904.04, down 2.3% from 39,807.37 last week. It is up 3.2% year-to-date. The S&P 500 closed the week at 5,204.34, down 1% from 5,254.46 last week. The S&P is up 9.1% year-to-date. The Nasdaq closed the week at 16,248.52, down 0.8% from 16,379.46 last week. It is up 8.2% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.39%, up from 4.22% last week. The 30-year treasury bond yield ended the week at 4.54%, 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 April 4, 2024, were as follows: The 30-year fixed mortgage rate was 6.82%, up from 6.79% last week. The 15-year fixed was 6.06%, down from 6.11% 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.

Have a great weekend!

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Mortgage Rate Update | April 4, 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 April 4, 2024, were as follows: The 30-year fixed mortgage rate was 6.82%, up from 6.79% last week. The 15-year fixed was 6.06%, down from 6.11% last week.

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

A screenshot of a graph Description automatically generated

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 DALL-E to Oura Updates and More! | Tech News

In the fast-paced world of tech and media, keeping up with the latest trends is essential. Stay connected on the latest from DALL-E to Oura Updates and more. Whether you’re a tech lover, a media expert, or just curious about the latest news, join us. We’ll dive into the innovations and challenges shaping technology and media today.

White House Orders NASA to Establish Time Standard for Lunar Operations

On Tuesday, the White House tasked NASA with developing a unified time standard for the moon and beyond, a move seen as the U.S. seeking to establish international space norms amidst intensifying global and corporate lunar exploration efforts. The directive from the White House Office of Science and Technology Policy (OSTP) aims for NASA to collaborate with U.S. governmental entities to outline a plan for a Coordinated Lunar Time (LTC) by the end of 2026. This initiative responds to the unique temporal dynamics on the moon, influenced by its different gravitational forces, necessitating precision for lunar missions. OSTP highlighted the need for a lunar time standard due to the significant time drift experienced by Earth-based clocks on the moon, underlining the importance of synchronization for future lunar exploration and the potential establishment of a lunar base under NASA’s Artemis program. 

ChatGPT Now Integrates DALL-E for Image Editing Capabilities

OpenAI has introduced new features to its third-generation DALL-E, enhancing its AI-generated image creation capabilities within ChatGPT for both web and mobile users. The update includes image editing tools and preset style suggestions, such as woodcut, gothic, synthwave, and hand-drawn, to spark creativity and assist users in starting their projects. This integration simplifies the process by allowing users to verbally describe their desired image to ChatGPT, which then utilizes DALL-E to generate and refine the output directly within the interface. Additionally, OpenAI is addressing concerns about trust in AI-generated images by implementing visible watermarks and metadata to indicate AI authorship, although challenges remain with the potential removal of these markers. These updates aim to make DALL-E more accessible and user-friendly, encouraging even those with minimal experience to explore their creativity while also tackling the important issue of trust in AI-generated content.

Google Introduces Keyboard Shortcuts and Customizable Mouse Buttons in ChromeOS

Google has released an update for ChromeOS, known as M123, enhancing its functionality with customizable keyboard shortcuts and mouse buttons, along with hotspot connectivity for cellular-enabled Chromebooks. This update, part of Google’s April enhancements, also includes improvements and fixes for Pixel Watches and Pixel phones from model 5A onwards. Users can now reassign keyboard keys and mouse buttons for more personalized or one-handed navigation, mirroring the flexibility found in other operating systems like macOS. Additionally, ChromeOS now supports per-app language settings for Android applications and boasts improved natural-sounding offline text-to-speech voices. These features are being gradually rolled out to users. For Pixel Watch users, Google introduced a feature similar to Apple’s Taptic Time, allowing time indication through vibration, and improved the auto-brightness adjustment clarity. The Pixel phone update resolved several issues, including camera stability and exposure reset problems, as well as a biometrics bug causing a black screen upon unlocking.

Oura Tests New Feature for Early Detection of Health Changes

The Oura Ring introduces an innovative addition, Oura Labs. The feature offers users the chance to engage with experimental functionalities. The first of these is dubbed Symptom Radar. This feature is designed to identify early indicators of physiological stress, tracking anomalies in biometric data such as temperature and heart rate variability, rather than directly diagnosing illnesses. Symptom Radar’s alerts prompt users to consider reducing their daily activity or engaging Rest Mode to facilitate recovery from various stressors, ranging from intense exercise to inadequate sleep. Oura emphasizes that while Symptom Radar aids in interpreting bodily signals for wellness enhancement, it does not serve as a medical diagnostic tool. This likewise helps in avoiding the need for FDA approval. 

Negotiations Intensify Between Paramount and Skydance

In an evolving media landscape, Paramount is seeking new opportunities amid shifts towards ad-supported streaming. The company is engaging in talks with major players like Warner Bros. Discovery, Skydance Media, Apollo Global Management, and Byron Allen. These discussions, including a potential partnership with Comcast’s Peacock, showcase Paramount’s ambition to grow and innovate. The interest in collaborations hints at Paramount’s strategy to enhance its assets. These assets of course being Paramount Plus, Pluto TV, and CBS stations. Skydance, led by David Ellison, is interested in a significant stake in National Amusements, Paramount’s parent company. This interest underlines the value and potential growth of Paramount’s portfolio. 

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Weekend Events | April 5 – April 7

April is here and it’s time for some weekend fun! From Corgi Day to Malibu Comedy Night and more, we have you covered on what’s happening. Read on below for the top events happening April 5 through April 7.

Los Angeles Weekend Events | April 5 – April 7 

First Fridays at the Natural History Museum

When: Until June 7

Where: Natural History Museum | USC/Exposition Park

What: Escape the usual First Friday crowd for a unique experience at the Natural History Museum, where dinosaurs meet DJs. From February through June, on the first Friday of each month, enjoy a KCRW-sponsored night of music, museum tours, and scientist-led talks, suitable for all ages. Each event features a fresh lineup of musical acts and DJs, making for a memorable evening at the museum.

ED RUSCHA / NOW THEN

When: April 7 – October 6, 2024 

Where: Miracle Mile

What: This comprehensive retrospective of Ed Ruscha showcases his detailed photographs of Los Angeles streets alongside a recreated Chocolate Room. The unique installation is composed entirely of layered chocolate sheets.

LA Beer Fest

When: April 6

Where: DTLA

What: Don’t miss a full day of festivities dedicated to America’s beloved drink at the L.A. Beer Fest. This event features an array of brews from more than 80 breweries, complemented by food trucks and live entertainment. Your ticket grants access to a variety of beer tastings, with options for General Admission or the Connoisseur’s ticket, which offers perks like private restrooms, exclusive beers, and more.

 

Westside and Beach Communities Weekend Events | April 5 – April 7 

So Cal Corgi Beach Day

When: April 6

Where: Huntington Beach

What: Could it be their short legs, oversized ears, or fluffy tails that capture our hearts? Whatever the reason, corgis have won us over, along with the passionate members of So Cal Corgi Nation. This bi-annual gathering typically takes place at Huntington Dog Beach (100 Goldenwest St), near Tower 22 to the north of the southern entry. However, it’s always a good idea to verify the latest location details on the event’s website.

Bergamot Comedy Fest

When: Until April 6

Where: Santa Monica

What: The comedy festival at Bergamot Station Arts Center in Santa Monica unites approximately 55 comedians for a series of shows and panels. Featuring both emerging talents and well-known figures, the festival is notable for its predominantly female-led performances. These events take place nightly at The Crow from April 1st to April 6th.

The Other Art Fair

When: April 4 – April 7

Where: Santa Monica

What: Explore emerging talent at this art fair, taking place at Barker Hangar, showcasing pieces from a diverse group of rising and independent artists. This event is thoughtfully curated to cater to collectors and enthusiasts across different budget ranges.

 

San Fernando Valley Weekend Events | April 5 – April 7 

Learn to Curl in Panorama City

When: Sunday April 7

Where: LA Kings Valley Ice Center

What: Have you ever watched curling in the Olympics, heard about it from a friend, and thought, “Could I try that?” Here’s your chance to discover! No prior experience is needed to explore the intriguing world of curling. Come and learn the basics, from delivering a stone to sweeping it across the ice. Understand the significance of terms like hog lines, hacks, buttons, and houses. It’s a great opportunity for families to engage in learning a new sport together.

Dream Mile Color Run 2024

When: April 6

Where: Woodley Park Section 1 (Victory Blvd & Woodley Ave)

What: Vibha Los Angeles is thrilled to announce the return of The Dream Mile event to Southern California this year, incorporating an extra layer of fun with a colorful celebration of the spring season. The Dream Mile serves as the flagship event in Vibha’s ongoing mission to raise awareness about the challenges faced by underprivileged children.

Kids Hands-On Vegetable Gardening Workshop

When: April 7

Where: Hand-Brewed Brewery | 9771 Variel Ave Chatsworth

What: Children are invited to dive into the world of edible gardening, getting their hands dirty and even interacting with worms! During this engaging workshop, participants will learn about the basics of growing their own food. Each child will also have the opportunity to plant a seedling and take it home, nurturing their connection to nature and the food they eat.

Conejo Valley Weekend Events | April 5 – April 7 

Malibu Comedy Night

When: April 5

Where: Topanga 

What: The concept of drink minimums at comedy shows seems outdated. However, the idea of stand-up comedy at a wine bar is truly appealing. Located just across from the ocean, Malibu’s Rosenthal Wine Bar & Patio offers stand-up comedy on its outdoor patio, complete with heat lamps for comfort. The show is hosted by Sean Leary.

24th Annual Chumash Day Powwow and Intertribal Gathering

When: April 7, 10am – 6pm

Where: 24250 Pacific Coast Highway, Malibu

What: The Chumash Day Powwow is a gathering that honors Native Americans from across the nation, bringing together individuals from hundreds of tribes at Malibu Bluffs Park. Distinguished as a non-competitive event, it features an array of activities including food trucks, craft vendors, tribal ceremonies, and dances throughout both days. The event is open to the public with free admission, running from 10 a.m. to 6 p.m.

Celebration of the Whales Festival at Channel Islands Harbor

When: April 7, 10am – 3pm

Where: 3350 Harbor Blvd, Oxnard

What: Scheduled for Sunday, March 2024, from 10 a.m. to 3 p.m., the 25th Annual Celebration of the Whales Festival will take place at Channel Islands Harbor. This event promises a day filled with family-oriented activities, including chalk art, shopping, and a fun zone for kids. The festivities will span across the Channel Islands Maritime Museum and the Channel Islands Harbor Farmers Market, with a “Gray Whale Migration Trail” through Harbor View Park linking the two hubs of activity.

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The Top Places for a Gluten-Free Meal | L.A. Eats

Los Angeles is a haven for diverse culinary experiences, and the city’s gluten-free scene is no exception. Here’s a list of the top 10 gluten-free restaurants in the city that cater to diverse palates and dietary needs.

Luv2Eat Thai Bistro

Location: 6660 Sunset Blvd, Los Angeles, CA 90028

This iconic spot offers a wide range of gluten-free options, such as pad ka prao noodles, sour Issan sausage, and spicy-sour tom kha soup, ensuring a flavorful and authentic Thai experience for gluten-sensitive diners.

Crossroads Kitchen 

Location: 8284 Melrose Ave, Los Angeles, CA 90046

An upscale vegan paradise, Crossroads Kitchen offers gluten-free pizzas, breakfast sandwiches, and even stuffed French toast. Chef Tal Ronnen ensures that 90 percent of the menu can be made gluten-free.

Honey Hi 

Location: 1620 Sunset Blvd, Los Angeles, CA 90026

With a bright and inviting dining room, Honey Hi provides an all-day menu. Highlights include chive-flecked eggs with buckwheat sourdough, caramelized fennel and onion breakfast sandwich, and a smoky-sweet potato hash breakfast bowl.

Birdie G’s

Location: 2421 Michigan Ave, Santa Monica, CA 90404

This sleek indoor-outdoor restaurant in Santa Monica offers a gluten-free-friendly menu that doesn’t sacrifice creativity. Must-try dishes include rice flour-battered king trumpet mushrooms and crispy pickle fried chicken.

Cinque Terre West Osteria

Location: 970 Monument St #110, Pacific Palisades, CA 90272

Owned by a husband and wife team, this Italian restaurant offers amazing gluten-free pizzas and pasta. Don’t miss their pasta with rock shrimp and zucchini blossom or the Tartufo pie with goat cheese and shaved black truffle.

Suncafe Organic

Location: 10820 Ventura Blvd, Studio City, CA 91604

A perfect spot for a gluten-free brunch near Universal Studios, Suncafe Organic serves organic, dairy-free, and mostly gluten-free comfort food.

Lucifers Pizza

Location: 11266 Ventura Blvd, Studio City, CA 91604

With multiple locations, Lucifers Pizza allows diners to choose from traditional, gluten-free, and cauliflower crusts for any pie. Their pepperoni pizza is a must-try.

Rosti Tuscan Kitchen

Location: 23663 Calabasas Rd, Calabasas, CA 91302

Offering a dedicated gluten-free menu, Rosti Tuscan Kitchen serves sandwiches on thin bread and customizable pizzas, with standout dishes like the spaghetti di mare.

Nobu Malibu

Location: 22706 E Pacific Coast Hwy, Malibu, CA 90265

This high-end Japanese restaurant offers numerous gluten-free options, including their popular miso-glazed black cod. Tamari is always available, making it a perfect destination for gluten-sensitive diners.

With these diverse and delicious options, Los Angeles proves that it’s a city that caters to everyone’s tastes and dietary needs. Bon appétit!

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The Best California Spring Destinations | Out & About

As the golden state shakes off the last whispers of winter, California blooms into a tapestry of unparalleled natural beauty and vibrant energy, making spring an ideal season for exploring its lesser-known luxury destinations. Far from the crowded tourist spots, these hidden gems offer privacy, beauty, and exclusivity, inviting those in the know to a serene escape nestled in nature’s springtime revival.

Mendocino Coast: A Secluded Seaside Haven

Nestled along the Northern California coast, Mendocino offers a tranquil retreat. Enjoy rugged cliffs, hidden coves, and sweeping ocean views at this NorCal destination. In spring, the landscape is awash with the colors of wildflowers. Likewise, this makes it a perfect time for leisurely coastal walks or private picnics on secluded beaches. Luxury in Mendocino is defined by its charming bed-and-breakfast inns and boutique lodgings. For the discerning traveler, private wine tastings and chef-prepared, ocean-front dining experiences can be arranged. Of course, such setups provide a taste of the local bounty in a setting of unparalleled beauty.

Ojai: A Luxurious Oasis of Serenity

Tucked away in Ventura County’s enchanting valley, Ojai is a sanctuary for those seeking a serene getaway. Ojai is renowned for its boutique spas, organic wellness practices, and art galleries. The town embodies a laid-back luxury that is both rejuvenating and inspiring. In spring, the valley is alive with the scent of orange blossoms from the surrounding orchards. Indulge in a customized spa retreat or partake in a private olive oil tasting. In Ojai, you’ll enjoy a sensory journey that captivates both the palate and the spirit.

Lake Arrowhead: A Mountain Retreat

Perched in the San Bernardino National Forest, Lake Arrowhead offers an alpine escape unparalleled in Southern California. This private lake community is known for its stunning mountain vistas, crystal-clear waters, and exclusive amenities. Spring visitors can enjoy the blooming wildflowers during mountain hikes, private boat tours on the lake, or simply relaxing in a luxury cabin with views of the snow-capped peaks. Lake Arrowhead’s secluded setting makes it a perfect luxury retreat for those looking to immerse themselves in nature without forgoing comfort.

Paso Robles: A Vineyard Paradise

For the wine aficionados, Paso Robles is a hidden gem that rivals the more crowded Napa and Sonoma valleys. This Central Coast wine region blossoms in spring, with mustard flowers painting the vineyards in vibrant yellows and greens. Luxury accommodations here range from vineyard estates to private villas, each offering a unique view of the rolling hills. Exclusive wine tours and tastings, often not available to the general public, provide an intimate glimpse into the winemaking process, complemented by gourmet dining experiences that showcase the region’s fresh, local ingredients.

California’s secret spring destinations offer an escape into luxury that transcends the ordinary. From the serene beaches of Mendocino to the lush vineyards of Paso Robles, each location presents a unique opportunity to experience the beauty and exclusivity of California in spring. These hidden gems remind us that true luxury lies not just in opulence, but in the privacy, beauty, and tranquility of nature’s most enchanting seasons.

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Spring Home Maintenance Checklist | Home Tips

As spring heralds the return of warmer days and blossoming landscapes, it also signals the perfect time for homeowners to perform essential maintenance on their luxury properties. Ensuring your home is well-prepared for the season not only enhances its beauty and functionality but also preserves its value. Here’s a comprehensive spring maintenance checklist tailored for high-end properties.

1. Servicing HVAC Systems:

Spring is the ideal time to service your Heating, Ventilation, and Air Conditioning (HVAC) systems. A professional service should include checking refrigerant levels, inspecting and cleaning air ducts, replacing filters, and ensuring that the system is running efficiently. For high-end homes with advanced systems, consider a smart thermostat upgrade for enhanced control and energy savings.

2. Roof Inspection and Maintenance:

Winter can be harsh on roofing materials. Start by visually inspecting your roof for missing, loose, or damaged shingles. Look for signs of leaks in the attic and ceilings. High-end homes often feature unique roofing materials like slate or tile, which require specialized care. Hiring a professional for a detailed inspection and maintenance can prevent costly damage.

3. Gutter Cleaning and Inspection:

Gutters play a critical role in directing rainwater away from your property’s foundation. Clear all debris from gutters and downspouts to prevent water damage and landscaping issues. Inspect for any signs of wear and tear, ensuring that gutters are securely attached and functioning correctly.

4. Window and Door Checks:

Inspect windows and doors for leaks or drafts, particularly in custom-designed properties with unique openings. Reseal any gaps with caulking or weather stripping to improve energy efficiency. Clean windows and doors to enhance natural light and the beauty of your home’s design.

5. Preparing Swimming Pools:

For homes with swimming pools, early spring is the time to prepare for the upcoming season. Schedule a professional service to clean, inspect, and refill the pool. Ensure that the filtration and heating systems are operational, and consider updating safety features or pool aesthetics as needed.

6. Landscaping and Outdoor Spaces:

Review your landscaping for winter damage and plan for spring planting. High-end properties can benefit from professional landscape design services to enhance outdoor living areas. Prepare your lawn, garden beds, and outdoor entertainment areas for the season by pruning, mulching, and planning any new installations.

7. Interior Deep Cleaning:

Beyond the standard cleaning, spring is the time for a thorough interior cleanse. High-end homes, with their detailed finishes and custom features, may require specialized cleaning services for materials like marble, hardwood, or fine textiles.

8. Pest Control:

Inspect your home for signs of pest infestation, particularly in areas less frequented during the winter. Consider a professional pest control service to address any issues before they become problematic.

9. Security System Check:

Ensure that your home’s security system, including alarms, cameras, and motion detectors, is functioning correctly. Update any systems as needed to maintain a high level of security.

10. Seasonal Decor Updates:

Finally, refresh your home’s aesthetic with seasonal decor updates. Incorporate spring themes with fresh flowers, lighter fabrics, and vibrant art pieces to reflect the season’s vitality.

Adhering to this comprehensive checklist ensures that your luxury home not only transitions smoothly into spring but does so with maintained elegance and efficiency, safeguarding its value and comfort.

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Economic Update | Month Ending March 31, 2024

Economic news this month was largely in line with expectations. Inflation news showed that inflation indexes showed that both consumer and producer prices held steady at just over a 3% year-over-year increase. That was what analysts expected. Inflation is above the Fed’s 2% target, but well off its highs of a 9% year-over-year peak in June 2022. Unfortunately, it has hovered above 3% since last June. That last 1% to get to the Fed’s target of 2% has been very stubborn despite the highest interest rates in 24 years. The labor market has remained tight although the unemployment rate ticked up above its 60-year low to a 50-year low in February. Investors who felt that the Fed would soon begin to lower rates have been disappointed by the strength of the economy and labor market. It was widely felt that the Fed would begin lowering rates in March just a few months ago. Some investors felt that it was possible to not see a drop this year, but the Fed stated that they still expect to make three .25% rate reductions this year. The latest poll of economists had about 65% expecting the first drop in June. Real Estate sales have picked up as buyer sentiment has increased from its low levels last year, and more sellers are beginning to put their homes on the market.

Stock Markets – The Dow Jones Industrial Average closed the month at 39,807.37 up 2% from 38,996.39 on January 31, 2023. It is up 5.6% year-to-date. The S&P closed the month at 5,254.35, up 3.1% from 5,096.27 last month. It is up 10.2% year-to-date. The NASDAQ closed the month at 16,379.46, up 1.8% from 16,091.92 last month. It is up 9.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.20%, down from 4.25% last month. The 30-year treasury bond yield ended the month at 4.34%, down from 4.38% last month. We watch bond yields because mortgage rates often follow treasury bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates as of March 28, 2024, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 6.79%, down from 6.94% at the end of February. The 15-year fixed was 6.11%, down from 6.26% last month.

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

Home sales data is released on the third week of the month for the previous month by the National Association of Realtors and the California Association of Realtors. These are February’s home sales figures.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 4.38-million units on a seasonally adjusted annualized rate in February, down 3.3% from an annualized rate of 4.53 million in February 2023. The median price for a home in the U.S. in January was 384,100, up 5.7% from $363,600 last February. There was a 2.9-month supply of homes for sale in February, up from a 2.6-month supply one year ago. First-time buyers accounted for 32% of all sales. Investors and second-home purchases accounted for 21% of all sales. All-cash purchases accounted for 33% of all sales. Foreclosures and short salesaccounted for 3% of all sales.

Year-over-year home prices jumped almost 10% in California – The California Association of Realtors reported that existing-home sales totaled 290,020 in February, up 12.8% from 257,040 closed sales in January and up 1.3% from a revised 286,290 homes sold on an annualized basis last January. There was a 3-month supply of homes on the market in February, down up from a 3.2-month month supply of homes in January and down from a 3.1-month supply one year ago. The statewide median price paid for a home in February was $809,460, up 9.7% from a revised median price of $789,480 last February.

The graph below shows home sales figures by county in Southern California.

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