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Weekly Economic Update | Week Ending September 16, 2023

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Stock markets were roughly unchanged this week – Investors weighed another week of data that showed renewed strength in the economy. Key data included: The Consumer Price Index (CPI) increased by 3.7% in August from one year ago. That’s up from a 3.2% year-over-year increase in July and a 3% increase in June, marking a second consecutive monthly increase after dropping every month from July 2022 to June 2023. Oil prices hit their highest point since last November. Retail sales were also better than expected, up 2.5% from last August. Retail sales were up 2.2% in June and July from a year earlier. The economy is just not cooling the way the Fed expected when they began their tightening measures over a year ago. Investors, who felt that the Fed was done or nearly done raising rates, now feel that there will be at least one more increase in the coming months. They also feel that rates will remain high for longer than previously expected. Bond yields and mortgage rates are now at their highest levels in 20 years. Experts expect mortgage rates to drop significantly once we see some signs of slowing in the economy. The Dow Jones Industrial Average closed the week at 34,618.24, up 0.1% from 34,576.59 last week. It is up 4.3% year-to-date. The S&P 500 closed the week at 4,450.32, down 0.2%from 4,457.59 last week. It is up 15.9% year-to-date. The Nasdaq closed the week at 13,704.34, down 0.4% from 13,761.53 last week. It is up 30.9% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.33% up from 4.26% last week. The 30-year treasury bond yield ended the week at 4.42%, up from 4.33% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of September 14, 2023, were as follows: The 30-year fixed mortgage rate was 7.18%, up slightly from 7.12% last week. The 15-year fixed was 6.51%, almost unchanged from 6.52% last week.

Home sales data from the California Association of Realtors and the National Association of Realtors will be released next week.

Have a great weekend!

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Weekend Events | September 15 – September 17

The weekend has arrived, and it’s time to dive into the top events happening across town. From record markets to pre-Halloween frights and more, we have you covered with the top local events.

Los Angeles Weekend Events | September 15 – September 17 

Sing-A-Long Sound of Music

When: September 16 

Where: Hollywood Bowl

What: Sing along with the captions during the Hollywood Bowl’s tribute to the timeless Julie Andrews film. While lederhosen and wimples aren’t required, they’ll surely set the tone for the vibrant Technicolor movie. Don’t miss the choir prelude before the film begins.

Earth Edition Festival

When: September 15- September 24 

Where: Los Angeles

What: Dive into environmentally-conscious domes, engage with insights from climate leaders, enjoy DJ performances, and explore art displays at the sustainability-centric festival hosted by CalArts.

Sunset & Vinyl Market

When: September 17

Where: West Hollywood

What: Grab special 50th-anniversary goods from the Roxy and browse through record collections at this shopping affair near the Sunset Strip club. Sunset & Vinyl hosts a pop-up by Rainbow Bar & Grill alongside treats from Holey Grail’s doughnuts and coffee. Also, check out stalls from neighborhood shops such as Record Safari, Deadly Wax, Boogie Maru Sounds, AudioPhileUSA, Shattered Music, Galaxy Music, and Str33trecords.

 

Westside and Beach Communities Weekend Events | September 15 – September 17

Ever Present

When: September 17 

Where: The Getty

What: Take the tram to the Getty on chosen days for a unique series of transient performances and auditory experiences, previously called Friday Flights. The series name derives from an engraving at Robert Irwin’s garden entrance in the museum.

Lionel Richie + Earth, Wind & Fire

When: September 15 

Where: Inglewood

What: Looking for a spectacular show? Lionel Richie joins forces with Earth, Wind & Fire for a concert at the Forum just shy of the 21st of September—it’s on the 15th, to be precise.

Oogie Boogie Bash

When: Until October 31 

Where: Anaheim 

What: Look who’s back! The “Nightmare Before Christmas” infamous bug-filled sack is reprising its role for the Oogie Boogie Bash at Disneyland. Join this exclusive after-hours event with special tickets at Disney California Adventure Park this Halloween season.

 

San Fernando Valley Los Angeles Weekend Events | September 15 – September 17

Halloween Horror Nights

When: September 7 – October 31

Where: Universal Studios

What: Spooky season is creeping in, whether we’re ready for it or not. The most evident indicator? Universal Studios’ Halloween Horror Nights has arrived, featuring haunted houses inspired by titles like The Last of Us, Stranger Things, Evil Dead Rise, The Purge, The Exorcist: Believer, and beyond.

CicLAmini: North Hollywood

When: September 17 – December 3

Where: North Hollywood

What: Cycle through a mile of Lankershim Boulevard during this compact version of the vehicle-free, bicycle-centric festival.

LA ROLLER GIRLS WORKSHOP

When: September 17

Where: Moonlight Rollerway

What: Join the LA Roller Girls for an exciting skating session, perfect for those eager to refine their skills. With their extensive training and background, they’re the top trusted resource for all ages and levels of roller skating. Whether you’re a beginner, intermediate, or looking to dance on wheels, they have you covered.

Conejo Valley Los Angeles Weekend Events | September 15 – September 17

Ragtime Revival Open House at Strathearn Historical Park

When: September 16 | 11am – 4pm

Where: 137 Strathearn Pl, Simi Valley

What: Join the Simi Valley Historical Society on Saturday, September 16th, from 11 a.m. to 4 p.m. for the Ragtime Revival Open House, a free event that takes you back to the early 1900s, the golden era of the Strathearn Ranch. Experience live music, dancing, antique displays, and historical exhibits, including a special suffragette presentation.

Wheels in Motion Event in Simi Valley

When: September 17, 9 am – 2 pm

Where: 5005 E Los Angeles Ave c, Simi Valley

What: Rancho Simi Recreation and Park District presents the free “Wheels In Motion” event. The day features a youth power wheels race, a classic car showcase, and an interactive touch-a-truck exhibit, allowing children to discover various vehicles. Additionally, enjoy offerings from local vendors, including Lucky Dog Café, Rock and Roll Cafe, Cinnabon, The Off-Road Club, So Cal Wrap and Tint, and SS Motorsports.

“Together for Mental Health” Event in Thousand Oaks

When: September 20, 6:30pm – 8:00pm

Where: Civic Arts Plaza Theatres

What: The Sarah Shulze Foundation and Katie’s Save present “Together for Mental Health” at the Bank of America Performing Arts Center Thousand Oaks on Wednesday, September 20th, from 6:30-8PM.  The goal of this free event is to raise awareness of the importance of mental health and provide knowledge and insight to the audience through the experts/speakers. 

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From NASA Bikes to the Nintendo Museum and More! | Tech News

As another week flies by, we are rounding up the top tech headlines happening from across the web. From NASA bikes to the debut of the Nintendo Museum and more, we have you covered. Read on for our weekly tech news round-up! 

Chromebooks to Receive Automatic Updates for a Decade

Google has announced that starting in 2024, ChromeOS devices will benefit from automatic security updates for 10 years post-release. All Chromebooks introduced in 2021 onwards will receive these updates, while owners of older models can opt-in. Presently, Google offers eight years of automatic updates from the certification date of a Chromebook, not its purchase date. This has often limited the practical usage for schools and businesses to around four to five years. A recent report emphasized the environmental and cost benefits of prolonging Chromebook lifespans, suggesting the new change may lead to considerable savings and reduced e-waste.

Nintendo Museum Set to Complete by March

In its recent September Direct event, Nintendo updated fans on the development of the Nintendo Museum, a project converting its old Uji Ogura Plant in Kyoto, Japan, into a display venue for its product range. Slated for completion by March 2024, the exact opening date remains undisclosed. While the company teased the iconic question block painted on the building’s roof, specifics about the interior exhibits are yet to be revealed. Following successes like The Super Mario Bros. Movie and theme parks in Japan and the US, this museum marks Nintendo’s latest venture to engage directly with its global fanbase.

Honda’s Motocompacto Scooter: The Electric Ride Resembling a Suitcase for Your Commute

Honda’s new electric scooter, the Motocompacto, is set to redefine urban mobility with its unique design, reminiscent of a carry-on suitcase or an oversized AirPods case. Weighing 41.3 lbs, the scooter boasts a top speed of 15mph and a range of 12 miles. Designed as a tribute to Honda’s 1980s gas-powered Motocompo scooters, the new electric variant is set to hit U.S. markets this November at $995. Features include brown leather-colored grips and seats, a clear LED display, two power levels, and Bluetooth connectivity for added settings through a dedicated phone app. While the scooter’s speed and distance may not break records, Honda’s blend of nostalgic design and modern tech offers a fresh take on the booming e-mobility market.

Bike Tires Crafted from NASA’s Unique Morphing Metal Now on Sale

The Metl bicycle tire, made from nitinol, a shape-memory alloy developed by NASA, promises longevity and a never-flat experience. Produced by The Smart Tire Company from Akron, Ohio, these tires are currently available for crowdfunding on Kickstarter. However, they come at a hefty pledge of $500 for a pair, considerably more expensive than standard bike tires. These unique NASA tires provide a grip with an all-weather tread. In addition, they boast up to 8,000 miles of usage, with retread options at $10 each. The campaign has already surpassed its goal and aims to expand its product range if it secures enough funding.

TikTok Collaborates with Billboard for a Top 50 Chart of Trending Songs

TikTok is teaming up with Billboard to introduce a top 50 chart showcasing the most trending songs on the platform. The chart’s rankings will be determined by the number of videos using the song, views, and user engagement. Currently leading the chart are hits like “SkeeYee” by Sexyy Red and “Paint the Town Red” by Doja Cat. This US-exclusive chart, refreshing every Thursday, is the first official measure of TikTok song popularity. Given TikTok’s influence, this collaboration further underscores the app’s impact. Likewise, numerous TikTok-trending songs have found their way onto the Billboard Hot 100.

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The Top 10 Hotel Restaurants in Town | L.A. Eats

When it comes to fine dining, some of LA’s finest cuisine can be found in the city’s premier hotel properties. From the Beverly Wilshire to the Four Seasons, we’ve rounded up some of our favorite hotel dining destinations. Read this week’s blog for the top 10 hotel restaurants in town!

Cut

Location: 9500 Wilshire Blvd, Beverly Hills, CA 90212

Cut is not merely a hotel eatery; it stands out as one of the top steakhouses in Los Angeles, crafted by the renowned chef Wolfgang Puck. The upscale menu is replete with lavish dishes, featuring decadent bone marrow flan and an array of exquisite wagyu selections.

Sunset Tower Hotel

Location: 8358 Sunset Blvd, West Hollywood, CA 90069

The Sunset Tower Bar, nestled within an LA hotel, might just be the epitome of cool. A perennial hotspot for locals and those passionate about old Hollywood, it’s a place where the influential often converge. The impeccable service ensures that every guest feels like a VIP.

 

Plant Food + Wine

Location: 300 S Doheny Dr, Los Angeles, CA 90048

Matthew Kenney stands as a worldwide luminary in the vegan culinary realm, renowned for transforming common vegetables into culinary masterpieces. Since moving his Venice-centric Plant Food and Wine to Beverly Hills, the establishment has attracted a fresh wave of patrons seeking sophisticated vegan dining experiences.

Openaire

Location: 3515 Wilshire Blvd, Los Angeles, CA 90010

At chef Josiah Citrin’s Openaire in the Line Hotel, lunch takes center stage. The menu, quintessentially LA, boasts a delightful assortment ranging from grain bowls and salads to heartier options like a standout burger and a sumptuous roasted portobello mushroom sandwich.

San Laurel

Location: 100 S Grand Ave, Los Angeles, CA 90012

Chef José Andrés is back in a big way, landing in Los Angeles once again with a cluster of dining experiences inside the Conrad Hotel in Downtown, just across from the Disney Concert Hall. San Laurel is the star of the show, a place for Andrés to show off his formidable finer dining talents across the flavors of Spain and California.

1 Pico

Location: 1 Pico Blvd, Santa Monica, CA 90405

1 Pico epitomizes the finest of LA’s hotel dining experiences. Situated virtually on the beachfront, it’s the go-to destination for a family-friendly brunch set to the rhythm of jazz or a relaxed evening patio meal complete with pasta, chops, and delectable desserts.

Hotel June

Location: 8639 Lincoln Blvd, Los Angeles, CA 90045

For travelers keen on proximity to LAX, Hotel June’s westside location is the ideal choice, particularly due to the in-house gathering spot, Caravan Swim Club. The spotlight here is on cocktails and bites, emphasizing Baja seafood, Californian Mexican favorites such as vegan tacos, and enjoyable communal dishes like nachos and oysters.

Baleen Kitchen

Location: 260 Portofino Way, Redondo Beach, CA 90277

Baleen Kitchen, while boasting a prime waterside location, remains refreshingly unpretentious. It represents quintessential hotel dining, offering everything from morning scrambled eggs to lunchtime fish and chips. Come evening, guests can savor cocktails, roast chicken, and lobster mac and cheese with views of the marina.

Coin & Candor

Location: Westlake Village

Touted as a California Brasserie, Coin & Candor in Westlake Village provides familiar offerings such as smoothies and a family-friendly breakfast. However, it’s the nuanced touches, like bread made from house-milled grains or a unique twist on carne asada using short rib and black garlic, that truly set the restaurant apart.

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Fall Luxury Home Prep | Home Tips

Autumn is the season of transformation. The days become shorter, the air turns crisp, and the leaves display a magnificent palette of golds, reds, and oranges. For homeowners of high-end estates, preparing your home for fall is not just about maintenance—it’s about preserving the essence of luxury and ensuring the utmost comfort. As a leading luxury real estate brokerage, we have curated essential tips to prepare your exquisite home for the coming season.

Seasonal Landscaping:

The sprawling lawns and gardens that grace many luxury properties need special attention as summer transitions into fall. Consider hiring a landscape artist to infuse autumnal elements into your garden. This can include planting fall flowers, setting up decorative arrangements with pumpkins and hay, and making sure all summer plants are properly pruned and prepared for the colder months.

Inspect Your Heating Systems:

Before the chill sets in, ensure your home’s heating systems are in top shape. For those who have radiant floor heating, fireplaces, or custom heating solutions, it might be wise to have an expert service these systems.

Upgrade Your Home Spa:

As temperatures drop, there’s nothing like a warm bath to take the chill off. Consider adding fall-inspired spa features, such as pumpkin spice or apple-cider-infused bath oil. Ensure that your indoor pool or Jacuzzi has temperature control for the cooler days ahead.

Revamp Your Interiors:

Switching out summer fabrics for richer, warmer tones and textures can make a big difference in the ambiance of your home. Think plush velvet cushions, thick cashmere throws, and autumn-hued décor. Art aficionados can even rotate their art pieces to feature more fall-themed visuals.

Maintain Your Exterior:

The facades of luxurious homes are often made up of high-end materials that can benefit from seasonal maintenance. Whether it’s cleaning and sealing stone surfaces, checking the roof, or cleaning gutters, ensuring the exterior of your home is in pristine condition will protect your investment.

Wine Cellar Transitions:

As your palate shifts from crisp summer whites to deeper reds, consider reorganizing your wine cellar. Engage with a sommelier to curate a selection of wines perfect for the autumn season.

Automated Lighting:

As daylight dwindles, adjust your home’s automated lighting systems to provide ample light when you need it. Likewise, consider creating a cozy autumn ambiance with warm-hued lighting. In addition, integrating smart fireplaces that can be controlled with the touch of a button is another great option.

Entertainment Preparedness:

With the holiday season approaching, your home might be the hub for intimate gatherings. Upgrade or service your home theater system sound system, and ensure your outdoor entertainment spaces are equipped with adequate heating.

Security Check:

As the nights grow longer, ensure your security systems, including cameras, motion sensors, and alarms, are fully functional. Of course, the safety of your luxurious sanctuary should always be paramount.

Personal Concierge Services:

For those who demand the absolute best, consider hiring a personal concierge for the season. They can oversee the seamless transition of your home for fall, manage any maintenance or service appointments, and ensure your household runs smoothly.

In the world of luxury real estate, the change of seasons is more than just a change in the weather—it’s an evolution of lifestyle. As you prepare your home for fall, remember that it’s not just about maintaining your property but enhancing the luxury experience it offers.

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Weekly Economic Update | Week Ending September 9, 2023

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Stock markets closed lower this week – Stocks lost ground based on fears that interest rates will remain high for a longer period than previously expected. This is due to another round of strong economic news. New data suggests there is renewed strength in the labor market as jobless claims dropped to their lowest levels since February. Worker productivity increased by 3.5% last quarter, it’s highest level since 2017. The value of the dollar grew stronger, it is up 5.6% from July of this year. Oil prices rose to a 9-month high, placing pressure on inflation. Sales and inflation data for the month of August will be released next week. The Dow Jones Industrial Average closed the week at 34,576.59, down 0.8% from 34,837.71 last week. It is up 4.3% year-to-date. The S&P 500 closed the week at 4,457.59, down 1.3% from 4,515.77 last week. It is up 16.1% year-to-date. The Nasdaq closed the week at 13,761.53, down 1.9% from 14,031.81 last week. It is up 31.5% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.26% up from 4.18% last week. The 30-year treasury bond yield ended the week at 4.33%, up from 4.29% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that as of September 7, 2023, mortgage rates for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.12%, down slightly from 7.18% last week. The 15-year fixed was 6.52% up from 6.11% last week.

Home sales data for August will be released in the coming week by the California Association of Realtors and the National Association of Realtors. Local data by city or zip code is available now on our website RodeoRe.com.

Have a great weekend!
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From Patreon to NFL Sunday Ticket and more! | Tech News

Stay connected in the world of tech! Read this week’s blog for the latest tech news happening from around the globe. From Patreon to NFL Sunday Ticket and more, we’ve got you covered!

Sunday Ticket Bridges the NFL and YouTube for a Collaborative Experience

For the first time since its 1994 inception with DirecTV, NFL Sunday Ticket has found a new broadcasting home on YouTube. By investing a hefty $2 billion annually, YouTube secured the rights, allowing fans to subscribe starting at $350 for the NFL season. Christian Oestlien, YouTube’s VP of Product Management, is confident in the platform’s ability to stream games, given its history with YouTube TV. Not only will fans be able to watch games, but YouTube aims to enhance the NFL experience with live chats, polls, creator-generated content, real-time highlight reels via Shorts, and integrations for fantasy football players.

Patreon Introduces Chat Functionality Similar to Discord for Creators and Their Audience

Starting today, Patreon offers its creators a new feature: in-app group chats. This will allow creators to set up chat rooms where fans can communicate, with the capability to restrict access based on subscription tiers. Although the chat functionality resembles a Discord server, Patreon’s goal isn’t to replace Discord but to give creators a choice, especially for those who prefer an integrated solution within the Patreon app. Jack Conte, Patreon’s CEO, emphasizes the importance of creators having control over their memberships. The shift to an in-app feature aligns with Patreon’s aim to lessen its reliance on third-party apps after encountering challenges last year.

Universal Music Group Introduces Royalty Model Favoring Top Artists

Universal Music Group (UMG) has unveiled a new streaming agreement with French music service Deezer, designed to direct higher payouts towards professional artists. Instead of the current system, where payments are divided based on total listens irrespective of the track or artist, popular songs will now earn more, with a single listen equating to two. To benefit from this 10% payout increase, artists need at least 1,000 streams monthly from a minimum of 500 distinct users. Deezer’s CEO, Jeronimo Folgueira, labeled this overhaul as the “most ambitious change” in music streaming economics, emphasizing the distinct value of professionally produced content over ambient noise. Deezer plans to introduce a new in-house sound library and won’t collect royalties from these tracks.

FAA Grants UPS Drones Approval for Extended-Range Deliveries

The Federal Aviation Administration (FAA) has granted UPS drones permission to fly beyond the operator’s line of sight, paving the way for broader drone delivery operations. UPS’s drone delivery arm, UPS Flight Forward, can now use Matternet M2 drones to deliver packages without ground spotters watching the route. Additionally, the FAA has given similar permissions to uAvionix Corp. and infrastructure inspection company Phoenix Air Unmanned. This development follows Walmart’s recent announcement of its partnership with Wing to expand drone deliveries, aiming to reach an additional 60,000 homes. Meanwhile, Amazon’s drone delivery service, Prime Air, has faced challenges, struggling to meet its projected delivery targets.

Clubhouse Transforms into an Audio Messaging Platform

Clubhouse, the app once celebrated for its live audio rooms, is undergoing a transformation to function more like an audio messaging platform. The app introduces “chats,” where users initiate voice-only group conversations by recording a message and sharing it with friends, who can then add their own recordings. This shift in focus follows Clubhouse’s dip in popularity, particularly after Twitter introduced its own live audio rooms, Spaces. While users can still create the original live audio rooms, this feature is now less prominent. The revamped Clubhouse app is available for iOS and Android users.

Dictionary.com Expands Vocabulary with AI-Related Terms

Dictionary.com has incorporated numerous AI-related terms, including “generative AI,” “GPT,” and “LLM.” Along with these additions, the platform also redefined the term “hallucinate” in the context of generative AI. In their fall 2023 update, they introduced 566 new entries and revised 348 definitions, reflecting the evolving nature of the English language. Some notable inclusions are “nepo baby,” “jawn,” “biohacking,” “algo,” “information pollution,” and terms from various languages like “hanbok,” “jolabokaflod,” and “kakeibo.” These updates, like the previous year’s additions of “shadow ban” and “pickleball,” offer insights into the cultural and technological shifts of the time.

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Weekend Events | September 8 – September 10

Dive into all the fun that September has to offer with our weekly round-up of local events. From movie screenings to festivals, there are plenty of things to do. Read on below and explore a bevy of local fun!

Los Angeles Weekend Events | September 8 – September 10

Los Angeles Union Station Train Festival

When: September 9 – September 10 

Where: Downtown LA

What: Discover the transformation of L.A.’s rail system through the years at this complimentary event for train aficionados at Union Station. Explore unique rail equipment on the tracks and view exclusive models amidst art and history excursions.

Open House: Celebrating LACMA × Snapchat: Monumental Perspectives

When: September 10

Where: LACMA

What: Join us at LACMA for a complimentary Sunday visit, indulge in craft sessions, and explore augmented reality landmarks. This event honors LACMA’s collaboration with Snap Inc., showcasing a series of site-specific digital installations designed exclusively for Snapchat over several years.

L.A. Tequila Fest

When: September 9 

Where: Westlake 

What: Supporting the Andrés y María Cárdenas Family Foundation, which provides scholarships to vulnerable students in Sylmar, the L.A. Tequila Fest showcases over 75 mezcal and tequila brands. A general admission ticket offers unlimited tastings, while VIP access includes free food and early entry.

 

Westside and Beach Communities Weekend Events | September 8 – September 10 

Day of the Dog

When: September 9

Where: Main Street | Santa Monica

What: Join fellow Angelenos at “Day of the Dog”, a special event for your furry pals on Main Street, Santa Monica. This free festival, between Ocean Park Boulevard and Strand Avenue, boasts 70 pet-focused vendors and numerous dog attractions like a ball pit, foam party, surf machine, and pool bash. Don’t miss the photo sessions, races, fashion parades, and yoga featuring adoptable dogs!

Making Scents of the Ancient World: Rome

When: Until September 30 

Where: Getty Villa

What: Join a complimentary perfume-making workshop where attendees craft Roman-inspired fragrances using age-old ingredients. Delve into spices and oils once cherished by the ancient Romans, some still popular today, and discover their timeless appeal.

Santa Monica Classic Car Show on the Pier

When: September 9

Where: Santa Monica Pier

What: Pico Youth & Family Center (PYFC) proudly presents the 3rd Annual Santa Monica Classic Car Show. Lowride for a Cause. All proceeds will benefit youth services and after-school programming for underserved youth in Santa Monica and Los Angeles County.

San Fernando Valley Weekend Events | September 8 – September 10 

Movies on Location

When: September 8 – September 9 

Where: Various Locations

What: Watch movies in the Valley, screened right at their original filming sites or at notable landmarks matching the film’s theme. My Valley Pass, the region’s visitor guide hosting the event, is featuring showings of “Back to the Future Part III” and “Tombstone” at Chatsworth Park South.

Halloween Horror Nights

When: September 7 – October 31

Where: Universal Studios

What: Spooky season is creeping in, whether we’re ready for it or not. The most evident indicator? Universal Studios’ Halloween Horror Nights has arrived, featuring haunted houses inspired by titles like The Last of Us, Stranger Things, Evil Dead Rise, The Purge, The Exorcist: Believer, and beyond.

Grand Views: The Immersive World of Panoramas

When: Glendale

Where: Until September 10 

What: Experience the enchanting union of L.A.’s unique Velaslavasay Panorama and Glendale’s Forest Lawn Museum as they present an exhibition of striking large-scale paintings. This immersive display is categorized into three sections: the early history of panoramas, crucifixion panoramas, and panoramas representing Hollywood and Los Angeles.

 

Conejo Valley Weekend Events | September 8 – September 10 

She.Is.Beautiful 5K and 10K

When: September 9 

Where: Santa Barbara

What: This exclusive women’s race is celebrated for its spirited flair, motivational quotes, and lively atmosphere. She.is.beautiful invites women of all age groups to flaunt their most vibrant pink attire. Beyond fostering self-confidence, unity, and wellness among women, the event’s proceeds support Girls Incorporated in Santa Barbara.

Ventura Art & Street Painting Festival at Ventura Harbor Village

When: September 9 – September 10 

Where: 1593 Spinnaker Dr, Ventura

What: At the seaside event, attendees can marvel at street painters crafting vibrant chalk pastel murals on the promenade and browse original artwork for sale, spanning paintings to wearable items. Ventura Harbor Village offers free entry and parking. Over the two-day festival, guests can explore over 30 seaside establishments, including restaurants, boutiques, a waterfront coffee house, and local artist galleries.

Movies in the Park in Moorpark

When: September 9 

Where: Moorpark

What: This Saturday, head to Moorpark for Movies in the Park. The outdoor screening event is fun for the whole family. This weekend, catch the blockbuster animated film ‘The Super Mario Bros. Movie.’

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Weekly Economic Update | Week Ending September 2, 2023

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Stock markets posted their best week since June – Stock markets ended the week with solid gains as economic data pointed to a potential slowdown in the economy. Investors are in the “bad news is good news” mode. After weeks of solid economic data that sent bond yields and mortgage rates to 20-year high levels, this week’s data pointed to some slowing. The second quarter GDP (Gross Domestic Product), the broadest indicator of economic growth, was revised downward from its initial reading of 2.4% annual growth to 2.1% annual growth. While the number of new jobs created in August was slightly above expectations, the unemployment rate increased, and consumer confidence dropped unexpectedly. The Dow Jones Industrial Average closed the week at 34,837.71, up 1.4% from 34,346.90 last week. It is up 5.1% year-to-date. The S&P 500 closed the week at 4,515.77, up 2.5% from 4,405.71 last week. It is up 17.6% year-to-date. The Nasdaq closed the week at 14,031.81, up 3.3% from 13,590.65 last week. It is up 34.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.18% almost unchanged from 4.25% last week. The 30-year treasury bond yield ended the week at 4.29%, almost unchanged from 4.30% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of August 31, 2023, were as follows: The 30-year fixed mortgage rate was 7.18%, down from 7.25% last week. The 15-year fixed was 6.11% down from 6.55% last week.

Job growth was strong in August, but the unemployment rate increased – The Department of Labor and Statistics reported that 187,000 new full-time jobs were added in August. That was in line with economists’ expectations. While roughly the same number of new jobs were created as reported in July, July was revised downward by 30,000 to 157,000 today. The unemployment rate increased to 3.8% in August, up from 3.5% in July, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.4% from one year ago, unchanged from the previous month. The labor-force participation rate (the share of workers with a job or actively looking for a job) was 62.8%, up from 62.6% in July. Experts feel that perhaps people’s COVID stimulus savings are running out to explain more workers entering the workforce. The labor force is still well below its 63.4% level before the pandemic.

Have a great Labor Day weekend!
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Monthly Economic Update | Month Ending August 31, 2023

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Stock markets dropped in August – Although it has been an incredible year of stock market gains, August marked a challenging month. Stock markets dropped due to fears of higher interest rates. Bond yields and mortgage rates rose to the highest levels in 20 years as economic data suggested that the economy was showing no signs of slowing. The Fed increased interest rates and gave hawkish comments suggesting that high rates would remain at these levels for longer than many experts expected. In the last week of the month there was news which suggested the economy may finally be reacting to the Fed’s tightening campaign. Some inflation gauges showed moderation, second quarter GDP was revised downward to 2.1% growth, from its initial reading of 2.4%, and consumer confidence took a sudden drop. The Dow Jones Industrial Average closed the month at 34,721.91, down 2.4% from 35,559.53 on July 31st. It is up 4.7% year-to-date. The S&P 500 closed the month at 4,507.66, down 1.8% from 4,588.96 last month. It is up 17.4% year-to-date. The NASDAQ closed the month at 14,034.97, down 2.2% from 14,346.02 last month. It is up 34.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.09%, up from 3.97% last month. The 30-year treasury bond yield ended the month at 4.20%, from 4.02% last month. We watch bond yields because mortgage rates often follow treasury bond yields. Both the 10-year and 30-year closed the month about .25% below their highest levels for the month after dropping in the last week of the month.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates as of August 31, 2023, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.18%, up from 6.81% at the end of July. The 15-year fixed was 6.55%, up from 6.11% at the end of July.

Job growth was strong in August, but the unemployment rate increased – The Department of Labor and Statistics reported that 187,000 new full-time jobs were added in August. That was in line with economists’ expectations. While roughly the same number of new jobs were created as reported in July, July was revised downward by 30,000 to 157,000 today. The unemployment rate increased to 3.8% in August, up from 3.5% in July, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.4% from one year ago, unchanged from the previous month. The labor-force participation rate (the share of workers with a job or actively looking for a job) was 62.8%, up from 62.6% in July. Experts feel that perhaps people’s COVID stimulus savings are running out to explain more workers entering the workforce. The labor-force is still well below its 63.4% level before the pandemic.

Home sales figures are released on the third week of the month by the California Association of Realtors and the National Association of Realtors. This is the July home sales data.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 4.07 million units on a seasonally adjusted annualized rate in July, down 16.6% from an annualized rate of 4.88 million in July 2022. The median price for a home in the U.S. in July was $406,700, up 1.9% from $399,000 one year ago. There was a 3.3-month supply of homes for sale in July, up from a 3.2-month supply last July. First-time buyers accounted for 30% of all sales. Investors and second-home purchases accounted for 16% of all sales. All-cash purchases accounted for 26% of all sales. Foreclosures and short sales accounted for 1% of all sales.

California existing-home sales – The California Association of Realtors reported that existing-home sales totaled 269,180 on a seasonally adjusted annualized basis in July. That marked the tenth straight month on sales dropping under 300,000 on an annualized basis. The number of sales is down approximately 40% from July 2021. Year-to-date the number of homes sold was down 30.3% from the first seven months of 2022. The statewide median price paid for a home in July was $832,390, up 0.2% from $830,870 last July. There was a 2.5-month supply of single-family homes for sale in July, down from a 3.1-month supply one year ago.

The graph below has sales data for Southern California by region. This was compiled by the California Association of Real Estate.

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