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Great News on September 18!
On September 18, the nation watched and waited for the Federal Reserve Board to make its anticipated quarter-point cut on the short-term interest rate.
Much to everyone’s surprise and delight, Ben Bernanke, the Federal Reserve Chairman, announced that rate was being cut by a half-point, from 5.25% to
4.75% — twice what was originally expected!
Not only was this a sound economic move, it was a good decision from a psychological standpoint as well. The markets are directly impacted by what
the Fed does, and they are also driven by what people expect it to do. With the rate cut and the resultant positive jolt to the economy, the resulting
momentum should keep it heading in the right direction.
On the real estate side, following the recent Federal rate cut, major lending banks lowered their prime lending rate from 8.25% to 7.75%. This will
benefit people with home equity lines of credit and credit card owners. Even though it shouldn’t be viewed as an overnight miracle (we’ll need to
employ a little patience while everything adjusts), it bodes well for great things to come. For our businesses, it will increase production and
hiring, and therefore people’s income. More income means more spending and the general economy is stimulated as a result.
The news also sent the stock market soaring as investing confidence increased. The unexpected half-point cut, as opposed to the expected quarter-point
cut, really propelled Wall Street. However, financial advisors are still counseling their clients to invest for the long term. There is a possibility
that we could see another cut before the end of the year, depending upon the result of this one. Also, the market response and what subsequently
happens to bonds is more closely tied to mortgage rates. That’s where we come in!
As real estate professionals, we are particularly pleased at the positive impact this wonderful news will ultimately have on the real estate market and
its effect on other commerce. Although the September 18th rate cut is only indirectly tied to mortgage rates, it should eventually translate into less
expensive loans and greater ease of qualifying for them.
This will all take some time because of the trickle-down effect of the newly strengthened economy. It’s great to know that the government is sending a
strong, positive message and is behind us when we really need them!
This newsletter is not a solicitation for already-listed properties. Prudential California Realty is an
independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company.
Equal Housing Opportunity. |
From the desk of...
The M & M TEAM |
Hello Family and Friends,
It’s hard to believe it’s October. The year is flying by! Right about this time, most of us start thinking hard about the upcoming holidays — our
travel plans, the shopping, all that wrapping, and of course Halloween right around the corner. Our advice... Relax! Have Fun! After all, they are
holidays! On a completely different note, Daylight Savings Time will end a week later this year, on November 4. We just wanted to give you a quick
reminder.
Warmly,
Ryan and Linda
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Activity
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The Speedy Gourmet
Great Recipes for Busy People
Hearty Pumpkin Soup
1 Tb. Olive Oil
1 Large Onion, Chopped *
4 Cups Chicken Broth
1 Can Pumpkin (15 oz.)
1 Bay Leaf
¼ Tsp. Nutmeg
½ Tsp. Curry Powder
½ Tsp. Salt
¼ Tsp. Pepper
¼ Cup Sour Cream
1 Cup Milk
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PREPARATION:
In large pot, sauté onions in olive oil until soft. Add chicken broth, pumpkin, bay leaf, nutmeg, curry powder, salt and pepper. Simmer
uncovered for 15 minutes. Stir often. Remove bay leaf. Quickly purée in blender, about 1 cup at a time (it’s hot!) and return to pot. Stir
in sour cream and milk. Cook another 5 minutes over low heat while stirring. Taste for seasoning (I wound up adding more salt) and serve.
Makes about 4 big servings.
* I have discovered the joy of frozen chopped onions, especially if they’re going into something like soup or sauce. Speeds up the cooking
process. Use about ½ of a 12 oz. bag for this recipe.
Recipe courtesy of Victoria Wood,Publicist, Prudential California Realty
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| VIDEO TOURS |
Be on the lookout for The M & M Team's latest service!
Did you ever wanted to see a property or neighborhood, but you just didn't have enough time in your day? That's where we can be of
service. We will take the time to video record a property or neighborhood and provide you with a link so you can view it online.
You can see the positives and negatives of any property without leaving your home. We'll also provide a detailed narrative on the
video so it will acutally resemble us taking you to the property in person.
Please be on the look out for our newest service on our website. We'll be announcing it via email, shortly!
In the meantime, if you would like us to get started on a property or neighborhood, please provide some details HERE.
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| Interest Rates |
| 30 Year Fixed Conforming | 6.25% |
| 30 Year Fixed Jumbo | 6.75% |
| 7 Year Fixed/1 Year ARM Conforming | 6.25% |
| 7 Year Fixed/1 Year ARM Jumbo | 6.50% |
| 5 Year Fixed/1 Year ARM Conforming | 5.875 |
| 5 Year Fixed/1 Year ARM Jumbo | 6.50% |
| Source: Countrywide Home Loans. Rates are based on 1 point and are subject to change without notice. |
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Median Sale Prices
| Here are the median sales prices recorded in August for single family homes, condos and new construction in the following communities: |
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| Agoura Hills | $723,754 | 
Source: Data Quick |
| Calabasas | $1,330,000 |
| Camarillo | $540,000 |
| Fillmore | $559,000 |
| Moorpark | $685,000 |
| Newbury Park | $667,500 |
| Oak Park | $600,000 |
| Oxnard | $502,500 |
| Santa Paula | $419,500 |
| Simi Valley | $540,000 |
| Thousand Oaks | $685,000 |
| Ventura | $540,000 |
| Westlake Village | $1,035,500 |
| Woodland Hills | $720,500 |
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