Stocks drop slightly in the final week of September – Stock markets fell slightly this week after hitting record highs last week. Escalating trade tensions with China and another interest rate hikes by the Federal Reserve left investors a little more cautious this week. The Dow Jones Industrial Average closed the week at 26,458.31, down from 26,743.50 last week. It is up 7% year-to-date.  The S&P 500 closed the week at 2,913.98, down from 2,929.67 last week. It’s up 9% year-to-date. The NASDAQ closed the week at 8,046.35, up from 7,986.96 last week. It’s up 16% year-to-date.
Treasury Bond Yields slightly lower –  The 10-year Treasury bond closed the week yielding 3.05%, down slightly from 3.07% last week. The 30-year Treasury bond yield ended the week at 3.19%, almost unchanged from 3.20% last week. We watch Treasury bond yields because mortgage rates follow bond yields.
Mortgage rates higher this week – The September 27, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.72%, up from 4.65%  last week. The 15-year fixed was 4.16%, up from 4.11% last week. The 5-year ARM was 3.97%, up from 3.93% last week.
Consumer Confidence at highest level hits 18-year high in September – The U.S. Consumer Confidence Index hit its highest level since 2000 this week, according to data from the Conference Board’s September survey.
New home sales rebound in August – The Commerce Department reported that sales of new homes increased 3.6% in August from July on a seasonally adjusted annualized rate. Year-over-year the number of new homes sold in August increased 12.7% from August 2017. The median price paid for a new home increased 1.9% from one year ago.
Author, 
Syd Leibovitch

Dow and S&P hit record highs again this week – Another round of data pushed stocks to record highs this week. The lowest weekly unemployment claims in 50 years caused stocks to surge on Thursday. Over the past few weeks, rising corporate profits , tame inflation, a weakening dollar, near record low unemployment, rising wages, and near historic high consumer confidence readings helped investors overcome fears of higher interest rates and trade and tariff concerns. The Dow Jones Industrial Average closed the week at 26,743.50, up from 26,151.67 last week. It is up 8.2% year-to-date.  The S&P 500 closed the week at 2,929.67, up from 2,904.98 last week.  It’s up 9.6% year-to-date. The NASDAQ closed the week at 7,986.96, down from 8,010.04 last week. It’s up 15.7% year-to-date.

Treasury Bond Yields  higher –  The 10-year Treasury bond closed the week yielding 3.07%, up from 2.99% last week. The 30-year Treasury bond yield ended the week at 3.20%, up  slightly from 3.13% last week. We watch treasury bond yields because mortgage rates follow bond yields.

Mortgage rates higher this week – The September 20, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.65%, up from 4.60%  last week. The 15-year fixed was 4.11%, up  from 4.06% last week. The 5-year ARM was 3.92%, almost unchanged from 3.93% last week.

California employers add 44,800 new jobs in August – The California Employment Development Department reported that 44,800 new jobs were added in August. The unemployment rate held steady at a record low of 4.2%, down from 4.6% last August. Average hourly wages  grew 3.1% year-over-year, their largest year-over-year increase since last October. Los Angeles and Orange County average hourly earnings grew 5.4% from last August. 

California existing home sales numbers drop in August – Prices continue to rise – The California Association of Realtors reported this week that the number of existing home sales dropped in August to a seasonally adjusted annualized rate of 399,600. It was the fourth straight month of sales declines and the first time in over two years that the number of existing home sales dropped below the benchmark 400,000 level. The median price of a home in California rose to $596,410, up 6.6% from August 2017. On a regional basis, the Los Angeles County median price rose 6.4%, Orange County rose 6,3%, and Ventura County rose 3.1% from last August.  Housing inventory levels rose 17.2% from one year ago, the fifth straight month of housing supply increases. The unsold inventory index in August was a 3.3 month supply of homes listed for sale, up from 2.9 months in August 2017.

U.S. existing home sales  – The National Association of Realtorsreported that total existing home sales totaled 5.34 million on a seasonally annualized rate, down 1.5% from August 2017. The nationwide median price grew 4.6% in August compared to one year ago marking the 78th straight month of year-over-year increases in the median price. Total housing inventory also increased. There was a 4.3 month supply of active listings in August, up from a 4.1 month supply in August 2017. 
Author, 
Syd Leibovitch

It’s the most wonderful time of the year. That time where we’re unsure if awards season is starting or ending, fall is summer style and evening chills, and our work weeks have entered the post holiday full swing. With all the hustle and bustle of our weekday routine we bring you a curated list of this weekends top activities happening throughout L.A.Discover your inner Angeleno!Limited engagements taking place this Sept. 21st-23rd features the return of the LA Film Festival to a Smorgasborg of eats in DTLA. Read below for a breakdown of the weekend events.
FRIDAY SEPT. 21ST

• If your looking for a weekend activity that is Tinseltown approved–look no further than the LA Film Festival. The non-profit arts organization Film Independent showcases the industries top up-and-coming filmmakers from around the world at this 9 day event. Take part in coffee talks or sit back and enjoy the show. Either way, your sure to have cinematic experience and maybe even meet the next Michael Bay. Tickets can be purchased at: Tickets
• Wanting a dose of old Hollywood? The Essentially Marilyn Exhibit is a celebration of one of films greatest icon’s taking place at the Paley Center for Media. Susan King, of the LA Times  says “It’s hard not to be dazzled by the iconic costumes and oversized Milton Greene photos of Marilyn Monroe at the “Essentially Marilyn: The Exhibit” on display at The Paley Center for Media in Beverly Hills.” Find yourself mesmerized by the glimmering portraits and pristine pieces kept from her greatest works and don’t miss out on this free exhibit in the heart of Beverly Hills.
• Paging Dr. Grey! Pop Sugar and ABC are presenting the ultimate Grey’s Anatomy experience in celebration of the shows landmark 15th season. Step into Shondaland  and view original art, installations, and artifacts inspired by the shows most defining moments. Anatomy of an Icon: 15 Seasons of Grey’s is a special exhibit taking place this weekend only 11a-7p. RSVP here.

SATURDAY SEPT. 22ND

• There’s a new all-outdoor weekend food party happening in Studio City, and it includes some very well-known names. The pop up is called Valley Urban Market and it lands in the parking lot of the Sportsman’s Lodge every Saturday starting September 22. With more than a dozen food vendors like Lobsterdamus, Sunny Blue, Urban Pie, and Hearth and Olive. Even Dave Grohl of the Foo Fighters will be helping him out. Expect hours from 10 a.m. to 4 p.m. on Saturdays.
• The Hollywood hills are alive with The Sound of Music! See the beloved Hollywood Bowl transformed when hundreds of Maria’s descend upon it for Sing-a-long Sound of Music. Watch the classic film on the enormous movie screen and, of course, sing-a-long when your favorite songs come on. Don’t miss the pre-show costume parade! This much-loved annual event is hosted by local celebrity Melissa Peterman, and promises to be on of the LA calender’s most unmissable Summer event! For more info and tickets click here.
• From the era of Vogue to the Era of Instagram, the best fashion photographs remind us of other works of art or expand the boundaries of the genre, redefining what a fashion photograph is supposed to do, or be. The Getty Centers newest exhibit–Icons of Style: A Century of Fashion Photography surveys the rich and varied history of modern fashion photography. On view now through October 21st, don’t miss this dive into the glamour of fashion. Admission is free.

SUNDAY SEPT. 23RD

• Indulge your inner foodie and shopaholic at this weekly food-focused market. Smorgasburg LA— a Brooklyn export has landed in the Arts District and become a hotbed of fantastic food and retail vendors, with some that are testing out their dishes before launching a full-blown brick-and-mortar in the city. Added bonus: there is plentiful (and free, for two hours!) parking in the nearby parking garage. For more info click here.
• Looking to head east? Literally and figuratively speaking, The Langham Pasadena presents their Mid-Autumn festival. A Night Market-style event with live music, dragon-dancing, and interactive food stations serving dim sum, mooncakes, and more. Added bonus: it starts at 5pm, so there’s plenty of time to hit it all before heading over to the Rose Bowl for Jay-Z and Beyonce.
  Admission is: $38-88. For more info click here.

Stock markets end the week near record highs – Stock markets surged this week to near record levels rebounding from a 1% drop the prior week. Investors feel that the longest bull market in history will last well into 2019 based on strong fundamentals in the economy. Those include: unemployment at a 40 year low, rising wages, the strongest consumer confidence level in 18 years, lower tax rates for corporations, a higher GDP, and less regulations. The only drag is the back and forth on trade and tariffs, which investors feel are mostly threats for negotiations and higher interest rates. With the last core inflation rate at just 2.2%, investors feel that rates won’t get much higher. They do expect another increase by the Fed at the end of this month and are waiting to see if higher wages in August causes upcoming inflation rates to rise. The Dow Jones Industrial Average closed the week at 26,151.67, up from 25,916.53 last week. It is up 5.8% year-to-date.  The S&P 500 closed the week at 2,904.98, up from 2,861.78 last week. It’s up 8.7% year-to-date. The NASDAQ closed the week at 8,010.04, up from 7,992.54 last week. It’s up 16% year-to-date.

Treasury Bond Yields  higher –  The 10-year treasury bond closed the week yielding 2.99%, up from 2.94% last week. The 30-year treasury bond yield ended the week at 3.13%, up  slightly from 3.11% last week. We watch treasury bond yields because mortgage rates follow bond yields.

Mortgage rates higher this week – The September 13, 2018 Freddie Mac Primary Mortgage Survey reported that the 30-year fixed mortgage rate average was 4.60%, up from 4.54%  last week. The 15-year fixed was 4.06%,  up  from 3.99%  last week. The 5-year ARM was 3.93%, unchanged from 3.93% last week.

We should begin to see August housing sales numbers around the end of next week.

Author, 
Syd Leibovitch