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Economic update for the week ending July 18, 2020
Stocks markers higher for the third straight week -
Investors were encouraged by another surge in retail sales, the largest industrial production increase in 60 years, positive economic data from China and Europe, and research showing vaccine trials had been successful in immunizing participants.
The Dow Jones Industrial Average closed the week at 26,671.95 up 2.3%
from 26,075.30 last week. It’s down 6.5% year to date.
The S&P 500 closed the week at 3,224.73, up 1.2%
from 3,184.04 last week. It’s down 0.2% year to date.
The NASDAQ closed the week at 10,503.19, down 1.1%
from 10,617.44 last week. It’s up
year to date.
U.S. Treasury bond yields
The 10-year treasury bond closed the week yielding 0.64%, unchanged
from 0.65% last week.
The 30-year treasury bond yield ended the week at 1.33%, unchanged
from 1.33% last week.
30-year fixed rates drop below 3% - The July 16, 2020 Freddie Mac Primary Mortgage Survey
reported mortgage rates for the most popular loan products as follows:
The 30-year fixed mortgage rate average was 2.98%, down
from 3.03% last week.
The 15-year fixed was 2.48%, down
from 2.51% last week.
The 5-year ARM was 3.06%, up
from 3.02% last week.
Existing home sales rebound in June - The California Association of Realtors
announced that existing home sales
in June from May‘s sales totals. Existing home sales totaled 339,910 on a seasonally adjusted annualized rate in June. That was down 12.8% from June 2019. Fortunately, pending sales have also increased dramatically. The California Association of Realtors expect sales to be back to pre-pandemic levels by July or August. Prices also surged in June. The state-wide
paid for a home in June was $626,170. That represented
a 6.5% increase from May and a 2.5% increase from last June.
declined to a 2.7 month supply
of homes for sale which explains the number of homes selling with multiple offers. On a regional basis Los Angeles County had a 1.8% year over year increase in the median price. Ventura County had a 8.2% year over year increase in the median price. Orange County had a 3.3% year over year increase in the median price.
I have lived in West Hills Ca for 13 years and decided it was time to sell my home. I interviewed several agents and decided to g
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21031 Ventura Blvd #100
Woodland Hills CA 91364
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