I’m having some problems with my web hosting company and realize it’s time to make a switch. I’m in the process of getting a new host and transferring the current site over to it. I hope that the new hosting company is a lot better than the current one! It will take a day or two for the transfer to be complete.
On Friday, July 27, the Commerce Department announced that the United States’ Gross Domestic Product (GDP) fell to 1.5 percent growth in the second quarter. GDP measures the market value of a country’s goods and services to quantify strength of its economic production. While the 1.5 percent figure still shows growth, it is down from the 2.0 percent pace in the first quarter, and well down from the target 3.0 percent rate that would reduce unemployment significantly.
Despite the bad news, U.S. financial markets took the news in stride. Poor data about the economy, employment, and consumer spending have caused investors to speculate that the Federal Reserve could take more drastic measures to stimulate the economy, such as another round of quantitative easing. Meanwhile, the European Central Bank has discussed taking more drastic steps to help keep the European economy stable. With the hope that more powerful Central Bank intervention could be imminent, the Dow has remained over 13,000.
This week, interest rates largely remained unchanged. The APR for rates at the lowest end offered (for the 30-year fixed, 3.250 percent) rose slightly, but the others remained steady and near yearly lows. We mark the 30-year fixed rate at 3.250 percent (3.311 percent APR) or 3.375 percent (3.364 percent APR). The 15-year fixed is at 2.750 percent (2.773 percent).*
We apologize for the gap in submissions. Expect for the usual post every Monday and make sure to check in daily with our website
for the most important mortgage and economic news and analysis.
*APR is subject to increase and terms subject to change. APRs may very depending on loan details such as points, loan amount and loan-to-value, your credit, property type and occupancy. Closed rate and APR assume a rate and term refinance of a single family detached owner-occupied primary residence, loan amount $417,000 ($561,200 for high balance), and a minimum FICO score of 760. Situations vary based on applicant.
Spencer’s Market in Arroyo Grande is closing its doors (today I think) to make room for Smart and Final which is supposed to take over the space. I haven’t heard when Smart and Final is scheduled to be open.
I posted the following on the Tribune site about the article today stating that home prices have increased….
Read more here: http://www.sanluisobispo.com/2012/07/27/2160021/june-home-sales-grow-in-slo-county.html#storylink=cpy
You can look at our statistics dashboards to really find out what is happening in our local market.
We also now have statistics dashboards for over 200 cities in Southern California. Go to www.DaBest.com
and choose a city from the menu.
San Luis Obispo is the place I call home and, when the inner city mouse emerges, I travel 230 miles north to San Francisco for a few days. Delighted to be a participant in the Wipro San Francisco Marathon on July 29, 2012! This is a great venue and I’m proud to be supporting the American Brain Tumor Association! Starting in the Embarcadero, the course meanders along Fisherman’s Wharf and the Marina, out and back along the Golden Gate Bride, through the Presidio, Richmond District, landing in Golden Gate Park. From there, we run out to Ocean Beach, back through Golden Gate Park, Haight Ashbury, Mission District, passing AT&T Ballpark, and finishing just past the Bay Bridge – 26.2 miles. Can’t wait to enjoy the architecture and scenery in one of my favorite cities!!
San Luis Obispo County Department of Public Works has issued a Water Will-Serve Policy for County Service Area 10A, (CSA 10A), which consists of the southern portion of Cayucos on the east side of Highway 101.
A bit of history- In March of 1993, the County Board of Supervisors declared a water shortage emergency in CSA 10A to limit the issuance of water service-will serve letters, due to the perceived water shortage for future customers. In October of 2006, CSA 10A contracted for 25-acre feet of Nacimiento Water. In May of 2012, the Board of Supervisors voted to remove the water shortage emergency.
Current CSA 10A water use is 145-150 acre-feet per year. CSA 10A has 190 acre-feet from Whale Rock Reservoir; CSA 10A has 25-acre feet from Nacimiento (with an option to increase to 80 acre feet); Typically 1 acre-foot will serve 4 properties in CSA 10A; There are approximately 170 vacant lots in CSA 10A; CSA 10A’s water supply is sufficient for full build out within CSA 10A.
Water for the northern areas of Cayucos are supplied by Morro Rock Mutual Water and Paso Robles Beach Water.
CSA 10A can now issue water service will-serve letters on request. The water service will serve letters are a commitment by CSA 10A to provide water to a property. Will-Serves are specific to a property and can not be transferred to another property. Will serve letters will transfer to the new owner when a property is sold.
Costs of Water Service for CSA 10A:
Application filing fee: $100; Water Connection Fee: $8,100; Meter Fee ( If service line is installed): $325; Service Line Installation- (varies): $1,500-$2,000.
This information is from the San Luis Obispo County Department of Public Works, Douglas Bird, Hydraulic Operations Administrator.
The Summer Olympics Begin Today!
Here is a schedule of events presented by Patterson Realty:
2012 Summer Olympic Event Schedule
USA Today announced the winner of their Friendliest City in the US this week and it wasn’t SLO, but Murray, Ky. San Luis Obispo was one of the finalists that also included Frisco and College Station, Texas; Cloudcroft, N.M, and Joplin, MO. Even though SLO didn’t “win”, being a finalist can’t hurt our tourism industry.
Effective January 1, 2013 Californian’s have a safeguard again banks simultaneously foreclosing on their property, while working a loan modification. In addition to that, banks are required to provide a single point of contract to the homeowner, with a complete understanding of the borrower’s loan status through out the process of loan modification or foreclosure. To learn more, please click California Homeowner Bill of Rights.