NELA Live

This weekend at La Casa Blue, Food & Bar

This weekend at La Casa Blue, Food & Bar
Friday at 8PM Bands:

The Van Pelts @ 8:30
3D Stereo @ 9:30
The Seasons @ 10:30
Ghost Machinists @ 11:30

All Ages Welcome. Drinking 21 and over with ID.
$3 buffet

*************************************************
Then on Saturday Night Bands:
LovelyBones with 3 other bands.
$3 Buffet & Beer Bust Specials.
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Sunday 2:00 PM till late 
Super Bowl Party!

5 TVs and 1 GIANT Screen TV
$2.00 Grilled Hamburgers and Hot Dogs
With our extra special Buffet.
Drink Specials All Day long

La Casa Blue, Food & Bar
5930 York Blvd., Los Angeles, CA 90042
voice: 323-394-2992      fax: 323-315-9305
email: Scott@LaCasaBlue.Com

MARKET STATS 01/21 - 01/27

Market activity in zip codes 90031, 90032, 90041, 90042, 90065 for January 21 through January 27 as reported in I-Tech MLS:

New listings entered

Price reductions

Reported pending

Reported sold and closed

OPEN HOUSES FOR SUNDAY JANUARY 27

Listing of Sunday's Open Houses from I-Tech MLS

Listing of Sunday's Open Houses from Combined L.A. Westside MLS

Inspiration House Poetry Choir

As part of the Avenue 50 Studio's new program, "The Black/Brown Dialogues", Peter J. Harris, artistic
director of Inspiration House, has graciously accepted our request to host 4 musical/poetry events at the Avenue 50 Studio. Each event will feature a grouping of four black/latino poets along with live music.

Please join us this February 2 starting at 7:00 pm for our very first performance featuring the poetry of
Gloria Alvarez, Peter J. Harris, Paul Calderon and Carmen Vega.

Avenue 50 Studio, 131 No. Avenue 50, Highland Park, CA 90042
323/258-1435; www.avenue50studio.com

The Black/Brown Dialogues are supported in part by the Ford Foundation, JP Morgan Chase, the Andy Warhol Foundation for the Visual Arts and Southwest Airlines through a grant from the NALAC Fund for the Arts.

Highland Park: A Photo Collection

Waltarrr, creator of the local Highland Park blog, 90042 just finished an amazing project of labeling and mapping a collection of 500 Highland Park Photos.  Do take a look:  http://highlandpark.wordpress.com/2008/01/24/it-is-finished/

Los Angeles Mortgage Rates Report: January 24, 2007: Party's Almost Over

Los Angeles mortgage rates are reversing course and headed higher in the next 7-10 days.  Lock mortgage rates for all loans, purchases and refinances at application.

Don't hold out to see if the Fed will cut rates farther; the mortgage lenders have already anticipated a January 30 Fed cut and priced it into the market.  If the Fed doesn't cut rates, mortgage rates are going to skyrocket.

If you were planning on refinancing your mortgage rate, the train is starting to leave the station and will quickly pick up steam. The opportunity to get a 30 year fixed rate mortgage rate under 5.5% may quickly disappear as lenders try to slow down demand.  The last three days have been hectic with past clients calling me looking to lock-in a low rate.  You have a window of maybe 48 hours to get that great mortgage rate.

Please contact me:

Call me on my cell phone at 858-699-4590

E-mail me at brian (at) californialoanconnection (dot) com

Apply for a loan online at http://www.californialoanconnection.com/apply

Over 700 families trust me to help them with their mortgage so we are incredibly backed up. I will be checking my voice mail every couple of hours  Be sure to leave specific contact information.

DO NOT RELY ON THE E-MAIL!  CALL TO BE SURE  THAT I KNOW YOU NEED TO REFINANCE YOUR MORTGAGE.

Los Angeles mortgage rates are reversing course and headed higher in the next 7-10 days.  Lock mortgage rates for all loans, purchases and refinances at application.

Don't hold out to see if the Fed will cut rates farther; the mortgage lenders have already anticipated a January 30 Fed cut and priced it into the market.  If the Fed doesn't cut rates, mortgage rates are going to skyrocket.

If you were planning on refinancing your mortgage rate, the train is starting to leave the station and will quickly pick up steam. The opportunity to get a 30 year fixed rate mortgage rate under 5.5% may quickly disappear as lenders try to slow down demand.  The last three days have been hectic with past clients calling me looking to lock-in a low rate.  You have a window of maybe 48 hours to get that great mortgage rate.

Please contact me:

Call me on my cell phone at 858-699-4590

E-mail me at brian (at) californialoanconnection (dot) com

Apply for a loan online at http://www.californialoanconnection.com/apply

Over 700 families trust me to help them with their mortgage so we are incredibly backed up. I will be checking my voice mail every couple of hours  Be sure to leave specific contact information.

DO NOT RELY ON THE E-MAIL!  CALL TO BE SURE  THAT I KNOW YOU NEED TO REFINANCE YOUR MORTGAGE.

Los Angeles Mortgage Rates Report: Emergency Fed Cut: January 22, 2008

The Fed cut .75% in an emergency move this morning.  From Bloomberg:

The Federal Reserve lowered its benchmark interest rate in an emergency move for the first time since 2001 after tumbling global stock markets and a jump in U.S. unemployment threatened to push the economy into recession.                  

The central bank lowered the benchmark overnight lending rate to 3.5 percent from 4.25 percent, the Federal Open Market Committee said in a statement in Washington. Policy makers weren't scheduled to gather on rates until Jan. 29-30.

``While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate,'' the Fed said in a statement in Washington. The FOMC took the action ``in view of a weakening of the economic outlook and increasing downside risks to growth.''           

Policy makers set aside concerns about inflation to lower borrowing costs for the fourth time since September after unemployment hit a two-year high and U.S. stocks slumped. Chairman Ben S. Bernanke shifted the Fed's stance to a more- aggressive approach in remarks this month citing a need for ``decisive and timely'' action.

We think this will be positive for mortgage bonds and Los Angeles mortgage rates.  We currently reccommend that mortgage applicants lock ONLY purchase loans that are closing in 15 days or less and that all others float the mortgage rate.  No change.

LA PALABRA POETRY at Avenue 50 Studio

LA PALABRA POETRY

Sunday January 27, 2008 from 2 to 4 pm

FEATURING: BRANDON CESMAT

Co-hosted by Laura Longoria & Don Newton

All community poets---bring your work for open mike readings before and after the featured poet…

Readings take place the 4th Sunday monthly, from 2 to 4 p.m.

Avenue 50 Studio
131 No. Avenue 50
Highland Park, CA 90042

Sunday January 27, 2008 from 2 to 4 pm

Lummis Day Library Program

LUMMIS DAY LIBRARY PROGRAM
- FEATURES POETRY READINGS, POETRY WORKSHOPS -

Poetry will be coming to Northeast Los Angeles libraries this spring in a series of five events presented by the 3rd annual Lummis Day Festival.

The library poetry program, which begins in late April and continues on consecutive Saturdays through May, will lead in to the gala poetry reading that serves as the opening event of the Lummis Day Festival on June 1 at Lummis Home.

Poets William Archila, Lory Bedikian and others will read their work at afternoon library gatherings in April and May. On alternating weeks, Archila and Bedikian will also be conducting free writing workshops -- giving poetry lovers and library-goers a chance to find their own artistic voices. Finally, at a wrap-up party at the Braun Library of the Southwest Museum, emerging writers will share their work in company with more established poets and other artists.

This round of poetry happenings begins April 26, 2008.

All events are free and open to the public.

MARKET STATS 01/14 - 01/20

Market activity in zip codes 90031, 90032, 90041, 90042, 90065 for January 14 through January 20 as reported in I-Tech MLS:

New listings entered

Price reductions

Reported pending

Reported sold and closed

OPEN HOUSES FOR SUNDAY JANUARY 20

Listing of Sunday's Open Houses from I-Tech MLS

Listing of Sunday's Open Houses from Combined L.A. Westside MLS

The Occasional Doo-Dah Parade on Sunday, January 20, 2008

The Occasional Doo-Dah Parade on Sunday, January 20, 2008: The parade entry from former NELA  friends, neighbors and supporters of the Mayor will involve a "costume" to convert all dancers into a buxom curvy chorus line. Other marchers will play the role of City Hall lobbyists with lots of money to toss in the air. A clever little ditty about the Mayor's tendencies toward "Photo Ops and Broken  Promises" has been recorded. 

The Doo Dah will step off from Memorial Park at Raymond Avenue and Holly Street at 11:30 a.m. and turn west along Colorado Boulevard to Pasadena Avenue. 

This parade entry is organized under the auspices of the Doo-Dah Silliness Division of the Friends of the Southwest Museum Coalition -- a normally studious group! See you there!

Olga Hall

OPEN HOUSES FOR SATURDAY JANUARY 19

Listing of Saturday's Open Houses from I-Tech MLS

Listing of Saturday's Open Houses from Combined L.A. Westside MLS

This Week at La Casa Blue in Highland Park

Mark your Calendars for these awesome events at Highland Park’s most happening supper club.
 
Jaunuary 17th Open Microphone Night & Drop In DJs.
Got an awesome play list on your I Pod?  Then bring it in and we’ll play it.
 
January 18th 8-12 PM Stand up Comedy Hosted by Derick Jackson and Headliner "Ernie G." $5.00 buffet & Drink Specials
 
January 19th 2008 9:00P (Saturday)
Our Favorite Bartender, Andres, is bring us his new monthly “funk and soul DJ’s (party with Andres!)” 
along with Jaime's 30th birthday Party!  “I’ll bet you can’t handle his “Guatamalenness”” J
 
January 20th  (Sunday)
Re:fresh 5:30 pm 18+ Only for more info: 323-256-4289 Spiritual & Christian Singles Mixer with a Blues Singer.
 
February 3rd 2008: Watch the Super Bowl here at La Casa Blue, Stage, Food & Bar on our FIVE giant TV screens.
Enjoy our Hot Buffet with our famous Beer Bust on the patio.
 
February 14th (Thursday) Is Valentines Day, Make your reservations now With our Great Buffet and Champagne fountain. Entertainment  is T.B.D.
 
Visit our web site calendar http://www.lacasablue.com/calendar.html for lot’s of fun upcoming events.
Gas is expensive! So let’s make Highland Park the place to be. Here at La Casa Blue.
La Casa Blue, Food & Bar
5930 York Blvd., Los Angeles, CA 90042
voice: 323-394-2992      fax: 323-315-9305
email: Scott@LaCasaBlue.Com

Informe De Las Tarifas De Hipoteca De Los Ángeles: De El 15 De Enero del 2008!

Sin importancia a mis consejos para trabar todos los prestamos (de compra o para refinanciar), las tarifas de hipoteca de Los Ángeles no van subiendo. Quiscas es porque no estoy comiendo del mismo plato que los comerciantes de Wall Street estan comiendo. Para un ejemplo de los bajos intereses de hoy, trabamos un préstamo fijo de 30 anos en la tarifa de 5.375% para una hipoteca de $400,000.

Si usted ha escuchado nuestros consejos (millos y de Brian Brady) de la semana pasada, probablemente les costo ocho de un por ciento en la tarifa, significando que usted hubiera tenido su tarifa .125% menos hoy si es que la tomo la semana pasada. Es importante observar que casi siempre estoy predispuesto hacia la fijación. La inflación todavía está alzando su cabeza fea!

Creo que el entusiasmo de un corte del medio por ciento este 30 de enero por el Fed ya esta construyido en el mercado y los precios de las tarifas. Esto significa que creo que hay MUCHO más riesgo de las tarifas de hipoteca de Los Ángeles y que es muy posible que la tarifa suba para arriba hacia el .375%. Puede pasar rápidamente y por esa rason creo que el riesgo de esperar por un interes bajo no se parece digno!

Mañana, hay dos números grandes que salen:

1. la base CPI (precios excepto energía y alimento), designada a veces la inflación y
2. la tarifa de la utilización de la capacidad de la producción industrial, que mide el nivel de la producción en este país. 
   

Estos reportes van a demuestrar que estemos contrayendo, o en una recesión.  Si la base CPI es más alta que los analystas esperan, podría lanzar enlaces de hipoteca en una caída libre que conduce a tarifas de hipoteca más altas, en Los Ángeles.

Esto es demasiado riesgo para mi gusto.  Trabe todos los préstamos: de compra y para refinanciar.

Los Angeles Mortgage Rates Report: January 15, 2008

Los Angeles mortgage rates refuse to go up, regardless of my advice to lock all loans, purchase or refinance,  at application.  Somehow, I didn't drink the Kool-Aid the Wall Street traders are drinking.  We locked one 30 year fixed rate loan at 5.375% rate today (5.59% APR) for a $400,000 purchase money mortgage.

If you listened to my advice last week, I probably cost you an eight of a percent on rate, meaning that if you held out until today, your rate would be .125% less than last week.  It is important to note that I almost am always biased towards locking rates.  Inflation is still rearing its ugly head and the bogeyman IS around each corner.

I believe that the excitement of a potential half percent rate cut, by the Fed, on January 30, is already built into the market.  This means that I believe that there is MUCH more risk of Los Angeles mortgage rates popping up .375%, quickly, than I believe there is reward to holding out for that last eight of one percent.  The risk just doesn't seem worth the reward, in this environment.

Tomorrow, there are two big numbers coming out, the Core CPI (prices excluding energy and food), sometimes referred to as Core Inflation, and the Industrial Production Capacity Utilization Rate, which measures the level of production in this country.  Both are expected to show that we are contracting, or in a recession.  However, if the Core CPI is higher than expected, it could throw mortgage bonds into a free fall which leads to higher mortgage rates, in Los Angeles.

Too much risk for my liking.  Lock all loans: purchase and refinances at application.

Los Angeles mortgage rates refuse to go up, regardless of my advice to lock all loans, purchase or refinance,  at application.  Somehow, I didn't drink the Kool-Aid the Wall Street traders are drinking.  We locked one 30 year fixed rate loan at 5.375% rate today (5.59% APR) for a $400,000 purchase money mortgage.

If you listened to my advice last week, I probably cost you an eight of a percent on rate, meaning that if you held out until today, your rate would be .125% less than last week.  It is important to note that I almost am always biased towards locking rates.  Inflation is still rearing its ugly head and the bogeyman IS around each corner.

I believe that the excitement of a potential half percent rate cut, by the Fed, on January 30, is already built into the market.  This means that I believe that there is MUCH more risk of Los Angeles mortgage rates popping up .375%, quickly, than I believe there is reward to holding out for that last eight of one percent.  The risk just doesn't seem worth the reward, in this environment.

Tomorrow, there are two big numbers coming out, the Core CPI (prices excluding energy and food), sometimes referred to as Core Inflation, and the Industrial Production Capacity Utilization Rate, which measures the level of production in this country.  Both are expected to show that we are contracting, or in a recession.  However, if the Core CPI is higher than expected, it could throw mortgage bonds into a free fall which leads to higher mortgage rates, in Los Angeles.

Too much risk for my liking.  Lock all loans: purchase and refinances at application.

Old L.A. (Highland Park) Farmer's Market Report 1/8/08

Well, after several weeks “off”, due to holidays and weather, the Old L.A. (Highland Park) Farmer’s Market was back in action on Tuesday afternoon. It was a quiet day at the market, without as many vendors as usual, but it was nice to have it back. I am getting my new year started off on the right foot by stocking my kitchen with healthy and tasty foods.

At this time of year, citrus abounds at the market. Oranges and grapefruits overflow the boxes placed on the tables. I love freshly squeezed juice and citrus is so easy to do whether you have a fancy, electric juicer or an old-fashioned, hand-operated one like mine (inherited from a grandparent and still in great working order!). My favorite thing to do is mix up whatever citrus juices I have for a custom-made blend that is always unique and refreshing. I often mix oranges, grapefruit and even throw in some lemon. The ratio doesn’t matter, except for personal preference. If it’s too tart, a little bit of honey will smooth it out. And guess what? Honey is also available at the market!

I was tempted into buying a three-pack of strawberries at the market this week. I know that I should know better. To be honest, they were not the best strawberries I’ve had and nothing like the fabulous ones we get in summer. They were beautiful red on the outside, and even had a nice fragrance, but were sadly white and hard when cut into. Nevertheless, they are not wasted! I cleaned and chopped them up, then put them in the freezer. Now, in the mornings, I blend up smoothies with the frozen berries, some fresh squeezed citrus juice and whatever else I have on hand, whether it be a banana, yogurt, soy milk or even – why not? – a little vanilla ice cream. Not a bad start for a new day and a new year.

The market is found every Tuesday from 3- 8 p.m. on Avenue 58 and Marmion Way, between the Gold Line station and Figueroa Blvd. There is FREE PARKING after 4 p.m. in the lot adjacent to the market.

See you there. ML

Mt. Washington

Mount Washington, which was once a retreat for the rich and famous, is also steeped in history. San Rafael Avenue is notable for its turn of the century homes, while the Mount Washington Hotel, now the world headquarters for the Self Realization Fellowship, was once known as a favorite destination for silent film stars and other celebrities of the day. The Southwest Museum is a familiar hillside landmark, while Elyria Park and Rainbow Canyon are local parks owned by the Santa Monica Conservancy.

MARKET STATS 01/07 - 01/13

Market activity in zip codes 90031, 90032, 90041, 90042, 90065 for January 7 through January 13, 2008    as reported in I-Tech MLS:

New listings entered

Price reductions

Reported pending

Reported sold and closed

OPEN HOUSES FOR SUNDAY JANUARY 13

Listing of Sunday's Open Houses from I-Tech MLS

Listing of Sunday's Open Houses from Combined L.A. Westside MLS

Los Angeles Mortgage Rates Report is On Twitter

Mortgage Rates Report, the nationally-syndicated update about mortgage rate movements, is now available on Twitter. 

Twitter is a FREE broadcast service that can be directed to your phone, e-mail, or Twitter page.  It's a great way to broadcast mortgage market information to tech-savvy customers and REALTORs. 

Click the link above for my Twitter feed.

Here is what you can expect from the Mortgage Rates Report feed on Twitter:

1- Market sensitive updates- I'll only tweet you if there is a move in the market with advice to float or lock.

2- Communication at least once a week.

3- I won't be responding to questions on Twitter- just broadcasting market sensitive information

Mortgage Rates Report, the nationally-syndicated update about mortgage rate movements, is now available on Twitter. 

Twitter is a FREE broadcast service that can be directed to your phone, e-mail, or Twitter page.  It's a great way to broadcast mortgage market information to tech-savvy customers and REALTORs. 

Click the link above for my Twitter feed.

Here is what you can expect from the Mortgage Rates Report feed on Twitter:

1- Market sensitive updates- I'll only tweet you if there is a move in the market with advice to float or lock.

2- Communication at least once a week.

3- I won't be responding to questions on Twitter- just broadcasting market sensitive information

Saturday January 12, 2008 at La Casa Blue

Saturday January 12, 2008 at La Casa Blue

Bands: Panic Movement Performs with Kind Hearts & Coronets, Foxtail’s Brigad, Clark 8

8:00pm - 1:00am No Cover, $5.00 Cocktails & Imported Beers, buffet bar.

La Casa Blue
5930 York Blvd.
Los Angeles, CA 90042
www.lacasablue.com
323-394-2992 info line

Second Saturday Art Gallery Night January 12

The second Saturday of every month is Gallery Night in Northeast Los Angeles:  Your opportunity to explore the Galleries, Shops, Restaurants and Nightlife in the historic and eclectic neighborhoods of Northeast Los Angeles.  Maybe even purchase art for your home or office.

Tour participating galleries this Saturday, January 12, from 7PM - 10 PM, then wrap with drinks and music at Mr. T's Bowl, or La Casa Blue.

More info here:  http://www.nelaart.org/

And here:  http://groups.yahoo.com/group/NELAart/

Mr. T's Bowl:  http://mrtsbowl.tripod.com/

La Casa Blue:  http://www.lacasablue.com/      

"I Know You"

January Art Show at Future Studio Gallery
Opening: Saturday January 12, 2008
7 to 10 pm

"I Know You"  ~~  an interactive installation by Amy Inouye

I know a lot of people a lot of ways. Friends, relatives, clients, vendors, neighbors, artists, musicians, poets, civil servants, members of special interest groups, animal rescuers, folk dancers, accordionists, preservationists, and, of course, Chicken Boy-related.

I put the names of everyone I thought would return my phone call on little cards, threw them in a bag, and randomly drew fifty names. These names go up on the wall and if you also know them, you add your name. As more names are added, more connections will hopefully happen and we will all find out we know the same people in different ways.

It's sort of like myspace or Linkedin but with pencils.

http://homepage.mac.com/futurestudio/futurestudioGallery/gallery.html

Los Angeles Mortgage Rates Report: January 8, 2008

Los Angeles mortgage rates have declined some 1/2 of 1% in the past two weeks.  We advised you to float your rate, back on December 27, 2007 but I warned you that the decline may be short-lived.

Lock all loans at application.  If you have a loan in processing, and are floating the mortgage rate, lock your rate.  The  worldwide liquidity injection has had its desired effect. The anticipated Fed rate cut, on January 30, 2008, is already built into the pricing.  there is more risk to mortgage rates rising than there is reward for holding out for a lower rate.

Lock your mortgage rate.  I'll be in New York City, until Friday.  I can be reached at (858)-699-4590 after 2PM PST today. Debra can be reached at (858)-228-0617.

MARKET STATS 01/01 - 01/06

Market activity in zip codes 90031, 90032, 90041, 90042, 90065 for  January 1 through January 6, 2008 as reported in I-Tech MLS:

New listings entered

Price reductions

Reported pending

Reported sold and closed

OPEN HOUSES FOR SUNDAY JANUARY 6

Listing of Sunday's Open Houses from I-Tech MLS

Listing of Sunday's Open Houses from Combined L.A. Westside MLS

Los Angeles Mortgage Rates Report: January 6, 2008

Should Los Angeles home buyers lock or float their interest rate?  Should Los Angeles home owners refinance their mortgage or wait until March?  Those are the two questions we deal with here.

It's important that you read my full report; I can sometimes get long-winded when I answer those two questions.  I mean, a report about Los Angeles mortgage rates ain't as sexy as Uma Thurman, right?  Sometimes, when I'm reiterating my advice, I rely on other respected professionals' opinion, to reinforce what I'm saying.  My opinion changes as often as the market changes so you have to keep coming back.

I'll cut to the chase:

If you're buying a home in Los Angeles, I think you should cautiously float the mortgage rate, right now.  Here's why:   The economic figures are weak and the unrest in Pakistan has investors buying fixed-income investments like mortgage-backed securities.  That drives mortgage rates lower.   That could turn on a dime so it is important for you to check in daily. I'll be shocked if I don't change to a lock recommendation before next week is out.

Read my colleagues' reports from Friday:

Bob Ashby in Florida:

Let's look at what the data shows...

Job growth - BLS data has be known to be more BS than factual at times, so 52 months of job growth is likely to be inaccurate, especially with an unemployment rate climbing to 5.0%

Core inflation is low - Well, that may be true, but people do need food to survive and more than likely energy to stay warm and drive to work.  Oops, I goofed. Sorry, you used to drive to work, so now you can save a little.  CPE data shows otherwise and has increased to 2.2% year over year and is likely to rise further.

Consumer Spending - Sure, but based on what...cheap credit and a home ATM machine.  Those sources are quickly drying up, even with the Fed rushing to lower rates.

      

Rhonda Porter in Seattle:

A much weaker than expected Jobs Report and with unemployment figures at a two year high; mortgage bonds are benefiting.  Typically, bonds react favorably to "bad news".   This "bad news" could be a great opportunity for those who are considering refinancing or buying a home.

Dan Green in Cincinnati:

Both of these points are indicative of an economic slowdown over the long-term and that is easing inflation concerns in mortgage bond markets this morning.

Because consumer spending makes up two-thirds of the economy, inflation is closely tied to the jobs report.  The more Americans that are working, the stronger consumer spending tends to be.

If mortgage rates are lower, why should you refinance now instead of waiting?  Look at what we said two weeks ago; we all think that the rising commodities prices (READ: Oil) are putting pressure on the prices of goods and services- that could mean stagflation.  Stagflation leads to higher interest rates.  While we're getting a little gift in the short-term rates could be higher in 3-6 months than they are today.

If oil keeps flirting with $100/barrel, the threat of higher rates will be omnipresent.  Get while the getting is still good if you're planning to refinance.

Home purchasers, in Los Angeles, should CAUTIOUSLY FLOAT their mortgage rate at application.

Home owners, in Los Angeles, should start the mortgage refinance process today.

Should Los Angeles home buyers lock or float their interest rate?  Should Los Angeles home owners refinance their mortgage or wait until March?  Those are the two questions we deal with here.

It's important that you read my full report; I can sometimes get long-winded when I answer those two questions.  I mean, a report about Los Angeles mortgage rates ain't as sexy as Uma Thurman, right?  Sometimes, when I'm reiterating my advice, I rely on other respected professionals' opinion, to reinforce what I'm saying.  My opinion changes as often as the market changes so you have to keep coming back.

I'll cut to the chase:

If you're buying a home in Los Angeles, I think you should cautiously float the mortgage rate, right now.  Here's why:   The economic figures are weak and the unrest in Pakistan has investors buying fixed-income investments like mortgage-backed securities.  That drives mortgage rates lower.   That could turn on a dime so it is important for you to check in daily. I'll be shocked if I don't change to a lock recommendation before next week is out.

Read my colleagues' reports from Friday:

Bob Ashby in Florida:

Let's look at what the data shows...

Job growth - BLS data has be known to be more BS than factual at times, so 52 months of job growth is likely to be inaccurate, especially with an unemployment rate climbing to 5.0%

Core inflation is low - Well, that may be true, but people do need food to survive and more than likely energy to stay warm and drive to work.  Oops, I goofed. Sorry, you used to drive to work, so now you can save a little.  CPE data shows otherwise and has increased to 2.2% year over year and is likely to rise further.

Consumer Spending - Sure, but based on what...cheap credit and a home ATM machine.  Those sources are quickly drying up, even with the Fed rushing to lower rates.

      

Rhonda Porter in Seattle:

A much weaker than expected Jobs Report and with unemployment figures at a two year high; mortgage bonds are benefiting.  Typically, bonds react favorably to "bad news".   This "bad news" could be a great opportunity for those who are considering refinancing or buying a home.

Dan Green in Cincinnati:

Both of these points are indicative of an economic slowdown over the long-term and that is easing inflation concerns in mortgage bond markets this morning.

Because consumer spending makes up two-thirds of the economy, inflation is closely tied to the jobs report.  The more Americans that are working, the stronger consumer spending tends to be.

If mortgage rates are lower, why should you refinance now instead of waiting?  Look at what we said two weeks ago; we all think that the rising commodities prices (READ: Oil) are putting pressure on the prices of goods and services- that could mean stagflation.  Stagflation leads to higher interest rates.  While we're getting a little gift in the short-term rates could be higher in 3-6 months than they are today.

If oil keeps flirting with $100/barrel, the threat of higher rates will be omnipresent.  Get while the getting is still good if you're planning to refinance.

Home purchasers, in Los Angeles, should CAUTIOUSLY FLOAT their mortgage rate at application.

Home owners, in Los Angeles, should start the mortgage refinance process today.

OPEN HOUSES FOR SATURDAY JANUARY 5

Listing of Saturday's Open Houses from I-Tech MLS

Listing of Saturday's Open Houses from Combined L.A. Westside MLS

8th Annual Nacimiento Bike Ride, 1/6

2008's Divine Holy Ride:

The 8th Annual Nacimiento Tour Sunday, January, 6, 2008 11 am - 4pm

On Sunday, January 6, 2008, bicyclists and motorists alike will take to the streets to enjoy the eclectic and divine nacimientos of Los Angeles's Eastside. This year's tour starts at the Los Angeles River and Gardens Center, 570 W. Avenue 26, Los Angeles, 90065 at 11 am, with registration opening at 10 am. Highland Park's Bike Oven will offer free tire checks and sag support. This year, the Charles Lummis Home in Highland Park will provide refreshments.

The Latino Urban Forum, The Rare Times, Wild Women on Wheels (w2ows), C.I.C.L.E., Santa Monica Rivers and Mountains Conservancy, Los Angeles County Bicycle Coalition, and Council Districts One and Fourteen are co-sponsors of the tour.

For the 8th year, the annual tour will highlight mini Bethlehems, makeshift barns and stables, and in one
setting, a complete living room reenactment of Jesus' birth and the arrival of the three kings. For many
bicyclists, this is the first time exploring the historically and ethnically rich neighborhoods of Highland Park, Lincoln Heights, and Boyle Heights.

Nacimientos, or nativity scenes, is a tradition that many Latino throughout Latin America follow during the Christmas season. This tradition takes place in the streets of LA where many immigrants and multi-generational families spend countless hours creating Nacimientos in their front yards, porches, on roofs, as well as in the home.

Nacimientos range in size, complexity, and creativity. Some can be a simple scene of Mary, Joseph, and Jesus to elaborate landscapes with tinsel waterfalls, sparkling lights, and hundreds of pieces. Each Nacimiento reflects the creator's devotion to Christmas and can be very personal in nature.

For many Latinos, the building of the sets begins the day after December 12th, which is the feast day of Our lady of Guadalupe and they stay up until January 6th, when the three kings arrive with gifts for the new born king.

Listings and pictures of previous years' tours can be found on www.theraretimes.com.
The bike ride will be approximately 18 miles with frequent stops. Please wear a helmet. The 2008 map will be available online and at the registration on the day of the event.

For more information and/or suggestions of new nacimientos,
please contact Lupe Vela at 213-820-3680

Los Angeles Mortgage Rates Report: January 2, 2008- Let It Ride

Los Angeles mortgage rates are improving.  Economic weakness and an anticipated Fed cut drove 30 year fixed mortgage rates to their lowest level, in 25 months, in mid December.  While mortgage rates are not as low as mid-December, they are getting lower.  Two things are contributing to this near-term phenomenon:

1- Economic weakness suggests a recession is underway.

2- Continued anarchy in Pakistan is scaring the world- money is flowing to safe havens like mortgage bonds

Should you float or lock your mortgage rate?  We've been recommending to float the mortgage rate at application, for a week,  and we're not going to change now.  Let It Ride; we're "playing with the house's money". 

Change could come quickly as the threat of inflation looms.  Oil hit $100/barrel, for the first time, today.  The concern is old-fashioned, 1970's style, stagflation; a shrinking economy with rising commodity prices.  We started talking about stagflation back in October so this shouldn't surprise you regular readers. 

So, where are mortgage rates going in 2008?  Playing the interest rate game is going to be as predictable as a Vegas Craps table.  So, our bias, throughout the year will be to locking, unless we have these little opportunities.  So, Let It Ride, Baby...Let It Ride. The whole thing could reverse tomorrow so be prepared to act quickly. Keep checking back.

Los Angeles mortgage rates are improving.  Economic weakness and an anticipated Fed cut drove 30 year fixed mortgage rates to their lowest level, in 25 months, in mid December.  While mortgage rates are not as low as mid-December, they are getting lower.  Two things are contributing to this near-term phenomenon:

1- Economic weakness suggests a recession is underway.

2- Continued anarchy in Pakistan is scaring the world- money is flowing to safe havens like mortgage bonds

Should you float or lock your mortgage rate?  We've been recommending to float the mortgage rate at application, for a week,  and we're not going to change now.  Let It Ride; we're "playing with the house's money". 

Change could come quickly as the threat of inflation looms.  Oil hit $100/barrel, for the first time, today.  The concern is old-fashioned, 1970's style, stagflation; a shrinking economy with rising commodity prices.  We started talking about stagflation back in October so this shouldn't surprise you regular readers. 

So, where are mortgage rates going in 2008?  Playing the interest rate game is going to be as predictable as a Vegas Craps table.  So, our bias, throughout the year will be to locking, unless we have these little opportunities.  So, Let It Ride, Baby...Let It Ride. The whole thing could reverse tomorrow so be prepared to act quickly. Keep checking back.