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Last Week in The News

10-28-09
Frank Silveria III

Last Week In The News

Existing home sales rose 9.4% in September to a seasonally adjusted annual rate of 5.57 million units from 5.1 million units in August. The increase was largely due to the tax incentive for first-time homebuyers.

According to the ICSC-Goldman Sachs index, retail sales rose 0.2% in the week ending October 17. On a year-over-year basis, retailers saw sales increase by 2.8%, the best showing in a year.

The producer price index, which tracks wholesale prices, rose 0.6% in September, following a 1.7% increase in August. For the year, wholesale prices are down 4.8%.

The Commerce Department reported that the combined construction of new single-family homes and apartments in September increased 0.5% to a seasonally adjusted annual rate of 590,000 units. That was less than the 610,000 economists had expected.

Initial claims for unemployment benefits rose by 11,000 to 531,000 in the week ending October 17. The figure was higher than the 515,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 10 fell by 98,000 to 5.92 million.

The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 1% in September after a revised 0.4% gain in August. It was the sixth straight monthly increase and marks the largest six-month gain in 26 years.

The National Association of Home Builders / Wells Fargo housing market index fell one point in October to 18. The decrease reflects the soon-to-expire tax credit for first-time homebuyers that boosted home sales earlier this year. An index reading below 50 indicates negative sentiment about the housing market.

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Dell'Osso Farms

10-19-09
Frank Silveria III

Dell'Osso Farms

Dell’Osso Farm was founded in the 1920’s by three brothers from Italy who started farming asparagus. Today, tomatoes, beans, alfalfa, pumpkins, melons and sweet corn are grown here. In 1997, the family started the first Corn Maze and the Halloween event has grown into a Haunted House, Pumpkin Blaster and much more. The Dell’Osso Family Farm October event has grown into one of the most popular Halloween season destinations in the nation, with 100,000+ people visiting the site each October. The event still remains a family operation, with the entire Dell'Osso family participating.

In addition to the giant maze, there is a pumpkin patch, tractor rides, pony rides, a haunted house, zip lines, train rides, jumping pillows, petting zoo, hay rides, Kiddie Land, a general store, food court, picnic area, speed way, & the list just goes on.

It's a fun and exciting way to spend an afternoon (or a whole day!) with your family throughout the whole month of October. With only a few weeks left, be sure you get in your visit!

There is no cost to get in, but you do pay for some of the attractions.

Click here to see a price list.

Click here to see a list of attractions

You can visit the Dell'Osso Farms website here.

For those of you that aren't able to make it to the Farm before October 31st, stay tuned for "Holidays On The Farm"....Dell'Osso Farms' very own winter wonderland, opening November 21st!

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October Economic Update

10-19-09
Frank Silveria III

October 2009 - Economic Update

Retail sales decreased 1.5% in September, following a revised 2.2% increase in August. However, excluding automobiles, retail sales rose 0.5%, more than the 0.2% increase economists had expected. Car sales fell 10.4% from their August high, as the 'cash for clunkers' program expired.

The Commerce Department reported that total business inventory decreased 1.5% in August, following a 1.1% drop in July. It was the 12th straight monthly decline as retailers, manufacturers and wholesalers sought to cut inventory. Total business sales rose 1% in August, pulling the stock-to-sales ratio down to 1.33 months to exhaust inventories at the August sales pace.

The Labor Department reported consumer prices rose 0.2% in September. For the year, consumer prices are down 1.3%. This gives the Federal Reserve room to leave interest rates at record-low levels in a further effort to give the economy a boost.

Initial claims for unemployment benefits fell by 10,000 to 514,000 in the week ending October 10. The figure was lower than the 520,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 3 fell by 75,000 to 5.99 million, the fewest since the week ending March 28.

Industrial production at the nation's factories, mines and utilities rose 0.7% in September, following an upwardly revised 1.2% increase in August. For the third quarter, industrial production increased at an annual rate of 5.2%, the largest quarterly gain since the first three months of 2005. The overall factory-operating rate rose to 70.5% of capacity in September.

The Reuters/University of Michigan consumer sentiment index for October fell to 69.4 from 73.5 in September. Economists had forecast a reading of 73.3.

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Last Week in The News - Tracy Ca Homes

10-08-09
Frank Silveria III

Last Week in The News

Visit this blog at: http://www.thesilveriateam.com/Blog

The Commerce Department reported total construction spending rose 0.8% in August. Economists had expected a decrease of 0.2%. Private residential activity rose 4.7%, posting its best showing since November 1993.

The Standard & Poor’s / Case-Shiller 20-city housing price index rose 1.2% in July. It was the biggest gain since October 2005.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.4% to 103.8 in August, following a 3.2% increase to 97.6 in July. It was the seventh consecutive monthly increase and the highest reading since March 2007.

The Conference Board reported that its consumer confidence index fell to 53.1 in September from a revised 54.5 in August. Economists had expected an increase to 57. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Commerce Department reported that consumer spending rose 1.3% in August, the largest increase since October 2001. Economists had anticipated an increase of 1.1%. The reading follows a revised 0.3% increase in July. Personal income rose 0.2% in August, the same as in July.

Initial claims for unemployment benefits rose by 17,000 to 551,000 in the week ending September 26. The figure was higher than the 535,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending September 19 fell by 70,000 to 6.09 million.

In the third quarter of 2009, the Dow Jones industrial average rose 15%, its biggest gain since the fourth quarter of 1998.

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CALIFORNIA LOAN MODIFICATION ATTORNEYS UNDER INVESTIGATION

10-08-09
Frank Silveria III

California Loan Modification Scams

Visit this blog at: http://www.thesilveriateam.com/Blog

The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.

Not all attorneys engaged in loan modifications are unscrupulous. However, this announcement from the State Bar serves as a good reminder for REALTORS® and their clients to be careful when dealing with attorneys and others for loan modifications. Scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes. The list of attorneys currently under investigation is available at http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395.

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