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Don’t Miss the Palos Verdes Fair


Ends today at 9 p.m.


36% Water Reduction for Palos Verdes Peninsula

36% water reduction for PVThe deepening drought has prompted California Water Service Co., whose service area includes the Palos Verdes Peninsula, to adopt much stricter provisions to cut water usage in an effort to meet unprecedented state-mandated reductions.

Peninsula property owners, Cal Water’s biggest chunk of South Bay consumers, face some of the steepest reductions in California — 36% of 2013 usage. Palos Verdes Peninsula households have one of the highest water usage per capita, using 255.4 gallons a day, according to state figures.

Cal Water also serves Redondo Beach, Hermosa Beach, Carson and portions of Torrance, where cuts of 16 to 20 percent are targeted. The cuts are intended to help slash water usage statewide by 25 percent.

Cal Water will restrict outdoor sprinkler use to between 6 p.m. and 8 a.m. no more than three days a week and require repairs to leaks within five business days after they are discovered. New and existing violations include hosing down sidewalks and driveways, using a hose without a shut-off nozzle when washing cars and filling or refilling residential swimming pools, except if due to structural repairs or in order to maintin normal operating levels.

Drought surcharges will be implemented for overages, up to $10 for every 100 cubic feet (748 gallons) exceeding limit.

Daily Breeze and Peninsula News 5/5/2015

Fannie Mae Housing Survey Show Housing Doubts Persist

The Good News: Consumers’s confidence in US economy grows
The Bad News: Household income fallen in last year 14% of Americans

“Americans are growing more and more cheery when it comes to the state of the economy, but their feelings regarding the housing sector remain tepid, according to survey results released Tuesday.

“Out of a group of 1,000 Americans polled in Fannie Mae’s December National Housing Survey, 41% said they now believe the economy is “on the right track,” up from 36% in November, the company reported. While the share of consumers saying the economy is headed in the wrong direction is still high at 51%, it continued to trend downward in December, marking five consecutive months of declines.

“Only 61% of consumers said they would buy a house if they were going to move anytime soon—a survey low.”

“Given the kind of long-term commitment homeownership represents, Duncan said he isn’t surprised that the housing sector is lagging behind the rest of the economy in terms of consumer confidence,” states Doug Duncan, SVP and chief economist at Fannie Mae.

“On one bright note, the share of consumers who think it would be easy to get a mortgage today increased to match the all-time survey high of 52%, while the share saying it would be difficult to get a loan dropped to a low of 44%.”

Clint Patterson (BRE #01877253) with Berkshire Hathaway Homes is real estate profiessional specializing in Rolling Hills, Palos Verdes Peninsula and Los Angeles South Bay beach cities, and a member CALIFORNIA REALTORS®.

CALIFORNIA REALTORS® applaud lowering of FHA mortgage insurance premium

LOS ANGELES – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) responded to President Obama’s upcoming announcement to cut the Federal Housing Administration’s (FHA) mortgage insurance premiums by 50 basis points with the following:

“Reducing FHA mortgage insurance premiums will make it easier for hundreds of thousands of home buyers to get a mortgage and provide greater access to homeownership for historically underserved groups and credit worthy families,” said C.A.R. President Chris Kutzkey. “Moreover, this shift in policy will also increase the volume of borrowers using FHA-backed loans, while continuing to contribute to the solvency of FHA’s Mutual Mortgage Insurance (MMI) Fund and making the dream of homeownership a reality for millions more Americans.”

The NATIONAL ASSOCIATION OF REALTORS® (NAR) estimates that in 2013, nearly 400,000 creditworthy borrowers were priced out of the housing market because of high FHA insurance premiums. Over the past four years, the share of first-time home buyers using FHA-backed loans shrank from 56 percent to 39 percent.

Read the California Realtors R press release here.

Clint Patterson (BRE #01877253) with Berkshire Hathaway Homes is real estate profiessional specializing in Rolling Hills, Palos Verdes Peninsula and Los Angeles South Bay beach cities, and a member CALIFORNIA REALTORS®.