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Fed raises interest rates and signals faster hikes on the way

Interest rates are going up again as the economy gets hotter The Federal Reserve on Wednesday lifted its benchmark rate by a quarter of a percentage point, the second hike this year. And a majority of policy makers said they now expect a total of four interest rate increases this year. Fed officials had been split about whether to raise rates three times this year or four. The decision reflected an economy that's getting even stronger. Unemployment is 3.8%, the lowest since 2000, and inflation is creeping higher. The...

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Why High-Flying U.S. Home Prices Are About to Get Another Jolt

The U.S. housing market’s storyline for the last several years has been one of steady demand and limited supply, pushing prices ever higher. Now, a new chapter has opened up for the industry and its customers: soaring costs for building materials. Reports on Tuesday underscored both resilient purchase activity and accelerating home prices. The S&P CoreLogic Case-Shiller index showed property values in 20 major U.S. cities climbed 6.8 percent in February, the biggest year-over-year gain since June 2014. Government data revealed a faster-than-projected rate of new-home...

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2018 California Housing Market Forecast

2018 California Housing Market Forecast - interesting info - check it out. *California’s housing market will post a nominal increase in 2017, as supply shortages and affordability constraints hamper market activity. The C.A.R. forecast sees a slight increase in existing home sales of 1.0 percent next year to reach 426,200 units....

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Instagram, Facebook photos spur Millennials to become homeowners

They’re landing better jobs and higher salaries. They’re getting married and having kids. And they’re tired of living in their parents’ basements. Now, here’s another reason Millennials are itching to buy a house: They see photos of homes on Instagram and Facebook that their friends bought, and think: “What about me”? This "FOMO"  — fear of missing out —  has become one of the forces spurring many Millennials to finally buy a home, according to a Bank of America survey of 2,000 adults early this year. “I think it’s motivating...

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Why Los Angeles Attracted Boundary-Pushing Architects

*AIA architect Richard Banta designed home listed & sold by Chris Jacobs The possibility for starting anew attracts those dedicated to making a better way of life for themselves and others. From the Gold Rush prospectors to the bungalow brigade, millions have flocked to the hills and valleys of the Los Angeles area in search of a better life. The nurturing natural environment and open-minded cultural ambiance have long fostered a native tradition of innovative house design. Early experiments in residential architecture engaged the local traditions of...

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LOVE IT OR HATE IT, TAX REFORM IS NOW LAW.

Love taxes? Didn’t think so, but it is best to be in the know with the new tax reforms of 2018 that will effect your real estate property. Mortgage interest deduction: As of January 1, 2018, the new cap for mortgage interest deductions is $750,000, down from $1 million. The mortgage interest deduction for existing mortgages of up to $1 million secured before Dec. 15, 2017 will not be affected. Homeowners may also refinance mortgage debts existing as of Dec. 14, 2017 up to $ 1 million...

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The Playboy Mansion Won’t Be Demolished After All

 New owner Daren Metropoulos and Los Angeles city council member Paul Koretz signed a protection covenant agreeing not to demolish the house The Playboy Mansion will live on despite the death of its famous owner, Hugh Hefner, according to an agreement recently signed between new owner Metropoulos and the city of Los Angeles. The agreement, referred to as a permanent protection covenant, states that Metropoulos will agree not to demolish the 14,000-square-foot main residence where Hefner threw raucous parties and hosted a bevy of live-in beauties. The covenant...

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Inside One57, Where New York’s Most Expensive Penthouse Just Sold For A Record-Breaking $100 Million

  New York real estate is soaring, and there's no better proof than One57.  It is official, Dell Technologies founder and CEO Michael Dell was the buyer behind the $100.47 million purchase of a penthouse on Manhattan’s Billionaire’s Row, according to two people familiar with the deal. The transaction holds the record for the most expensive home ever sold in New York City and the first to surpass $100 million.  Located on the 89th and 90th floors, the penthouse has 11,000 square feet, six bedrooms, a steam room,...

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TOUR INSIDE JENNIFER ANISTON DREAMY CALIFORNIA HOME

High above Los Angeles, Jennifer Aniston crafts a scene of pure domestic bliss with husband Justin Theroux, a spectacular midcentury house, and a trio of very happy dogs.There’s a seriously imposing desk in Jennifer Aniston’s home office that looks as if it might have been plucked from the executive suite of some international conglomerate. It positively radiates authority. “I feel extremely powerful when I sit at that desk—so powerful, in fact, that I’m almost never there,” the effervescent actress jokes. Instead, Aniston prefers to work at...