Archives for April 2011

Weichman Realtors Sponsors The 4th annual Costa Mesa Community Run

Friday | April 22, 2011 | Costa Mesa

Bring Your Community Run Wristband

to The Weichman Booth for a free prize!

 

The 4th annual Costa Mesa Community Run brings together community and school for a 2K fun run and a 5K run through Fairview
Park, beginning and ending with a lap in Jim Scott Stadium at Estancia High School.

The well-marked USTFA-sanctioned 5K course winds
through Fairview Park, which offers rolling hills, ocean views and cool breezes.
All entrants will receive a T-shirt and a goodie bag. 2K entrants will also
receive a medal.

The overall male and female winners of the 5K will
each be awarded a $250 gift card from IKEA.

The event, which supports Costa Mesa public schools,
begins at 5 p.m. Friday, April 22, with an expo featuring live music by Orange
County blues/dance band Blue Daddy, $1
food, an Easter egg hunt, rides and more.

Bib numbers, T-shirts and goodie bags will be
available for pick up from 3-7:30 p.m. Thursday, April 21, at Road Runner Sports
(1835 Newport Boulevard) or Friday, April 22, at the expo.

Licensed drivers 18 or older will have the
opportunity to test drive the 100% electric Nissan LEAF during the expo and run.
Nissan, sponsor of Team RadioShack and official vehicle of the 2011 Amgen Tour
of California, is giving cycling, endurance and performance sport enthusiasts
the chance to to test drive the “no tailpipe, zero emissions” electric car. Stop
by and enter for a chance to pace the race during Stage 7 of the Tour of
California.

Saturday | April 23, 2011 | Costa Mesa

Race Day Schedule

  • 6:30 a.m.: Registration opens
  • 7 a.m.: Health and community fair and pancake breakfast begins
  • 7:30 am: Aerobic warm-up
  • 8 a.m.: 5K start
  • 9 a.m.: 2K fun run start / award ceremony
  • 10 a.m.: Nature walk

Course map

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OC Skate League Update

OC Skateboarding League continues to bring local students the opportunity to skate competitively with Round 3 of its 2011 season starting on April 22nd at the Volcom Outdoor Park in Costa Mesa.


Newport Beach, California (April 15, 2011)– The OC Skateboarding League is gearing up for its 5th contest this season and the competition looks fierce.  With the April 22nd contest date right around the corner, team skaters get ready to bring their best tricks. The season consists of 4 Rounds with 2 contests in each round. Of the 19 school teams in the league, 5 High schools and 5 Middle Schools compete against each other each contest and the rankings are compiled after each round.

Currently holding the top spots for High school after Round 2 include Costa Mesa High School and San Clemente High School tied for first, Estancia High School 3rd, and Newport Harbor High School 4th.

The top Middle School teams include Shorecliffs in 1st, Earl Warren (Encinitas) in 2nd, and Los Alisos in 3rd.

The top 3 High school street riders in order from 1st to 3rd are Dominick Walker (Costa Mesa HS), Sandro Viola (San Clemente HS), and Devyn Flanner (San Clemente HS) and the top 3 middle school riders are Kouhei Kito (Dwyer MS-Huntington Beach), Trenton Schwartz (Bernice Ayer-San Clemente), & James Whelan (Shorecliffs-San Clemente).

The top 3 High School Bowl riders include Garrett Kilbarger (Mission Viejo HS), Dominick Walker (Costa Mesa HS), and Aaron Kim (Huntington Beach HS) and the top 3 Middle school riders are Donovan Liebelt (Masuda), Brandon Burleigh (Los Alisos), and Sara Thompson (Ensign MS).

You can view all of the rankings at: http://www.ocskateboardingleague.org/Standings.html <http://www.ocskateboardingleague.org/Standings.html> . The top individual riders and school teams will advance to the finals this summer hosted by the Maloof Money Cup. http://maloofmoneycup.com/skateboarding <http://maloofmoneycup.com/skateboarding>

The April 22nd contest is at Volcom Outdoor Skatepark in Costa Mesa (900 Arlington Avenue). Bring your family and friends to support local skaters. Schools competing include Costa Mesa HS, San Clemente HS, Mission Viejo HS, Northwood HS, Huntington Beach HS, Costa Mesa MS, Bernice Air MS, Los Alisos MS, St. Edward’s MS, and Earl Warren MS. Event includes a preliminary street round for High School and Middle School, a bowl contest, and a Finals with the top 10 competitors from each age bracket. Fans will be entertained with a DJ presentation, a Snack Bar, and great Raffle prizes. Hope to see you all there!

About OC Skateboarding League
The OC Skateboarding League was founded in March 2010. The OCSL supports Orange County High School and Middle School teams, along with student skateboard programs and facility improvements. The skateboarding league was designed as a way for students to participate in a non-traditional school sport programs. It is an excellent way to showcase individual             skateboarding talents in a team environment.

The Orange County Skateboarding League is a non-profit organization founded by Katrina Foley that is comprised of 11 active board members, team parents, school faculty advisors, volunteers, and skate team coaches.    We encourage parents, friends and fans of skateboarding to show support to your student skateboarder.

The OC Skateboarding League currently consists of teams from 19 schools:
Costa Mesa HS, Estancia HS, Huntington Beach HS, San Clemente HS, Northwood HS, Newport Harbor HS, Mission Viejo HS, Los Alamitos HS, Fountain Valley HS, Costa Mesa Middle, Shorecliffs , Earl Warren, Los Alisos, Dwyer, Masuda, Ensign, Bernice Ayer, Sowers, and St. Edward’s. The 2012 season will start in October with tryouts. You can try out to be on an existing team or you can start a new team at your school. There is a minimum of 5 riders per team and a maximum of 10 riders. To get more information about how to start or join a team, please email us at:
ocskateboardingleague@gmail.com <mailto:ocskateboardingleague@gmail.com> .

Top sponsors of the league include Volcom, Maloof Money Cup, Woodward West, The Foley Group, and Costa Mesa United.

For Any Questions/Comments please contact Katrina Foley: Katrina@ocfoleylaw.com
For more information please visit:

www.ocskateboardingleague.org

http://www.facebook.com/ocslteams http://twitter.com/#!/ocsk8lg

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Real Estate Week In Review

For the week of Apr 18, 2011 — Vol. 9, Issue 16

In This Issue…
Last Week in Review: How do you sort out seemingly contradictory data and the impact on the market? Read below to find out.

Forecast for the Week: How is the housing industry holding up? And what does the labor market look like? We’ll see this week.

View: Monday, April 18 is tax day! Did you know you can get freebies and other specials on tax day? Find out where below.

Last Week in Review
“YOU’RE HOT THEN YOU’RE COLD…” Katy Perry’s hit song “Hot N Cold” is all about contradictions. And each week the markets receive their share of news that seems contradictory… but may not be. The inflation reports from last week provide an excellent example – so let’s see what they really said and why it matters!

Last week, two inflation reports came in. The Core Producer Price Index (PPI) reported that inflation was slightly hotter than the expected. However, the Core Consumer Price Index (CPI), which measures inflation at the consumer level, came in slightly cooler than expected.

So why the contradiction between the two indices? What does this mean?

Although the reports seem contradictory, they’re not really. They actually focus on different aspects of inflation. The PPI shows us what’s going on at the wholesale or production level, while the CPI focuses on what’s happening with people like you and me who consume products.

So, looking back at the reports, we see that the PPI indicates inflation is on the rise at the wholesale level. But the CPI report indicates that the inflation isn’t being passed on to consumers – like you and me – at least not yet. The bottom line is that inflation is most certainly on the rise, but it remains somewhat tame for the moment in terms of what consumers are experiencing.

Speaking of production, last week we saw that manufacturing in the New York State region rose for the fifth consecutive time and came in at the best level in a year. Similarly, Industrial Production came in better than expected. Higher productivity keeps operating costs lower, lessens the need for hiring, and helps keep prices down. Also last week, Capacity Utilization – which simply means how much of a factory’s production capacity is being used – was reported at the highest reading since mid-2008, which means it is on the rise. However, until this reading climbs a little higher, the available slack within the production cycle will inhibit some hiring and also inflation growth.

Overall, the reports indicated that business conditions and production continue to improve. However, we’re not quite where we want to be, and more growth is needed to really help boost the labor market.

In terms of how the news impacted Bonds and home loan rates, last week’s reports were friendly to Bonds and home loan rates in a couple of ways. First, they promoted low inflation for the time being – and inflation is the archenemy of Bonds and home loan rates. Second, the slack in production and slowed pace of hiring is Bond friendly. Remember, Bonds actually like negative economic news because it normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve.

All of this means that home loan rates are still very attractive. If you have been thinking about purchasing or refinancing a home, call or email me to learn more about how you can benefit from the current situation. Or forward this newsletter on to someone you know who may benefit.

Forecast for the Week

In the early days of this week, the news will shift to the health of the housing industry, and then end with more labor and manufacturing news. Here are some of the reports to watch:

  • We’ll start out Tuesday morning with new reports on Housing Starts and Building Permits in March.
  • Those reports will be followed on Wednesday by a report on Existing Home Sales in March. So by mid-week, we’ll have a good look at the health of the housing industry. Feel free to call or email me to discuss how these reports came in and what impact they may have.
  • Thursday we’ll see the weekly Initial Jobless Claims Report. In the report released last week, Initial Jobless Claims climbed higher to 412,000, and above the psychologically significant 400,000 mark for the first time since March 5th. Funny how those round numbers work with our brains – it’s the same logic as why something at the store costs $7.99, instead of $8.00. Overall, the report indicated that employment growth continues to muddle along.
  • Also on Thursday, we’ll see more manufacturing news – this time in the form of the Philadelphia Fed Index, which is considered an important indicator of the manufacturing industry and, therefore, has the potential to move the markets depending on how it comes in.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

As you can see in the chart below, Bonds climbed at the end of last week, due in large part to the report that inflation remained contained for now.

Remember, inflation is the archenemy of Bonds and home loan rates. So the news of contained inflation was good for Bonds and home loan rates – making this a good time to purchase or refinance a home. Call today to get started.

Chart: Fannie Mae 4.0% Mortgage Bond (Friday Apr 15, 2011)
Japanese Candlestick Chart
The Mortgage Market Guide View…
Tax Day 2011 Freebies

Several companies are offering relief to taxpayers by giving away goodies or offering special deals.

By Cameron Huddleston, Kiplinger.com

Tax day probably isn’t on the top of anyone’s list of favorite days. But here’s a reason you can actually look forward to April 18 (the deadline for filing your tax return this year): FREEBIES.

Several companies will be offering relief to taxpayers in the form of free treats, food, workouts and massages, and drink and dining specials. Here’s a rundown of who is offering what:

Bally Total Fitness is letting anyone work out for free April 18. Members can sign up from April 15 through April 21 for a free 30-minute personal training session. And during that same period, non-members can take advantage of a tax day membership special with a two-year Premier National Access membership for $418, a savings of $61 from the standard price.

California Tortilla is giving customers free chips and cheese (queso) with a purchase on April 18 because “you have to pay the big cheese.”

Cinnabon will offer two free Classic Cinnabon Bites on April 18 from 6 p.m. to 8 p.m. as part of its Tax Day Bites promotion.

HydroMassage locations nationwide will provide free massages between April 14 and April 18 to help eliminate the stress of tax filing. Get a coupon for a free message at www.hydromassage.com/taxday.htm and call ahead to schedule a session.

IHOP has a kids-eat-free promo the entire month of April. From 4 p.m. to 10 p.m., children 12 and younger get one free meal with each paying adult.

MaggieMoo’s Ice Cream and Treatery will offer a free mini ice cream sundae from 3 p.m. to 6 p.m. April 18. The “Sundae Stimulus” will feature the new Crumb Cake Fundae, which includes cinnamon Hostess® Streusel Cake, cinnamon “Cinamoo” ice cream, caramel sauce, mixed nuts and whipped cream.

McCormick & Schmick’s will host an all-day Tax Relief Procrastinators Celebration on Monday April 18, featuring a variety of $10.40 entrée specials (available in the bar only) and tax relief drink specials. For extra tax relief, all guests who make a purchase in the bar all day on April 18 will receive a $10.40 dining certificate (while they last) to use the next time they visit the restaurant.

P.F. Chang’s is offering a 15% discount on dine-in and carry-out orders April 18 (alcohol and happy hour items excluded).

Unfortunately, several companies that offered tax-day freebies in the past won’t be doing so this year. For example, you won’t get a free cup of coffee at Starbucks this year. Subway, Jamba Juice, Dunkin’ Donuts, Kimpton Hotels and T.G.I. Friday’s won’t offer any special deals on tax day, either.

Reprinted with permission. All Contents ©2011 The Kiplinger Washington Editors. www.kiplinger.com.

————————–

Economic Calendar for the Week of April 18-22, 2011

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of April 18 – April 22

Date ET Economic Report For Estimate Actual Prior Impact
Tue. April 19 08:30 Housing Starts Mar NA 479K Moderate
Tue. April 19 08:30 Building Permits Mar NA 517K Moderate
Wed. April 20 10:00 Existing Home Sales Mar 5.00M 4.88M Moderate
Thu. April 21 08:30 Jobless Claims (Initial) 4/16 390K 412K Moderate
Thu. April 21 10:00 Philadelphia Fed Index Apr 32.9 43.4 HIGH
Thu. April 21 10:00 Index of Leading Econ Ind (LEI) Mar 0.2% 0.8% Low
The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.
As your trusted advisor, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.
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Write-offs to Remember


Deductions in the Loan Process

Write-offs are the government’s way of rewarding taxpayers when they’ve done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget. 

Make sure your clients take advantage of every break the IRS will give. Here are a few they tend to forget:

Points:
According to the IRS, origination fees charged as points must be paid for the use of money, (for example, to obtain a lower interest rate) in order to be tax deductible. Origination fees that constitute a “service fee” are not tax deductible. The question must be asked, “Does the fee apply to the use of money, or is it a service charge?”

Pre-payment penalties:
Unforeseen circumstances often cause borrowers to pull out of their mortgages sooner than expected. Fortunately, pre-payment penalties are tax deductible, which helps ease the pain.

Pro-rated real estate taxes:
Even if the seller sent the tax collector the check, chances are the buyer paid a pro-rated portion of the taxes for the year at closing. Be sure they know to deduct their fair share.

Pro-rated mortgage interest:
Depending on when in the month the home sale closes, buyers pay either a hefty or a tiny amount of pro-rated mortgage interest for that month. Big or small, they can write that off. The Final Closing/Settlement Statement will show just how much they’re due.

Home construction loan interest:
As long as the construction period doesn’t last more than two years before they make the new place their “principal residence,” they can write off the interest for that construction loan.

It pays to pay attention – all these write-offs can add up to some serious savings when tax time comes around. As always consult your tax adviser.


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Ways to Improve Your Credit Score

Ways to Improve a Credit Score

With identity theft on the rise, consumers are becoming increasingly aware of the importance of reviewing their credit reports. However, their thoughts about credit and its long-term impact upon their financial future typically end there until it’s time to apply for a home loan. A credit score is used to evaluate how likely a borrower is to repay their loan. There are several actions a person can take to impact their score. Here are a few to keep in mind.

If someone has a credit card which has a high balance, while their remaining credit cards have low or zero balances, it’s best to distribute the debt across the cards in order to change the ratio of debt to available credit.

Many consumers believe that they should close an existing credit card account if the card is inactive. It’s better to keep the account open and use it periodically in order to take advantage of its contribution to their long-term credit history.

With the flood of credit card offers that come in the mail, it may be tempting to open new accounts. However, these “pre-approved” offers are not approved until the companies run a credit report which will temporarily impact the applicant’s credit score. In addition, experts recommend that a person maintain between two to five credit card accounts, total, so it’s best to avoid accumulating too many.

There are several factors that contribute to a credit score. But by observing the tips above, as well as making payments on time and keeping balances as low as possible, a consumer is sure to achieve superior results.

Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Thursday, 7th April, 2011:
Term Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
30 Year fixed Conforming 360 4.875% 4.938% $5.29 5.25% 5.339% $5.52
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