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With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and...

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and planning her next trip to Paris.

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California Median Price Hits 2011 High


California's Median Home Price Hits 2011 High







The state of California is soaking in the last rays of the calendar summer and cashing in on the last days of the traditional homebuying season, with sales soaring in August and the median home price touching on its highest reading of the year.



Data provided by the California Association of Realtors (C.A.R.) puts the statewide median price of an existing, single-family home sold in California last month at $297,060.


“August’s median price marked the highest since December 2010, signifying that prices may be stabilizing in some market segments, as investors and first-time buyers continue to see value and opportunity in the market,” said Beth L. Peerce, C.A.R. president.


The August price point is up 1 percent from a revised $294,050 in July. Last month’s was the highest reading in eight months, but remains 7.4 percent below the $320,860 median price recorded for August 2010.


The San Francisco Bay area registered a median price of $498,190 last month, while the Inland Empire came in at




$173,670, and the Los Angeles metro fell in between at $275,100.


Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted 497,390 units in August, up 8.6 percent from July, according to information collected by C.A.R. from more than 90 local Realtor associations and MLSs statewide. August home sales were up 10.2 percent from the same period last year.


Leslie Appleton-Young, C.A.R.‘s chief economist, says while the increase in August sales is encouraging, this data is largely based on closings that occurred before the debt ceiling debate in early August which spawned increased concern about the future of the U.S. economy.


“How these events and the impending reduction in the conforming loan limits will impact home sales and prices in the coming months remains to be seen,” Appleton-Young noted.


C.A.R.’s index of unsold single-family housing inventory was 5 months in August, down from 5.5 months in July and 5.8 months in August 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.


The biggest backlog of housing stock can be found in the Los Angeles metropolitan area, but at only a 5.4-month supply, even that is well below the national average.


By comparison, the National Association of Realtors’ assessment of market conditions for the month of July put the overall inventory of unsold homes in the U.S. at a 9.2-month supply.


The California Realtor group reports the sales cycle for single-family homes was a median 52.7 days in August, compared with 45.5 days a year earlier.





Posted via email from Tracy's LA Real Estate



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Good News from DSNews

DS stands for Default Servicing, so if this publication is talking about sales going up, this is real news!

Sales of previously owned homes came in 18.6 percent higher last month when compared to August 2010, according to data just released by the National Association of Realtors. Completed transactions rose 7.7 percent on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million. The latest numbers far surpassed market expectations. Many analysts were forecasting a decline while others were predicting a much more modest increase, with projections for the annual rate ranging between 4.61 million and 4.80 million.

Posted via email from Tracy's LA Real Estate

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Just Sold! 2611 Oneida Street, Pasadena

2611 Oneida Street, Pasadena



2611 Oneida Street, a stylish mid-century home in Pasadena, closed last Friday (the 16th) with a final sales price of $580,000. This was one of the smoothest escrows we've had this year, always much appreciated! Features include the crips lines of the mid-century style, original details such as casement windows, hardwood floors and a fireplace in the living room. Skylights brighten the interior. More modern upgrades include central air and heat, a new patio cover and a fountain in the backyard. The spacious family room just off the kitchen opens up the floorplan and adds to the versatility of this 1600 square-foot two-bedroom, one-bath home.

Listed for $589,000
Sold for $580,000
2 bedrooms, 1 bath
Built in 1948
1,610 sq. ft. on a 7,850 sq. ft. lot

2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


For more pictures and details visit www.2611OneidaStreet.com

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Just Sold! 1532 Rose Villa Street, Pasadena

1532 Rose Villa Street, Pasadena



After a year of traveling the world, our buyers were ready to settle back down in Pasadena.  We helped them buy 1532 Rose Villa Street, a Mediterranean-revival 3 bedroom, 2 bath home located on a tree-lined street.  Features include a Batchelder tile fireplace, gourmet kitchen, outdoor fireplace with built-in grill, in-ground jacuzzi, and period hardware throughout.

rosevilla


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena



Listed for $1,175,000 by Cynthia Luczyski, Deasy/Penner and Partners
Sold for $1,184,000 on September 16, 2011.
2,094 sq. ft. on 0.25 acre lot
Built in 1925

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Tracy King has shared: 5 ways appraisals are sinking real estate deals | Inman News

Very concise and accurate assessment of the appraisal issues I have been commenting on for over 2 years.
5 ways appraisals are sinking real estate deals | Inman News
Source: inman.comWhy your loan may be denied. The first article of this series described an epidemic of late-stage mortgage loan rejections. These rejections are very costly to consumers because they occur after the payment of an appraisal fee, and in some cases after payment of a nonrefundable fee to the lender.A major factor underlying the increase in late-stage rejections is a decline in the quality of appraisals, which is the subject of this article. Why appraisal quality has declined: market factors Part of the decline in appraisal quality has been the result of market factors beyond anyone's control. Home-price weakness: During the go-go years before 2007, home prices generally increased. Both appraisers and underwriters implicitly assumed price increases would continue, which imparted an upward bias to appraisals.

Tracy King sent this using ShareThis.

Posted via email from Tracy's LA Real Estate


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New Listing! 5220 Hartwick Street, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5220 Hartwick St, Eagle Rock, CA
New listing! Open Sunday 9/11 2-5pm; Tuesday 9/13 10-2pm; and Thursday 9/15 10-2pm.
3BR/1BA Single Family House
offered at $299,000
Year Built 1923
Sq Footage 1,200
Bedrooms 3
Bathrooms 1 full, 0 partial
Floors 1
Parking 1 Car garage
Lot Size 7,450 sqft
HOA/Maint $0 per month
DESCRIPTION

Perched above the street to take advantage of sunset views, this 1923 Craftsman cottage offers so much to love--the well-above-Colorado Blvd location, the spacious living/dining room that stretches across the width of the house, the large back yard, the Dahlia Heights Elementary school down the street, the list goes on. Priced to help you see the opportunity behind the original solid wood door--at last, a house to make your own home!
see additional photos below
PROPERTY FEATURES

- Fireplace - Hardwood floor - Living room
- Dining room - Stove/Oven - Laundry area - inside
- Yard
OTHER SPECIAL FEATURES

- Built in 1923
- Located north of Colorado Blvd. in Eagle Rock
- Large lot with lots of potential!
- For more photos and open house times visit www.TracyKing.com
ADDITIONAL PHOTOS

Front
Porch
Porch View
Dining and Living
Living Room
Dining Area
Kitchen
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bath
Laundry Room
Hallway
Patio
Back Yard
Back Yard
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Sep 8, 2011, 2:16pm PDT
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New Listing! 5326 Loleta Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5326 Loleta Ave, Eagle Rock, CA
New listing! Open Sunday 9/11 2-5pm; and Tuesday 9/13 10-2.
3BR/1+1BA Single Family House
offered at $679,000
Year Built 1925
Sq Footage 1,859
Bedrooms 3
Bathrooms 1 full, 1 partial
Floors 2
Parking 2 Car garage
Lot Size 6,000 sqft
HOA/Maint $0 per month
DESCRIPTION

Want that open floor plan with a view from the kitchen to the family room out to the backyard? Want some Spanish character like a nice fireplace with Mayan-style tiles but with an updated kitchen with caesarstone counter tops and lots of cabinets? Want a master bedroom with its own bath and walk-in closet, and you want it separate from the other 2 bedrooms and bath? This is it! And there's more: hardwood floors, central air & heat, a completely fenced and gated backyard with room for play equipment and a fountain.
see additional photos below
COMMUNITY FEATURES

- Garage parking - Covered parking
OTHER SPECIAL FEATURES

- Built in 1925
- Located north of Colorado Blvd. in Eagle Rock
- For more open house information visit www.TracyKing.com
ADDITIONAL PHOTOS

Front
Porch
Living Room
Dining Room
Kitchen
Kitchen
Family Room
Family to Kitchen
Bedroom
Bedroom
Bath
Master
Master Bath
Master
Backyard
Back
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Sep 8, 2011, 12:27pm PDT
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There's more here than meets the eye...

Spanish family home has surprising open floor plan, 3 bedrooms, 2 baths, family room, great backyard--1880 sqft for only $679,000!
Located close to Hill Drive in the Dahlia heights Elementary school area.
Photo

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate


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Property Boundaries

We Realtors like to think that we are the experts at the center of the transaction, but we really can't give information about aspects of the purchase that are outside our areas of expertise. I'm not a roofer, I can't tell you if the roof looks good. I'm not a plumber, I can't tell you if the house has all copper plumbing. I can help you prioritize what you need to do to put your house on the market, strategize the pricing and marketing plan, write up a good purchase contract, negotiate a sale, guide you through the escrow process and many many other tasks that are part of helping you accomplish your real estate goals. When it comes to plumbing, roofing, flooring and other such things, I defer to others' professional expertise.

I am asked all the time about where property lines are at a property for sale. My answer is always, "If you really want to know, have a survey done." But there is a middle path--once in escrow, you can ask your title company to come out and identify the boundaries. This gives you a pretty good idea of where the lines are, though the survey is still the best way to determine them.

From the excellent loan officer, Linda Wilkes, Prospect Mortgage:

Fences should not be considered an indication of property boundaries. Legal property boundaries are demarcated by surveyor pins or stakes. These are typically 1/2" to 3/4" round iron pipes flush or buried slightly below land surface. Newer pins might have yellow or orange caps that indicate the surveyor's license number.

Locating property lines can be challenging. Older surveyor pins tend to erode. Older property markers could be metal posts, rebar, pipes or car axles. Those having difficulty locating their surveyor pins, also called corner pins, should contact their city or county government and get a copy of their plat map.

A plat map will identify each specific lot located in a subdivision — as well as the shape and dimension of the lot — and where the surveyor pins are located.

If a plat map is not available, or no pins are found, the next step is to contact a registered land surveyor to locate the property lines and set new surveyor pins. The boundary surveyor will thoroughly research city and county records relating to the land and all adjacent property. After research, the field work begins, reconciling the research with the onsite analysis on the property to determine the final boundary lines.

Boundary surveys might also include property improvements, fences, power lines and any encroachments crossing the property lines. Costs of a boundary survey can vary depending on property size, terrain, vegetation, location and season.

A survey is strongly recommended before subdividing, improving or building on land. Building beyond property lines could result in being forced to alter or remove a structure, fines and lawsuits.

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WTwT CoWineCo

The best pairing so far: Amber Ale and bacon Bourbon baked beans. Yum!

 

Photo

 

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Just Sold! 5232 Townsend Avenue, Eagle Rock

5232 Townsend Avenue, Eagle Rock

 

Just sold, with multiple offers! We listed this Spanish charmer for $449,000 and sold it for $521,000. This home has only had two owners, and is ready for the excited new home owners to move in and make it their own. Located north of Colorado Blvd., it has spacious rooms, including a large eat-in kitchen, plus a great backyard with covered patio.

 

Here are the details:


Listed on July 18 for $449,000
Closed escrow on August 30 for $521,000
1,640 sq. ft. home
7,650 sq. ft. lot
3 bedrooms, 1.5 baths

5232 Townsend Avenue, Eagle Rock

 

5232 Townsend Avenue, Eagle Rock

 

5232 Townsend Avenue, Eagle Rock

 

5232 Townsend Avenue, Eagle Rock

 

5232 Townsend Avenue, Eagle Rock

 

5232 Townsend Avenue, Eagle Rock

 

5232 Townsend Avenue, Eagle Rock

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Just Sold! 1907 Oak Street, Burbank

1907 Oak Street, Burbank

 

Just sold! 1907 Oak Street in Burbank just closed escrow after receiving multiple offers. This 3 bedroom, 1 bath Spanish cottage was upgraded with central air and heat, automatic sprinklers, and updated plumbing and electric systems. The backyard is a real retreat with a patio, old-fashioned barbecue, lush lawn with a hammock strung between shade trees for relaxing summer evenings.

 

Here are the details:


Listed on July 18 for $439,000
Sold on August 30 for $462,000
986 sq. ft. house
5,850 sq. ft. lot

1907 Oak Street, Burbank

 

1907 Oak Street, Burbank

 

1907 Oak Street, Burbank

 

1907 Oak Street, Burbank

 

1907 Oak Street, Burbank

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Tracy King has shared: 5 reasons real estate hasn't recovered

This is a good overview of the issues keeping house prices from rising even in areas where there is little inventory.
5 reasons real estate hasn't recovered
Source: lowes.inman.com

 

Tracy King sent this using ShareThis.

Posted via email from Tracy's LA Real Estate

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Just Sold! 5126 Ellenwood Drive, Eagle Rock

5126 Ellenwood Drive, Eagle Rock

 

Just sold! 5126 Ellenwood Drive just closed escrow - proof that short sales are indeed do-able!  We brought this classic Craftsman bungalow on the market on March 28 of this year, accepted on offer on April 18, and closed escrow on August 29. Just four months to get short sale approval from Bank of America, navigate through buyers' inspections, and close escrow.

 

Here are the details:



Listed on March 28, 2011
Closed on August 29, 2011 - for a final sales price of $584,000!
3 bedrooms, 2 full baths
1,612 sq. ft. house
9,150 sq. ft. lot, with pool

5126 Ellenwood Drive, Eagle Rock

 

5126 Ellenwood Drive, Eagle Rock

 

5126 Ellenwood Drive, Eagle Rock

 

5126 Ellenwood Drive, Eagle Rock

 

5126 Ellenwood Drive, Eagle Rock

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New Listing! 1260 Hill Drive, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
1260 Hill Drive, Eagle Rock, CA
New listing! Open Thursday 9/1 10-2 and 5:30-7pm; Sunday 9/4 2-5pm; and Tuesday 9/6 10-2pm.
3BR/2BA Single Family House
offered at $599,000
Year Built 1951
Sq Footage 1,480
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 4,100 sqft
HOA/Maint $0 per month
DESCRIPTION

Almost new, all fabulous! This architectural beauty is everything the modernist aficionado wants in a home. Soaring roof lines, lots of windows and large sliding glass doors bring the outdoors into an open, functional living space. Re-built between 2004 and 2007, when the eco-friendly trend was gathering momentum, this 3-bedroom, 2-bath house has dual-pane glass windows, low-VOC glued maple floors, and VOC-free organic milk paint throughout. The sewer lines, copper plumbing, electrical systems and central air and heat are all new. Originally built in 1951, the rebuild was designed by architect Christo Karzakis and constructed by local contractor John Hole.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- High/Vaulted ceiling - Hardwood floor - Living room
- Laundry area - inside - Balcony, Deck, or Patio - Yard
OTHER SPECIAL FEATURES

- Originally built in 1951, completely re-built in 2004-2007
- Open living space, lots of natural light
ADDITIONAL PHOTOS

Front
Living Room
Kitchen
Kitchen
Kitchen to Living Room
Fireplace and built-ins
Front bedroom
Laundry and hall bath
Middle bedroom
Master bedroom
Master bath
Side yard patio
Back yard
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Aug 30, 2011, 4:13pm PDT
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Just Sold! 1145 Oak Grove Drive, Eagle Rock

1145 Oak Grove Drive

 

Just sold! 1145 Oak Grove Drive, in Eagle Rock, sold last week for $535,0o0. This mid-century traditional has 3 bedrooms, 2 baths, plus an entire downstairs for use as a family room, den, and office. The private backyard is perfect for outdoor living with an deck, outdoor kitchen, spacious play area, and dog house.

 

Here are the details:


Listed on July 8, 2011 for $539,000
Sold on August 26, 2011 for $535,000
1,540 sq. ft. home
7,160 sq. ft. lot
Upgrades include remodeled kitchen and baths, central air and heat, and finished garage

1145 Oak Grove Drive

 

1145 Oak Grove Drive

 

1145 Oak Grove Drive

 

1145 Oak Grove Drive

 

1145 Oak Grove Drive

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New Listing: 4745 College View Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
4745 College View Avenue, Eagle Rock, CA
New listing! Open Thursday 8/25, 10-2pm; Sunday 8/28, 2-5pm; and Tuesday 8/30, 10-2pm!
2BR/1BA Single Family House
offered at $399,000
Year Built 1924
Sq Footage 1,117
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 1
Parking 1 Car garage
Lot Size 7,800 sqft
HOA/Maint $0 per month
DESCRIPTION

This sweet English Tudor is perched above College View Avenue with eastern views over Eagle Rock. Have your morning coffee and enjoy the sunrise through your stunning picture window. The living room has a high-pitched, vaulted ceiling, original light sconces, hardwood floors, and a brick fireplace. The kitchen and bath are in pristine condition with the original character respected. The back yard is terraced above a spacious patio, and even includes a picturesque shed with artistic potential. This is a short sale and subject to lien holder approval.
see additional photos below
PROPERTY FEATURES

- Fireplace - High/Vaulted ceiling - Hardwood floor
- Tile floor - Living room - Dining room
- Refrigerator - Stove/Oven - Laundry area - inside
- Balcony, Deck, or Patio - Yard
COMMUNITY FEATURES

- Garage parking

 

OTHER SPECIAL FEATURES

- Built in 1924
- Great eastern views
- Original character and details throughout
- Visit www.TracyKing.com for open house dates

 

ADDITIONAL PHOTOS

4745 College View Ave
Living Room
Dining Area
Family Room
Kitchen
Bedroom 1
Bedroom 2
Bath
Patio
Yard
From Street
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
 
Powered by Postlets
Posted: Aug 24, 2011, 8:15am PDT

 

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What will this house sell for?

Inquiring minds want to know what will this house at 4015 San Rafael at the top of Mt. Washington sell for? It's listed for $950,000.

 

Photo

 

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Market Report: Eagle Rock

ERGraph081111 copy

Here’s my take on this report:

Median price means half the properties sold for more than this number and half sold for less than this number. Is it meaningful? Figure this out (all concerning the month of July only):

3 of the sales this year were for more than the highest sale last year

But what is truly noteworthy about this year over last year is:

The number of active listings is over 40% fewer
The number of properties pending sale is 150% more
The percent of properties under contract compared to what is on the market is over 330% more!

The market is much more active right now. Why? We can say it’s low interest rates and that there is a perception that we are truly at the bottom, but we had the same factors going last year. The economic news isn’t much better, in fact, a number of homeowners have decided to sell because the future holds no promise that the picture will improve in the next couple of years. I think the true meaning is that buyers are buying homes to live in because everyone has to live somewhere and many people do not want to rent, and sellers can sell in this market if their homes are priced right.

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Interesting Financial Advice

I'm posting this because it strikes me as good advice that shows some thinking outside of the box for financial planning, which is what I like to think I do regarding real estate. I have subscribed to Justin's email newsletter ever since I saw him speak at a California Association of Realtors conference a few years ago. I have never worked with him, I don't know how good a job he does, but you might want to contact him if you are looking for a Financial Planner. I certainly will.

Justin Krane, a Certified Financial PlannerTM professional, is the founder ofKranefinancialsolutions.com. Known for his simple, savvy, holistic approach to financial planning, he has the unique ability to advise his clients on how to merge their money with their lives, so that they can make sound decisions with their finances, and get more of what they want in their lives.

8 Things I Want You to Know Right Now



1. Try not to panic. It's tough to make money that way.

2.  Keep your eye on the price of gold. For stocks to make a comeback, gold needs to go lower.

3.  The stock market needs leadership from Washington. Obama needs to appeal to business owners and tell Congress to come back from vacation and get a better budget deal done.

4.  If you had a target allocation of 50% bonds and 50% stocks, you probably are now 45% stocks and 55% bonds. Consider rebalancing back to what your initial allocation was.  This is general advice.  I have no idea what your risk tolerance is and when the PERFECT time is for rebalancing.

5.  Company insiders (CEOs) have been buying their own company stocks aggressively. That is a good thing.  Many retail investors have been selling out of mutual funds - great contrarian indicator - meaning the general public makes poor timing decisions.

6.   Based on your situation, consider converting your IRA to a Roth IRA. Talk to your financial advisor and CPA for all of the details.

7.  Call your mortgage person and consider refinancing your mortgage.

8.  Not sure what you should do based on your own circumstances?  Give us a ring.  310-989-0934 or 800-506-6071 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.. We're here for you.  No judging, just really solid advice to help you figure this financial stuff out.

This newsletter is for informational purposes only and should not be construed as individualized investment advice.

P.S.  Click Here to forward this information to anyone who might be interested.

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