The National Economy according to Fannie Mae Economic and Strategic Research Groups, indicate that the National Economy is on track for a moderate slow down in 2019. They forecast a 2.2 percent growth, down from the 3.0 percent growth in 2018.
We are still afflicted with a housing shortage. We see this throughout the Bay Area. There are a number of reasons driving this, such as not enough new home construction to offset demand, Senior’s aging in place and a high number of jobs being created in the Bay Area. For a number of months now, real estate in the Bay Area has been going through a transitional phase, from a faster “sellers market” to a slower “buyers market”. Instead of the buying frenzy that we had been seeing, the market has adjusted with a soft landing as opposed to market crash. As a result of this we have a more realistic rate of appreciation and due to the seasonal increase of homes for sale the buyers are becoming more selective. Now we add the factor of lower interest rates and you get a month over month increase in home sales with homes taking a little longer on average to sell. This is what we call a normal buyers market or a healthy market. Given the low interest rates that we are now enjoying, the attitude of “wait and see” by the Federal Reserve, suggests we are likely to see little if any rate increase before the end of the year. Combined with a thriving Silicon Valley, and any business within about 50 miles of Silicon Valley, it looks as if we are going to enjoy a wonderful economy and Real Estate Market for the rest of 2019 and beyond.
Beginning July 22, 2019, a new 341 area code will be added to the 510 area code area to ensure a continuing supply of telephone numbers. This process is known as an area code overlay. The overlay will require all calls to be completed using a new dialing procedure. NEW DIALING PROCEDURE: While your 510 area code phone number will remain unchanged, As of June 22, 2019 the dialing procedure will change. The 510 area code number must be completed by dialing 1+ area code + 7-digit telephone number. Calls not completed in this manner will result in a recording instructing the caller to hang up and dial again. All calls made from the new 341 area code will require the same dialing procedure as the 510 area code. EXCEPTIONS: Some cell providers will not require the 1 + area code to be entered, check with your provider. Your three digit emergency numbers are not effected by the change. For more information go to: www.cpuc.ca.gov/510areacode
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