Famous "Hollywood" Landmark Closing

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The Hollyridge Trail, perched on top of a hill at the end of Beachwood Canyon, has been a popular destination for Angelinos and tourists for many years. Throughout the ages, thousands have made the pilgramage to this iconic site, to soak up the rich history and culture of the sprawling suberb. Unfortunately, the city of Los Angeles has declared to close down the Hollyridge Trail, which will come into effect on April 18th, 2017. 

Why is it Closing?

Sunset Ranch Hollywood Stables, a horse ranch in Beachwood Canyon, has sued the city of Los Angeles for impeding, and blocking access to their stables. Hikers must pass through a gate and hike onto the stable's driveway in order to access the Hollyridge Trail. Due to the constant blockade of the driveway caused by hikers and tourists, the Los Angeles Superior Court judge ordered the city to refrain from "precluding ingress or egress of vehicles relating to Sunset Ranch." 

Though for now, the trail is scheduled to close, there are other ways to access the sign. Read about alternative routes here. 

Silver Lake Reservoir to be Filled


As the brutal bouts of storms pummeled along the coast of California throughout the months of January & February, The Golden State was proud to announce a lift on the drought advisory that clutched the region for what seemed like an eternity. The once barren peaks of the Eastern Sierra's, now packed with record snow levels, bear a promising return to the city of L.A., in the form of a raging water runoff. Though the unexpected amounts of water edged towards dangerously high capacities, there was one particular town that seemed to benefit from the aftermath- Silver Lake.

Silver Lake Reservoir - at full capacity

Silver Lake Reservoir - at full capacity

With the surplus of water in the L.A. Aqueduct system, it was a great opportunity for the Los Angeles Department of Water and Power to announce the refilling of the Silver Lake Reservoir- which would begin in mid-April. 

L.A. City Councilman Mitch O'Farrell wrote, "This overflow is a gift,” but “we need to continue to be vigilant in our conservation efforts for water use.” 

“With the above-average snowpack, we have a surplus of water in the L.A. Aqueduct system and with it the opportunity to refill Silver Lake Reservoir ahead of schedule,” said Richard Harasick, the agency’s senior assistant general manager of water.

For the residences of Silver Lake, as well as the Angelinos who frequent the lake on occasions, this promising news could not have come at a better time (especially with summer around the corner). 

Read more about the announcement here.

What Are Experts Saying about Mortgage Rates?

Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying:

Laurie Goodman, Co-director of the Urban Institute’s Housing Finance Policy Center:

“In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present time.”

Scott Anderson, Chief Economist for Bank of the West:

“The tightening labor market, rising wage growth, high levels of consumer confidence and a millennial generation with a pent-up demand for housing should allow the housing market to weather the storm of gradually rising interest rates.”

Ivy Zelman in her latest “Z” Report:

“Although we strongly believe that the housing supply-demand imbalance for single-family homes will continue to drive above-average home price appreciation, just as falling mortgage rates aided pricing power on the margin in recent months, we expect the opposite effect to become evident in the coming months. As such, we project year-end home price inflation of 4.8% for 2017 and 4.1% for 2018.”

Bob Walters, President & COO of retail mortgage lender Quicken Loans:

“A modest increase in mortgage rates won’t have much of an effect on home purchases. A buyer may need to slightly re-evaluate which homes they can afford, but it’s not likely to make an impact on qualifying, in most cases.”

First American Chief Economist Mark Fleming:

"Our survey data shows that mortgage rates would have to be significantly higher to have any meaningful impact. The house buying power that borrowers have, even with rates below five percent, still remains historically strong."