On Tuesday, Landon, Shawn, Jen, and I attended the blessing of the Southern California Hospice Foundation’s (SCHF) Heavenly Home. The Heavenly Home, that will be known as Jerry’s Heavenly Home, is the first-of-its-kind residential, end-of-life care home in Orange County. Residents are provided with physical and spiritual support in a home-like setting where they can live out their remaining days making lasting memories with their loved ones. I have served on the Advisory Council for the Heavenly Home Project since the inception and to see this dream home come to life has been an amazing journey. Learn more about what SCHF’s mission is and the many ways they care and give back to their community by visiting their website at https://socalhospicefoundation.org/. What a way to kick off the beginning of summer.
Homeowners have been blessed over the last several years with higher home values, however this week existing home sales fell for the fourth consecutive month in May, according to the National Association of Realtors®. In three out of the four major U.S. regions sales have declined month-over-month. Completed transactions for existing home sales which include condominiums, single-family homes, townhomes and co-ops fell 3.4% since April. Inventory of houses has increased since April as well as length of days on the market. Further declines can be expected due to the rise in mortgage rates as well as housing affordability. Much like the stock and bond markets, real estate moves up and down, but over a long period of time the return on investment is rewarded.
Following the Federal Open Market Committee (FOMC) interest rate hike, Fed chair Jerome Powell has reaffirmed that interest rates could continue to move up later in the year. Yet, equity markets have advanced since the last interest rate hike, bond yields have come noticeably down from the peaks seen in the middle of the month, and commodity prices have continued to move down despite sticky gas prices. In addition, tomorrow’s economic data releases will include updated consumer sentiment and expectations data, which are currently at multi-decade lows. Still, current estimates show that the index will not move significantly lower. Could this be a signal that we are close to reaching stable index levels and are now on the way to a recovery? Potentially. For the week, the S&P 500, Dow Jones Industrial Average, and Nasdaq are all up 3.53%, 2.51%, and 5.52%, respectively, as of today’s close.
There is still time to register for our webinar next week on “The 7 Simple Truths Every Plan Sponsor Should Know” with guest speaker, Jon Clark, AIF®, who is the Senior Vice President from PCS Retirement (PCS) on Wednesday, June 29th at 1pm. This webinar will be highly informative for small to medium-sized business owners who want to learn how to start or review their current defined contribution plans, such as a 401(k) or 403(b). Click here to register and learn more. Check out the recordings of our previous webinars to watch on our website here. Please share these links with your friends and family if you think they are topics they will find interesting.
As we approach the end of the second quarter of 2022, please feel free to call our office if you would like to discuss any questions or concerns you may have regarding your portfolio or schedule a review. Please call our office at (888) 253-0288 or email Kellie Chou at Kellie@apriem.com to schedule a meeting with your Wealth Manager.
Rhonda Ducote, AIF®
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