Fed keeps key rate near zero and still expects no hikes through 2023 despite brighter economic outlook

The Fed also stepped up its economic forecast, predicting growth of 6.5% this year as unemployment falls from 6.2% to 4.5% by year-end. Fed officials believe a key inflation measure will hit 2.1%, just above their 2% target, in 2023. Full story

Stephen M. Baker 2020 #1 Producer

Stevenson Real Estate Services recognizes Stephen M. Baker as the company’s #1 producer for 2020.  Steve has been with the company for 32 years and brings a breadth of knowledge and expertise to the table. If you are looking for exceptional representation in your next commercial real estate transaction, Steve Baker is the broker for you.  He represents Buyers, Sellers, Tenants and Landlords.  His business is client oriented involving all types of transactions: land, office, industrial, retail, apartments, specialty properties and even the occasional single-family home.  Steve and his wife Cindy built their Santa Monica home from the ground up, and they own and operate both residential income and multi-tenant industrial properties.  Steve knows firsthand the needs and challenges of owners and tenants alike, which means he understands and relates to those he represents.  We congratulate Steve on an exceptional year and look forward to his continued success.  Steve can be reached at (818) 621-8245.  DRE #: 00981810.  Stevenson Real Estate Services DRE #: 00983560.

Fed Chair Powell says policy will need to stay “patiently accommodative.”

The Fed is keeping its benchmark short-term borrowing rate anchored near zero and is buying at least $120 billion of bonds each month. Full Story

Patrick Long Promoted to VP

Stevenson Real Estate Services is proud to announce that Patrick Long has been promoted from Sales Associate to Vice President. Patrick started with us in May 2008 and he has been an outstanding broker and a valued member of our team ever since. Patrick specializes in the sale and leasing of commercial and industrial properties. He has a background in film and television production and post production and his family is comprised of business owners and building owners so he is well versed in the needs and challenges for both landlords and tenants. He is an exceptional salesperson who collaborates well with agents both inside and outside of our company, and he voluntarily serves as a mentor for other agents in the firm. Patrick is one of our greatest success stories. We congratulate him on his fine performance and look forward to his continued success. Patrick can be reached at (818) 956-7001 x134. Patrick Long DRE #: 01831830. Stevenson Real Estate Services DRE #: 00983560.

Fed pledges to keep interest rates near zero for years

The Federal Reserve committed to do more to help the US economic recovery, promising more asset purchases and lower interest rates for even longer than it previously expected. Full story

California CRE Ramps Up Alternatives To State’s Unreliable Grid

As power blackouts become increasingly normal to Californians, the state’s commercial real estate industry is hastening its adoption of alternative energy sources.  Full story

California Governor Signs Bill Exempting More Real Estate Jobs From Independent Contractor Law

Appraisers, Inspectors, Landscape Architects Join Real Estate Brokers in Labor Law Exceptions Full Story

Fed Holds Rates Steady

The FOMC kept its rate targeted in a range between 0%-0.25%… The statement said the rate would stay there until officials are “confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”

Jobs Increased by 4.8 Million in June, Following an Unemployment Decline in May

Industry professionals say consumer confidence remains strong and the real estate markets continue to recover.  Full Story

Polarizing Bill Allowing Tenants Out Of Leases Falls Apart

A sweeping California commercial tenant-relief bill fell through at the hands of the state’s Senate Appropriations Committee. Full Story