3079 Madrid Drive, El Dorado Hills, CA 95762

Stunning single story home located in Heritage, a gated, 55+ active adult community in El Dorado Hills. This energy efficient Solar home was built by Lennar and completed just a few months ago . With 1,230 square feet, this Ruby model projects warmth and sophistication with a comfortable, flowing floor plan. The gourmet kitchen features stainless appliances, dual ovens, subway tile, granite counters and an island with a farmhouse sink that overlooks the great room. The master suite is tucked away in the rear of the home and presents a spa-like bathroom with dual sinks, shower stall, and a spacious walk-in closet. The secluded guest bedroom is situated in the front of the home, near a full bathroom with shower. Down the hallway is the laundry area, storage closet, and two car garage. Enjoy the spectacular views of the foothills from the covered patio in the low maintenance backyard. A walking trail is located behind the home, and "The Resort" clubhouse pool is conveniently located next-door.

Community amenities include a 5,000-square foot fitness center called "The Retreat" and a 10,000-square foot social clubhouse called "The Resort." These residents-only clubhouses feature both indoor and outdoor pools, spas, billiards room, activity rooms, pub, theatre room, fitness facility with locker rooms, walking trails, Bocce ball, tennis and pickle-ball courts. Residents enjoy the community events that take place throughout the year including outdoor concerts on the green, coffee socials, health fairs, classic car shows, game nights and more!

Listed at $598,000

Economic Outlook for 2023

The International Monetary Fund predicts global growth will slow to 2.7% next year, 0.2 percentage points lower than its July forecast, and anticipates 2023 will feel like a recession for millions around the world.

Aside from the global financial crisis and the peak of the Covid-19 pandemic, this is "the weakest growth profile since 2001," the IMF said in its World Economic Outlook published Tuesday. Its GDP estimate for this year remained steady at 3.2%, which was down from the 6% seen in 2021.

"The worst is yet to come, and for many people 2023 will feel like a recession," the report said, echoing warnings from the United Nations, the World Bank and many global CEOs.

More than a third of the global economy will see two consecutive quarters of negative growth, while the three largest economies — the United States, the European Union and China — will continue to slow, the report said.

Why the Fall Housing Market Won't Be Great for Buyers—or Sellers

The housing market is having a bit of a Dr. Jekyll-Mr. Hyde moment.
On the one hand, buyers are finally getting some relief from the skyrocketing prices and break-neck selling speeds of the last two years. On the other, mortgage rates are soaring — reducing affordability and keeping would-be sellers on the sidelines.
The result is a market that’s better for some, worse for others and, well, not really ideal for anyone.
As Nik Shah, CEO of Home.com, puts it, “Buyers and sellers will both endure a tough fall housing market.”
He’s not wrong — but what exactly does “tough” look like? And will things improve or get worse as time goes on? Here’s a look at what’s in store for housing this fall.

Moderating home prices
Home prices have been on a steep runup since the early months of the pandemic. The median home price in the second quarter of 2020 was just $322,000, according to the U.S. Census Bureau. By the start of this year, it had surpassed $440,000 — an almost 37% increase in less than two years.
Fortunately, price growth appears to be slowing. Home prices were up 14% between September 2021 and September 2022, down from the 18% annual increase seen back in June.
According to housing experts, annual price growth should decelerate even more as 2022 comes to a close. Price declines, though, probably aren’t in the cards — at least in the next few months.
As Jonathan Miller, CEO of appraisal firm Miller Samuel Inc., explains, home prices tend to be “sticky on the downside” — meaning they take longer to come down than they did to go up.
“Buyers need to be patient,” Miller says. “Sellers have been in the driver’s seat and then some during the pandemic era and need time to adjust to the pivot in market conditions.”
As sellers start facing reality, price growth will decelerate faster and, by next year, could even decline. Over the next few years, prices could fall as much as 15% from their 2022 peak, according to Moody’s Analytics.

High mortgage rates
While lower prices are certainly something to look forward to, in the meantime, buyers have another challenge to overcome: much higher mortgage rates. The average rate on 30-year mortgage loans is now above 6.5%. We at UWL Rojo Mortgage team can still get rates in lower 6’s and sometimes highs 5 pending credit. The more than double the rates seen last year. By some projections, rates could reach as high as 8% by year’s end. Hurry and go to www.rojomortgage.com and get started to buying a house now The lower the rate the better vs a 10-15 percent dip in the housing price.
“With the Fed still working to bring inflation back down, all indications are that short-term rates will continue to climb, creating upward pressure on longer-term rates like mortgage rates,” says Danielle Hale, chief economist for Realtor.com. “This will mean that the cost of taking on a mortgage is likely to keep going up.”
Those are worrisome words, considering how much recent rate increases have already hurt affordability. On a median-priced home, the typical monthly payment is now up over 70% — or about $900—compared to just one year ago.
“Buyers have a lot of hurdles to get over,” says Daryl Fairweather, chief economist for real estate brokerage Redfin. “It’ll be easy to get an offer accepted on a house, but a lot of people just can’t even get past the point of affording the mortgage.”
Check out our loan options and call us with your questions, Rojo Mortgage Team, 916-548-3942.

10-year and 2-year Treasury yields fall as traders begin new quarter

The yields on the 10-year and 2-year treasuries fell on Monday as markets began a new quarter and investors digested manufacturing PMI data.
The benchmark 10-year Treasury was down 19 basis points at 3.611%. The yield on the policy-sensitive 2-year Treasury was at 4.062%, down by about 14 basis points.
Yields and prices have an inverted relationship. One basis point is equivalent to 0.01%.
Markets began the final quarter of the year on Monday, with investors still digesting the negative end to the third quarter that saw the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite stumble.
A gauge on the U.S. manufacturing sector fell last month, indicating that economic activity in the space is close to contracting.
The Institute for Supply Management said Monday that its manufacturing PMI [fell to 50.9 in September] from 52.8 in August — barely in expansion territory. A print below 50 indicates contraction, and one above that level points to an expansion.
Several Federal Reserve speakers are also due to make comments. In remarks last week, the central bankers had struck a hawkish tone and broadly indicated that they would continue to fight persistently high inflation by hiking interest rates.
That has raised concerns about a recession among some investors who fear the central bank is hiking rates too quickly.

Scott Rojo and the Rojo Mortgage Team are here to help you navigate these times. Call our office at 916-548-3942. We're here to help!

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