Jobless Rate Falls
The unemployment rate in the Tulare County was 13.4 percent in April 2014, down from a revised 15.6 percent in March 2014, and below the year-ago estimate of 13.6 percent. The rate would be lower if not for 3500 fewer farm jobs in April 2014 compared to April 2013, likely due to drought.
Mortgage Rates At New 2014 Lows
Mortgage rates fell this week as the European Central Bank appears to be wanting new round of easing in June. Mortgage Daily explains” more accommodative monetary policy in Europe makes European government debt more attractive. Germany is the benchmark for EU government debt and when demand rises, US Treasuries benefit as well. When demand for US Treasuries rises, the bonds that underlie the mortgage market also improve, resulting in lower rates. In short, there’s a domino effect leading from anticipated easy money policies in Europe all the way to mortgage rates in the US.”
The US 10-year note hit a 6 month low and mortgage rates fell to 4.17% in the past few days. Predictions had suggested as the US economy improved,mortgage rates would get back to the 5% level. That has not happened which is bullish for home buyers and those who want to refinance.
Gas Prices Keep Falling
Gas prices have fallen over 10 cents since May 1 says Gas Buddy. Porterville’s Eagle Feather Trading Post continues to have among the lower prices in the state at $3.79 per gallon Thursday. Helping to drives prices lower is the increase in drilling for oil in the US, particularly in Texas.The Permian Basin, a long time oil and natural gas-producing region in West Texas and southeastern New Mexico, has seen a significant increase in horizontal oil-directed drilling activity over the past five months accounting for 50% of the total increase in the United States says the EIA. That same agency also points to high profitability of US refiners. “North American refiners’ earnings per barrel processed were more than $7 per barrel higher than their European competitors in 2013, based on an analysis of 26 energy companies who file reports with the U.S. Securities and Exchange Commission.”
Orosi To Get AutoZone Store
Bidding to construct a new 7000sf AutoZone store in Orosi was finalized earlier this month with building moving forward this summer.
Tulare Hospital Bond Oversight Committee Member Stays
Tulare Regional Medical Center’s Bond Oversight Committee member Alberto Aguilar, who has been a critic of spending at the district, will remain on the committee despite efforts to oust him. Aguilar will stay but not participate in closed sessions discussing Harris Construction who is at odds with the hospital over the tower project. Aguilar had communicated with Harris in the past.Other members said he should support the hospital but Aguilar said he was just doing his job overseeing a dwindling bond fund to build the tower. The latest district report shows all $85 million bond monies voted by the public has been expended on the unfinished project with about $1.8 million left in interest income as of 4/30/2014.
Drought Plan: If money talks, then Southern California consumers should hear a louder call for water conservation with increased financial incentives being offered by the Metropolitan Water District this week that doubles the incentive for turf removal from $1 to $2 per sf, as well as extended rebates for rain barrels and high-efficiency toilets. The district serves 19 million people. The City of Visalia is likely to ban water gulping turf varieties like fescue on new residential units say several council members.
Affordable Care Act has new enrollees in Tulare County where 9832 signed up through March 31 of which 9374 were eligible to get a subsidy. Fresno County signed up 23,164 and Kern County numbers were 18,083. Some 2,160 from Kings County signed on. Statewide almost 1.4 million enrolled in the California version of Obamacare.
More Visitors to Sequoia according to NPS.Total recreation visits jumped 30% in April from the same month a year before
Kings County’s population as of January 2014 was 150,181.Of that almost 14,000 were prison inmates and nearly 7000 lived at NAS Lemoore.
Visalia to get $330,000 from the California Energy Commission to upgrade its CNG fueling station in town.
Exeter came in number 8 in Cities Journal Top 15 Small Cities In California list. It says Exeter enjoys “unofficial status as the citrus capital of the whole world.”