Timely Real Estate News…………………………………….15 September 2022

Median sales prices still remain higher as Fall arrives

Soon the leaves will turn brown, golden, and football will be in full swing as Fall arrives with good news for homeowners — median sales prices are still rising on the Westside in the communities I report on — Beverly Hills, Bel-Air/Holmby Hills, Westwood/Century City, Brentwood and Santa Monica. Through the first eight months of 2022, Bel-Air/Holmby Hills increased median sales price by 50% to $3.713 million over same period in 2021. Brentwood was up 12% to $2,112 million, Santa Monica was up 13% to $2.858 million, Westwood/Century City climbed 9% to $2.280 million, and Beverly Hills moved up 5% to $3.200 million.

Overall, these communities were seeing top prices in a market that has tightened up considerably — inventory is way down — and the number of listings is really taking a back seat. New listings in Beverly Hills were down 21%, Bel-Air/Holmby Hills listings were down 17%, Westwood/Century City were off 25%, but Santa Monica was down 34% and Brentwood off 32%. What does that tell us: Supply plummets and prices keep rising to record highs.

Compared to August 2021, prices were down
Comparing prices in these communities to where they were a year ago, only Beverly Hills showed a major upswing in median sales prices for August 2022 vs. August 2021, up 31% for median sales price of $3.740 million. All of the other areas were down — with Bel-Air/Holmby Hills off by 30% versus a year ago at this time.

The key trend to watch is ‘year-to-date’ median sales price #s which continue to be strong. So while we are seeing is a rather dramatic reduction of available inventory — which has provoked higher prices from the start of 2022. We are seeing a slowdown in aggressive pricing practices by homeowners who think they can cash in quickly. What is selling are quality homes priced competitively.

Real estate deflation is on the horizon according to some economists. But the good news, our Westside real estate has consistently countered national trends…yes, less inventory, but still strong prices.

In our next issue, we’ll focus on the high-end Westside real estate market for homes selling over $5 million.

Real estate market heats up, but challenges grow

With the stock market feeling the impact of growing inflation and rising mortgage rates, the real estate market is facing continued challenges on many fronts. For us on the Westside, we tend to get the tail-end of negative and positive trends across the country. Now, with inflation continuing to play a major role in our economy, we are seeing inventory continue to drop, median sales prices rising, and with the Fed moving to tack on another rate hike next week, duplicating their 75 point increase last month, we can expect a rise in mortgage rates. Will real estate cost more…that’s the question.

There are plenty of reasons US housing will remain costly according to the Wall Street Journal, and that in turn will contribute to inflation, complicating the Fed’s policy path. The basic supply-and-demand dynamic — with the former squeezed and the latter still strong — means consumers will need to expect to pay more for a place to live. Not only is housing affordability taking a hit now, but rents are also zooming up, especially in major metros like Los Angeles and San Francisco. But there are some signs that it isn’t all bad news.

As real estate strategist Jared Dillian noted…”a tight labor market and rising wages also support home prices. Solid financing, stricter regulation, and “massively deleveraged” consumers with equity-rich properties make the case there won’t be another crisis in residential real estate. With low supply and high demand, homes are selling quicker and close to the original selling price.”

Another example of buyer interest is Google home searches usually moderate during the summer, with potential buyers on vacation, according to UBS’s John Lovallo. But not this year. Search interest for existing homes rose 1.6% and jumped 22% for new homes from the end of May through August versus the average of the same time period over the prior eight years.

On the Westside, lack of quality homes on the market definitely impacts sales volumes and does positively impact home prices and lest we not forget, positively increase home equity. I will keep you posted on local and national trends affecting our real estate market on the Westside.

Mortgage delinquencies drop to 23-year low

Overall mortgage delinquencies and foreclosure rates remained near two-decade lows in June, with home price growth that remains in double digits and a strong U.S. job market helping to keep mortgage performance healthy. Metro areas that rely on the hospitality industry saw particularly large job losses due to the COVID-19 pandemic in 2020, while hurricanes in that same year impacted employment on the Gulf Coast. This naturally resulted in an increase in mortgage delinquencies, but areas of the country that were most impacted are now recovering.

The nation’s overall delinquency rate for June was 2.9%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.2% in June 2022, up from June 2021. The share of mortgages 60 to 89 days past due was 0.3%, unchanged from June 2021. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3%, down from 3% in June 2021. As of June 2022, the foreclosure inventory rate was 0.3%, up from June 2021.

Flash: Home equity grew by $3.6 trillion. Feel Better?
If you’re a homeowner, you’ve got be smiling. According to real estate tracker guru, CoreLogic, analysis shows U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of over $3.6 trillion since the second quarter of 2021, a gain of 27.8% year over year. Not too bad.

In the second quarter of 2022, the average homeowner gained approximately $60,200 in equity during the past year. Hawaii, California and Florida experienced the largest average equity gains at $129,800, $117,000 and $100,000 respectively. Washington, D.C. and Iowa experienced the lowest average equity gains in the second quarter of 2022, at $16,900 and $17,600 respectively.

Negative equity has seen a recent decrease across the country. Las Vegas, Los Angeles and San Francisco are the least challenged, with Negative Equity Share of all mortgages at 0.6%.

This is what sets us and the real estate totally apart from the situation in 2008, people have the equity in their homes now, vs then, they had none, and were using their homes as ATM machines. When you consider that in 2010, with the Great Recession coming to final close that saw home equity disappear by the trillions as well, it is nice to see the market having clawed its way back.

The rental gap grows in California…and it is getting worse

Los Angeles, San Diego, San Francisco and three other California cities have some of the biggest millennial renter wage gaps in the country — the gap being the difference between what the typical worker can afford versus the average rental costs.

Of the California cities, Los Angeles has the biggest rent wage gap for millennials, followed by San Diego in third place, San Francisco in fifth, San Jose in seventh, Riverside in eighth and Sacramento in 12th, according to an analysis by the air filter company Filterbuy using data from the U.S. Census Bureau’s 2020 American Community Survey Public Use Microdata Sample.

In Los Angeles, the millennial wage gap was minus 49.5% in 2020, with millennial renters making a median wage of $36,649, according to the analysis. However, renters needed an average wage of $72,560 to pay for a one-bedroom rental. The median rent for a one-bedroom was about $1,814; about 35.6% of millennials in the city were renters. I find this to be very disheartening. I cannot remember facing these challenges as a young lady entering the workforce after graduating from UCLA’s Anderson. How times have changed.

Heat, wind, fire, rain, floods…what’s next?

If you’re worried about climate change, you don’t have to wait long: Our climate has been changing by the minute these past few weeks. From scorching temperatures in three digits across the Southland for days on end…with fires raging to the north….and then the Santa Anas…the rain, which really didn’t hang around long enough, caused flash floods in canyons. We have just pulled about every climate rabbit out of our weather hat…except one. And I will not mention the “E” word.

Suffice to say, we are in still in serious fire danger. We have had some of our most disastrous fires locally in late September and October. So, please be vigilant. As the LA Fire Department has warned us repeatedly — we have a 12-month fire season. All year long!! So please heed their basic warnings: Clear brush around your home, remove clutter, clean your gutters, and always have an escape plan.

Putting things in perspective
The other day I was talking to a friend of mine, and I was complaining about the number of flies in my house (do you know they come into buildings to escape the heat?) Still have not figured out how they are coming into the house, but that is another story. In any case while I was moaning about things that had happened in my life in the recent few weeks, she shared a story about someone close to her who was quite ill and probably would not live much longer. WOW, did that make me think about my life, and appreciate everything I have. Many times, it takes someone else’s stories for us to be GRATEFUL for what we have.

Speaking of being grateful, I want to thank you all for your support, friendship and readership of the Schiffer Line. AND for your business. There is still a lot of real estate business to be done before the end of the year, and I mean to be a part of it with and for you, so please reach out to me Carole Schiffer – caroleschiffer.com – ceschiffer@gmail.com – 310 442-1384. Let’s have some fun working together. I am looking forward to it and hope you are also.

Speaking of taking care of business, I want to tip my hat to Queen Elizabeth, for the most part, she was a lady who knew how to take care of business. Rest in Peace Queen Elizabeth

Timely Real Estate News ……………………………………………………………… 1 August 2022

Interest rate hike spikes impacting real estate. Not so much.  

The big question is:  Will the increased interest rate hike by the Fed last Wednesday by another .75 basis points have a major impact real estate?  It will.  But not in the way you’d expect. 

According to a report last Wednesday in the LA Times, “…that is a significant jump, yet analysts don’t expect mortgage interest rates to respond much, if at all. That’s because the Fed’s interest-rate moves have only an indirect effect on mortgages and other long-term loans. They’re just one of multiple forces at ay in mortgage interest rates.  In fact, mortgage rates were lower the week before the rate announcement”. 

The Federal Reserve continued to move quickly to reverse its easy-money policies by approving another unusually large interest rate increase and signaling more rises were likely coming to combat inflation that is running at a 40-year high. Fed Chair Jerome Powell said it was too soon to say whether the Fed would dial down the size of its rate increases to a half-percentage point or a quarter-percentage point at its next meeting in September. But he said that at some stage, it would be appropriate to slow the pace of rate increases to assess their cumulative impact on the economy.  

So, what does this mean for our real estate market?  Economists were quick to point to previous periods where there was an aggressive attack to bring inflation under control, and some are predicting that we could face a recession where real estate prices coming down and inventories tighten.  So, with last week’s action, the central bank has raised rates since March as much as it did between 2015 and 2018 and returned the fed-funds rate to a level last seen three years ago, before a slowing economy led the Fed to cut rates slightly. Officials slashed them to near zero in March 2020, when the Covid-19 pandemic raced around the world. 

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Heard on the street: 

What some of my financial gurus are telling me is that, yes, the number of sales is down, but the prices continue to rise. I am also seeing homes still selling quickly if they are priced properly.  As it has always been, homes that are overpriced are lingering on the market.    They are also saying that buyers who are standing on the sidelines should not hold off purchasing the home they want because:

1. Most likely, we are at the top or close to the top of the interest rates, and once they come down, we could be “off to the races “again” with multiple offers.
2. They are also saying that should you buy that home now, you can re-finance it in the future, of course, you will need to factor in the cost of the re-fit which is most likely a few thousand dollars, so you will need to figure the spread with the mortgage payment savings, and those re-re-expenses.

I am here as always to work with and assist you in figuring this all out. Call me. Carole – 310 442-1384

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Are foreign buyers coming to the rescue?  Maybe. 

Foreign buyers purchased $59 billion worth of U.S. existing homes from April 2021 through March 2022, an 8.5% increase from the previous 12-month period and stopping a three-year skid in foreign investment in U.S. residential real estate, according to a new report from the National Association of Realtors. That’s a lot of real estate!

Foreign buyers purchased 98,600 properties, down 7.9% from the prior year and the fewest number of homes bought since 2009, when NAR began tracking this data. Overall, in the U.S., existing-home sales totaled 6.12 million in 2021 – the highest annual level since 2006.

“For the second year in a row, restrictions and general caution tied to international travel during the pandemic slowed home buying by wealthier foreign buyers,” said NAR Chief Economist Lawrence Yun.  But their buying spree picked up in the past 12 months.  

Foreign buyers who lived abroad purchased $24.9 billion worth of existing homes, up 13.2% from the 12 months prior and accounting for 42% of the dollar volume. International buyers accounted for 2.6% of the $2.3 trillion in existing-home sales during that time period.

The average ($598,200) and median ($366,100) existing-home sales prices among international buyers were the highest ever recorded by NAR – and 17.7% and 4.1% higher, respectively, than the previous year. “Affordability challenges along with the inability to find the right property were the top reasons given for prospective international buyers who showed interest but ultimately did not purchase a home in the United States,” said Yun.

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Pending home sales decreased in June…West led the decline

Pending home sales decreased in June, following a slight increase in May, according to the National Association of Realtors. All four major regions posted month-over-month and year-over-year pullbacks, the largest of which occurred in the West. However, with all the national media reports, they are not talking specifically about West Los Angeles.  That situation is different from other parts of the country, including the West.

The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, dipped 8.6% to 91.0 in June. Year-over-year, transactions shrank 20.0%. An index of 100 is equal to the level of contract activity in 2001.

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date,” said NAR Chief Economist Lawrence Yun. “There are indications that mortgage rates may be topping or very close to a cyclical high in July. If so, pending contracts should also begin to stabilize.” 

According to NAR, buying a home in June was about 80% more expensive than in June 2019. Nearly a quarter of buyers who purchased a home three years ago would be unable to do so now because they no longer earn the qualifying income to buy a median-priced home today.

“Home sales will be down by 13% in 2022, according to our latest projection,” Yun added. “With mortgage rates expected to stabilize near 6% and steady job creation, home sales should start to rise by early 2023.”

Existing U.S. home sales dropped for fifth straight month

Affordability is taking a hit.  Existing-home sales dropped for the fifth straight month in June, according to the NAR. Three out of four major U.S. regions experienced month-over-month sales declines and one region held steady. Year-over-year sales sank in all four regions.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped 5.4% from May to a seasonally adjusted annual rate of 5.12 million in June. Year-over-year, sales fell 14.2% (5.97 million in June 2021).

“Falling housing affordability continues to take a toll on potential home buyers,” said NAR Chief Economist Lawrence Yun. “Both mortgage rates and home prices have risen too sharply in a short span of time.”  

Total housing inven

tory registered at the end of June was 1,260,000 units, an increase of 9.6% from May and a 2.4% rise from the previous year. The median existing-home price for all housing types in June was $416,000, up 13.4% from June 2021 ($3

66,900), as prices increased in all regions. This marks 124 consecutive months of year-over-year increases, the longest-running streak on record.

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Huge rent increases are expected to go into effect August 1  

Tenants across California can expect their rental fees are going up substantially come August 1. And there will be something familiar to blame — inflation. Landlords will be allowed to boost the rent on millions of apartments statewide by as much as 10% starting this month.  

It is the maximum allowable annual increase under a state law passed a few years ago was designed to protect tenants from being pushed out of their homes due to exorbitant rent hikes. The law caps annual rent increases at 5% plus an inflationary figure that varies by region across California. 

In the first years that the law was in effect, the total allowable increase hovered between 5.7% and 9%. (It has been 8.6% in Los Angeles this year and 8.8% in the Bay Area, to give two examples.)  But beginning in August, because inflation is so high, every region in the state meets the requirement for the cap to be set at a 10% rent increase. The 10% allowable rent increase applies only to apartment complexes that were built before 2007 and not otherwise subject to local rent control rules. 

In the city of Los Angeles, apartments built before October 1978 — nearly three-quarters of the city’s rental stock — fall under rent control. Through regulations that began at the beginning of the pandemic, landlords are not allowed to increase rent for existing tenants in those units at all. 

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Our beloved Monarch butterfly moves closer to extinction

The beautiful Monarch butterfly moved a step closer to extinction last week as scientists put the iconic orange-and-black insect on the endangered list because of its fast-dwindling numbers.  “It’s just a devastating decline,” said Stuart Pimm, an ecologist at Duke University who was not involved in the new listing. “This is one of the most recognizable butterflies in the world.”

The International Union for the Conservation of Nature added the migrating monarch butterfly for the first time to its “red list” of threatened species and categorized it as “endangered” — two steps from extinct. 

The group estimates that the population of monarch butterflies in North America has declined between 22% and 72% over 10 years, depending on the measurement method. “What we’re worried about is the rate of decline,” said Nick Haddad, a conservation biologist at Michigan State University. “It’s very easy to imagine how very quickly this butterfly could become even more imperiled.”

Haddad estimates that the population of monarch butterflies he studies in the eastern United States has declined between 85% and 95% since the 1990s. The butterflies are imperiled by loss of habitat and increased use of herbicides and pesticides for agriculture, as well as climate change.  There are things people can do to help, including planting milkweed, a plant that the caterpillars depend upon. Nonmigratory monarch butterflies in Central and South America were not designated as endangered. 

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So, what else isn’t new?  Drought. Heat. Fire season.                               

I was reluctant to include earthquakes in this list, but since we have not had a moderate-to-large quake in recent years, all we have to do is face one of California’s most severe droughts in its history, the heated dogdays of Summer 2022, and a fire season that never leaves.  So, perhaps, it could be worse.  

As I reflected on how the drought is affecting our beautiful home landscapes, the City of Los Angeles continued to praise our water conservation performance, at least for now.  “We’ll wait to see how homeowners follow through with restricted water usage on their property this summer,” Metropolitan Water District spokesperson said last month. 

The DPW has a free recycled irrigation water.  It offers up to 300 gallons of disinfected water per person per visit.   Currently it is available at the Los Angeles -Glendale Water Reclamation Plant and the LA Zoo Parking lot.  To qualify for the program, one be an active customer with LAWD, complete an application form and take training classes which are available at the sites.  For more information, contact the LAWD on their web site.

We can’t do much about the weather, but we all need to be mindful of the threat of fires in our canyons and mountains.  As I have mentioned so many times, please follow the guidelines laid down by the City of LA Fire Department — clear brush from around your home and other structures, remove clutter, clean your gutters, and always have an escape plan.  We are not immune to fires in our beautiful neighborhoods.  Stay safe. Please.  

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Keeping up with me

Every day I thank my lucky stars for my life, where I live, work, my family & friends, and health.  When you see what is happening all over with the crazy weather, people fighting one another, food insecurity, etc.

In working with my clients, I am sooooo very fortunate to see some pretty amazing properties and watch the trends of what is happening in the real estate world.  One of my clients, is looking for a home in the Ocean Park area in Santa Monica, one that has the open floor design concept.  With more inventory coming on the market now, we are seeing a lot of the same potential buyers all looking at the same house as we are, and all of these homes are receiving multiple offers, all over asking.

Unfortunately, for my client she needs to sell her house first, and with the market conditions that exist, none of the sellers are interested in that type of proposition.  We will keep digging and I know we will find one where the scenario will work.

I also have a great 3/2.75+ den home for lease in Bel Air Crest.  The asking price is $11,900. It looks like we will have it leased by the end of the week as we have two applications which means it will have been leased in a week.

Let me know how I can supply the excellent service for you in your real estate needs.

Carole – ceschiffer@gmail.com

The SchifferLine
Timely Real Estate News………………………….15 June  2022

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Lets’ Deal With Our Elephant In The Room

Yes, both the bond and stock market have taken hits the last few days, and yes, the blame falls into the lap of the increasing perspective of inflation brought on by the conflict in Ukraine, the horrific price of gas, food and other everyday items in our lives.  This has in fact brought on an increase of interest rates and the potential impact on housing prices, etc. However, however much it hurts to see these prices, there is another reality to all of this; We are looking at the interest rates to stabilize sometime this summer (hopefully), home prices in “our neck of the woods” are currently continuing to go up, and the forecast is for that to continue.

Once again, we are being told to advise our clients to buy NOW. If you know anyone who is waiting for the market to crash, please tell them to stop holding their breath as unless something dire happens, the market simply is not going to crash, and they will have missed the opportune moment to get into the real estate game. Some may be uncomfortable obtaining a new loan at today’s higher interest rates and might think about getting a “swing or bridge” for their purchase, thus paying all cash and then re-finance the new loan at a later date. I think we all know that at the end of the day, real estate is the best investment we can make.  The bottom line… There is no time like the present to purchase real estate.

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Some Buyers Pause Amid Rising Rates, Prices…

Some home buyers are backing away from the market, with a plan to wait six or even 12 months before they resume their search, according to a new survey of 900 real estate professionals conducted by Home Light. About 35% of real estate professionals reported that they have seen buyers drop out of the market completely.

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The Theory of Real Estate Relativity… Even Einstein Would be Shocked!

It’s all relative. Albert Einstein would surely be shaking his head if he came back and saw the enormous prices sellers were getting for their homes. With median prices for a California home in 1940 around $2,800 and triple that (and more) in Beverly Hills, home prices continue to rise across Los Angeles’s Westside. We continue to see mega mansions going on the market for excessive millions, only to be brought back to Earth as the market figures it out. Yes, Albert Einstein would surely be scratching his head at today’s cost of living in our ’neck of the woods’. Are we getting used to this? Yes, I think so. For the four major communities I cover — Beverly Hills, Bel-Air/Holmby Hills, Westwood/Century City and Brentwood — the MLS data reveals a mixed bag of median sales prices increasing or falling back. Bel-Air/Holmby Hills had a 61% increase in median sales price of $3,995 million through May 2022 compared to a year ago at this time, while Brentwood, with a May median sales price of $2.001 million, was down 48% versus last year at this time. Westwood/Century City was not much better off, down 48% to $990,000, but this is surely temporary. Beverly Hills was up 2% to $3,350 million for the first five months of 2022. Culver City, another market I cover, median sales price was up to $1.738 million.

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Inventory Is Another Mixed Bag…

What we have noticed is some growth in inventory over the past two months — Beverly Hills inventory increased 2.5% over April 2022, Bel-Air/Holmby Hills was up 30%, and Westwood/Century City was up 400%….true…they went from one new listing in April to 5 new listings in May. However, we also saw Brentwood’s new listings for May was down 26%. Culver City had 80 active listings and 56 pending listings. The lack of broad increases in inventory, especially during the ’super selling season’ (like now) reflects homeowners’ reluctance to move in these challenging economic times with rising inflation and mortgage rates starting to climb again. So, it is quite amazing to see a more affordable community such as the Westwood/Century City area with only one listing in April.

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Westside Keeps On Moving, Onward… Upward

For Los Angeles Westside (covering areas from Beverly Hills north to Malibu), we are still ahead of last year in high end sales. There have been 477 sales of $5 million so far this year, versus 451 at this time last year, up 5%. Of these, 165 were $10 million-plus this year, versus 148 at this time last year, up 11%.  Forty-two (42) of these sales were $20 million-plus this year, versus 38 at this time last year, up 10%. Twenty-one (21) were $30 million-plus this year, versus 11 at this time last year, up 90% (wow!). And 13 were $40 million-plus this year and there were 6 at this time last year, up 115%.  At the moment, there are 96 pending sales of $5 million-plus, and 28 are $10 million-plus…8 are $20 million-plus and 3 are $30 million-plus. The areas of the 42 sales of $20 million-plus are 9 in Malibu, 8 in BHPO, 7 each in Bel- Air and Palisades, 6 in Beverly Hills, 2 in Hancock Park and 1 each in Sunset Strip, Holmby Hills and Brentwood.

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Agent Housing Stock Prompts Remodeling Boom!

The country’s aging housing stock is prompting homeowners to make more home renovations, particularly younger owners who have faced limited housing inventories for sale. Nearly half of U.S. homeowners plan to upgrade or remodel their homes this year, according to a survey conducted by National Association of Home Builders. The trend is most prominent among homeowners between the ages of 25 to 44, who are undertaking the most renovations and looking to bring current trends and renovations to the aging homes they purchase.

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How Are We Doing With Water Conservation? Lousy…

According to data released last week by the State Water Resources Control Board, cities and towns in the South Coast hydrologic region — an area that includes Los Angeles and more than half the state’s population — used 25.6% more water in April than in April 2020, the first year of the current drought.

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Our Cities Grand Architectural History Is Still Here To Enjoy

OK, let’s face it. Los Angeles is not London, Rome, or Paris. We have young, but strong roots in our communities that were, for the most part, developed in the mid- to late-1800s. During that time, we have created some memorable monuments to our culture….a California culture like no other. Where would you find such an enthralling, still-wildly popular place like….

For those of you who are lucky enough to still have your fathers to celebrate with, please enjoy this special day to honor and enjoy them. There are so very many ways to remember all of the wonderful things our fathers did and do for us.

Happy Juneteenth. a federal holiday to celebrate Liberty, something special we have to honor and cherish.

We continue to see strength in our market, especially on the high-end. The question is going to be what happens if we are heading for a recession?

The past has taught us that while the real estate market may indeed suffer because of first-time buyers being priced out of the market or unable to qualify for higher interest rate mortgages, we have survived. As you can see, our wonderful Westside continues to attract buyers from all over the world — no safer real estate investment than what we offer here in our communities. And who can compete with our cultural, shopping, dining, and recreational assets — not to mention the gorgeous weather we have had lately.

I just want you to know I am here for you. The past year has been invigorating for me …and more importantly beneficial to my clients — both sellers and buyers. I wish you the best as we dive into Summer…Enjoy!

Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com www.caroleschiffer.com
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