What’s Ahead For Mortgage Rates This Week – January 30, 2017

Last week’s economic news included readings on new and existing home sales and mortgage rates. Also released were reports on new jobless claims and consumer sentiment.

New and Existing Home Sales Lower in December

According to the U.S. Commerce Department, sales of new homes fell to 536,000 sales on a seasonally-adjusted annual basis. This reading was markedly lower than the expected rate of 595,000 sales and November’s reading of 598,000 sales. Analysts said that the drop in new home sales indicated that the housing sector is still experiencing a rocky recovery. December’s reading for new home sales was 10.4 percent lower than December’s adjusted reading of 598,000 sales. December’s reading was 0.40 percent lower year-over-year.

The median sale price of new homes was $322,500 in December, which was 4.30 percent higher than in November and 7.90 percent higher than in December 2015. The dip in sales has increased inventory of available homes to a reading of 5.80 months needed to sell all new homes presently available. Real estate pros typically consider a six-month supply of homes for sale a normal inventory.

In related news, sales of pre-owned homes were also lower in December. The National Association of Realtors® reported December sales at 5.49 million on a seasonally-adjusted annual basis; this reading was lower than expectations of 5.51 million sales and November’s reading of 5.65 million sales. The slower rate of sales may signal that home prices have topped out; there is also a very low inventory of available pre-owned homes for sale as compared to demand. Sales of pre-owned homes were 2.80 percent lower than November’s reading, which was the highest rate of existing home sales since 2007. Sales of pre-owned homes were 0.70 percent higher year-over-year.

Winter weather and holidays may have contributed to lower home sales in December, but higher prices, tough mortgage requirements and a low supply of available pre-owned homes were seen as obstacles to completed home sales for December.

Mortgage Rates Mixed, New Jobless Claims Rise

Freddie Mac reported higher fixed rates for mortgages last week. The average rate for a 30-year fixed rate mortgage rose 10 basis points to 4.19 percent; the average rate for a 15-year fixed rate mortgage rose six basis points to 3.40 percent. The average rate for 5/1 adjustable rate mortgage fell by one basis point to 3.20 percent. Discount points for fixed rate and 5/1 mortgages averaged 0.40 percent.

New jobless claims exceeded expectations of 250,000 new claims with a reading of 259,000 new claims and the prior week’s reading of 237,000 new claims. Analysts said that volatility is common with new jobless claims in January. There were few layoffs reported and good news that the new jobless claims rate remained below the benchmark reading of 300,000 new claims for the 99th consecutive week. This milestone was last seen in 1970.

The four-week rolling average of new jobless claims fell by 2000 to an average of 245,900 new claims filed; this was the lowest reading since 1973.

Consumer sentiment rose to 98.5 which surpassed the expected reading of 98.2 percent and December’s reading of 98.1 percent.

Whats Ahead

Multiple readings on housing and labor related data will be released this week. Scheduled releases include pending home sales, Case-Shiller Housing Market Indices and construction spending. Reports on inflation and core inflation are due along with readings on non-farm payrolls, ADP payrolls and the national unemployment rate.

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20 Sierra Roja Circle Sedona, AZ 86351

$3,750,000
5 Beds
5 Baths
5,355 SqFt
Status Active
MLS # 6743613
Property Type Single Family Residence
Price Type --
2.09 Acre Compound/Getaway Retreat and/or Incredible Investment Opportunity minutes away from Red Rock Crossing! DEAD-ON views of the iconic Cathedral Rock upon entering property. EXTENSIVE2024 REMODEL of this Craig Stromme masterpiece features a Stunning transformation of rustic meets contemporary with subtle hints of the Southwest. SINGLE LEVEL LIVING perfect for Multi-generational living and/ or work from home with multiple options for office/home gym/yoga/game room/bar/ art studio. AWESOME RED ROCK VIEWS from every room & from the open exterior center Courtyard. IMPRESSIVE Interior of main home boasts10ft ceilings adorned by multiple glass sliders and windows create an inviting, open, bright and airy living space. Coffered ceilings with dazzling chandeliers adorn the SPACIOUS dining room and kitchen. Create your favorite Culinary delights in the HUGE chef's kitchen boasting white quartz countertops, massive center island with built-in Smart convection/microwave combo and two beverage fridges, White Café Appliances, including commercial grade 6-burner propane cooktop with brushed copper hardware, soft close cabinet doors, farmhouse sink, lower level cabinets w/ pullouts and two breakfast bar/serving areas. Primary bedroom suite has HUGE bath including elongated walk-in tiled shower with two oversized rain shower heads and two hand-held wands, soaking tub, dual vanities with Oversized Smart mirror. Continue down the Grand Hallway and enjoy your art collection displayed in a custom niche cluster on the way to two cozy guest bedrooms with shared bath. Attached Guest Casita across courtyard includes spacious ensuite bedroom w/ separate entrance, a HUGE Studio/Game Room/Office Area with large wet bar w/ dual beverage fridges and an adjoining Guest Suite with kitchenette/dining combo, perfect for a live in caretaker/property staff with separate entrance. Two HUGE 600 sf garages with 12 ft ceilings with one side open to the courtyard. Use one for vehicles and the other as an open-air shaded relaxation area complete with Red Rock Views OR put in a pickelball court! Plenty of space for all your toys and acreage to build an oversized RV Garage and/or shelter paddocks for horses. An Entertainer's Dream Home, take the party outside for good times in the spacious 2,640 sf courtyard complete with heated and lighted lap pool, adjoining hot tub, sunken sitting area with firepit and trellised BBQ Station with SS Blaze Grill w/ prep sink, built-in fridge and storage. Prime Location offers a hiker's paradise with Red Rock Crossing and Baldwin Trail just minutes away. Enjoy world-class golf, shops, dining, galleries, and amenities within a two-minute drive. This extraordinary property offers a unique blend of luxury, functionality, and natural beauty. Schedule your showing today to explore this magnificent estate and make it your own. Welcome Home! Additional Features include: · Custom cabinetry throughout · 3- ft wide doors throughout · 2 Bosch tankless water heaters, · 2 Green Energy RHEEM A/C Gas Pack Units · Climate-controlled storage with built-in shelves · Sierra Pacific aluminum clad wood low-E windows and doors · Roof Professionally coated and sealed in 2024, · New 2,000-gallon septic system installed in 2024. · Sprinkler System for Fire Safety Overview: Discover your personal and private oasis in unincorporated Sedona with this breathtaking 2.09 acre estate and getaway retreat, offering stunning unobstructed views of the iconic Cathedral Rock. Just minutes from Red Rock Crossing, this custom built Craig Stromme masterpiece was completely remodeled in 2024 with high-end finishes throughout, seamlessly blending rustic charm with contemporary elegance and subtle hints of the Southwest. Ideal for the private professional, multi-generational living, large families, a versatile work-from-home space, or fantastic investment opportunity. Property Features: Spectacular Views: Every room in the main home and the open exterior center courtyard boasts awe-inspiring Red Rock views, ensuring an ever-present connection to nature's beauty. Single-Level Living: Perfect for easy accessibility and multi-generational living, this home features a thoughtfully designed floor plan with numerous spaces adaptable for office, home gym, yoga studio, or art studio. Grand Interior: Step into a bright and airy space with 10-ft ceilings, multiple glass sliders, and windows. The spacious dining room and kitchen feature coffered ceilings adorned with dazzling chandeliers, creating a stunning visual impact. Chef's Kitchen: The expansive kitchen is a culinary delight, showcasing white quartz countertops, a massive center island with built-in smart convection oven microwave combo and two beverage fridges, and premium commercial grade appliances. A 6-burner propane cooktop with pot filer and brushed copper hardware, soft-close cabinets, farmhouse sink, and dual breakfast bars offer both functionality and style. Luxurious Primary Suite: The primary bedroom suite includes a lavish bath with an elongated walk-in tiled shower featuring dual oversized rain shower heads and handheld wands, a soaking tub, dual vanities with an oversized smart mirror, and ample closet space. Guest Accommodations: The attached guest casita across the courtyard offers a spacious en-suite bedroom with a separate entrance, a huge studio/game room/office area with a wet bar and dual beverage fridges, and an adjoining guest suite with kitchenette and dining comboperfect for live-in caretakers or property staff. Courtyard Oasis: The 2,640 sq ft courtyard is an entertainer's dream, complete with a heated lap pool with bench seating, therapeutic spa, sunken sitting area with a gas firepit, and a trellised BBQ station featuring a stainless steel Blaze Grill with prep sink, built-in fridge, and ample storage. Four Car Garage: Two massive 600 sq ft garages with 12 ft ceilings and LED honeycomb lighting with one side open to the courtyard. Use one for vehicles and the other as an open-air shaded relaxation area complete with Red Rock Views. Plenty of space for all your toys. Outdoor Space: Ample room for all your recreational needs, including space for an oversized RV garage, paddocks for horses, and shaded relaxation areas with Red Rock views. Prime Location: A hiker's paradise with Red Rock Crossing and Baldwin Trail just minutes away. Enjoy world-class golf, shops, dining, galleries, and amenities within a two-minute drive. Additional Features: Custom cabinetry throughout; Two Bosch tankless water heaters; 2 Green Energy RHEEM A/C Gas Pack Units- 2 Zones; climate-controlled storage with built-in shelves; Sierra Pacific aluminum clad wood low-E windows and doors; professionally coated and sealed roof in 2024; all doors are 3 ft wide; New 2,000 gallon septic system installed in 2024. This extraordinary property offers a unique blend of luxury, functionality, and natural beauty. Contact us today to explore this magnificent estate and make it your own!

10755 E Cholla Lane Scottsdale, AZ 85259

$3,750,000 - 5Br/5Ba -  for Sale in Preston Hills, Scottsdale
New
$3,750,000
5 Beds
4.5 Baths
5,363 SqFt
Status Active
MLS # 6760257
Property Type Single Family Residence
Price Type --
Beautifully renovated 5,300+ sqft estate in the Cactus Corridor on over an acre! This truly move in ready home features both cosmetic and mechanical upgrades. All new Trane AC units, all new energy efficient windows, new multi slide doors, new pool equipment, new pebble Tec, and fresh landscaping to name a few. The lavish interior includes features like real wood floors, soaring ceilings, new kitchen with high end appliances and custom cabinetry, and a fully stoked prep kitchen. The primary suite is truly a retreat with amenities like its own private sitting room, a fireplace, a luxurious bath, and its own laundry room. The primary bath offers sink sinks and a makeup vanity, a tiled shower with multiple shower heads and body jets, and a custom closet. This is truly a must see!

8250 E Via Del Sol Drive Scottsdale, AZ 85255

$3,750,000
5 Beds
5 Baths
5,394 SqFt
Status Active
MLS # 6730619
Property Type Single Family Residence
Price Type --
Exquisitely renovated, this magnificent estate spans an impressive 5,300 square feet of opulent living space, gracing nearly one acre within the esteemed North Scottsdale guard gated Pinnacle Peak Country Club. The expansive primary suite indulges with a spa-like bathroom, dual closets, and a serene lounge area offering breathtaking views of the backyard oasis. The gourmet kitchen, adorned with state-of-the-art Thermador appliances and a majestic hood, effortlessly caters to grand entertaining with a seamless pass-through window to the outdoor haven. A well-appointed walk-in pantry enhances culinary convenience. Additional luxuries abound, including a meticulously climate-controlled wine cellar, a captivating fireplace, and three sumptuous bedroom suites exuding timeless elegance. A lavish guest house features a full-sized kitchen, luxurious bathroom, inviting bedroom, and expansive sliding doors opening to the shimmering poolside retreat.

12651 S 71st Street Tempe, AZ 85287

$3,750,000
6 Beds
8 Baths
7,823 SqFt
Status Active
MLS # 6748395
Property Type Single Family Residence
Price Type --
WOW this DREAM compound offers LUXURIOUS living with spacious residences and TOP-NOTCH amenities and it's one of a kind!! The main house features impeccable finishes: a chef's kitchen, a butler's kitchen, large pantry, new flooring, vaulted ceilings with custom beam work and so much more. Over 174 photos uploaded for your review and enjoyment. Main house featured 4 large bedrooms each having private baths, formal and casual living spaces, and two private office spaces, it seems ideal for both family life and professional needs. The primary suite is particularly impressive, with dual vanities, toilet rooms, a multi-head shower, extensive built-in storage, and direct laundry access. The second residence adds a recreational dimension with indoor basketball and pickleball courts, along with along with a guesthouse or man cave that includes a full kitchen, TV room, and extra beds. The outdoor area is designed for entertaining, and with a large courtyard patio, 4 car garages, additional parking, and extensive air-conditioned storage, it offers both luxury and practicality. The private gated entrance and the absence of an HOA provide added privacy and freedom. This property seems like it truly needs to be seen in person to fully appreciate all it has to offer! The guest house has a full-size indoor basketball/pickleball court with a full kitchen, bathrooms, and two bedrooms adds a unique and practical feature to the property. The resort-style pool is BRAND NEW with a covered sitting area and built-in BBQ enhancing the luxurious, resort-like feel of the compound. This property truly offers a comprehensive package for luxury living and entertaining.

3965 E Sierra Vista Drive Paradise Valley, AZ 85253

$3,750,000
5 Beds
5 Baths
4,678 SqFt
Status Active
MLS # 6698002
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living in this exquisite estate, nestled in the prestigious, guard gated enclave of Paradise Reserve. Step inside this soft contemporary masterpiece, to embrace refined luxury with soaring ceilings, contemporary fireplace, an open light & bright floor plan, hardwood floors & designer finishes. Perfect for entertaining, this home features expansive pocket doors that open the living room to the lushly landscaped yard featuring pool & spa with fountains, a built in grill and expansive patios. Perfect for culinary creations, the chefs kitchen features a sub zero refrigerator, wolf range, double islands & custom cabinetry. Retreat to the lavish primary suite, located on the main level, complete with a spa like ensuite, spacious walk in closet & private patio. A second bedroom/ office is located on the main level and two bedrooms, two bathrooms on the second level featuring Camelback views from the private balconies. The guest casita is the perfect oasis right off the pool, featuring a bedroom, bath and direct access garage. Enjoy the ultimate convenience of being just moments away from world-class dining, shopping, golfing, hiking trails, and cultural attractions, providing endless opportunities for adventure and relaxation.

5231 E Kaniksu Street Apache Junction, AZ 85119

$3,750,000
3 Beds
2 Baths
2,473 SqFt
Status Active
MLS # 6677803
Property Type Single Family Residence
Price Type --
Welcome to a one-of-a-kind opportunity to own a magnificent adobe block custom home nestled on 11.2 acres of picturesque land nestled at the base of the Superstition Mountains. Boasting panoramic views of the majestic Superstition Mountains, this property offers a rare blend of luxury living, income potential, and endless outdoor adventure. Step into a world of rustic elegance with this meticulously crafted adobe block home, where every detail reflects the charm and character of the Southwest. From the exposed wooden beams to the handcrafted finishes, this home exudes warmth and authenticity at every turn. Take advantage of the property's income-producing potential with a fully equipped horse stable and RV camping facilities.

37200 N Cave Creek Road Unit 1008 Scottsdale, AZ 85262

$3,750,000
3 Beds
3.5 Baths
3,755 SqFt
Status Active Under Contract
MLS # 6714082
Property Type Single Family Residence
Price Type --
GOLF Membership available! Come see this stunning, Drewett Works designed, contemporary. Nestled in the premiere enclave of Seven Desert Mountain overlooking the Renegade golf course, this turn-key, fully furnished, exquisite single-level home exudes a blend of elegance and modern comfort offering a sanctuary for relaxation and entertaining. A harmonious flow awaits as you enter where family room, dining, and expansive kitchen seamlessly converge, creating an ideal space for gatherings. Split floor plan offers 3 spacious en-suite bedrooms, bonus family room/office and powder room, European wood flooring, custom cabinetry, Wolf and Cove appliances, high end finishes, designer lighting throughout, infrared patio heaters + 70K luxury savant audio/visual/security home automation system. Enjoy the spacious outdoor covered living and dining area offering multiple patio spaces for entertaining, replete with patio and dining sets, outdoor BBQ, TV, designer fireplace, built-in heaters, spool, spa lunger and putting green. All properties within the Seven Desert Mountain community are deed-restricted to include the requirement of Membership to Desert Mountain Club. Buyers must submit a Membership application and receive an invitation to join Desert Mountain Club before a non-refundable deposit can be accepted. Contact the Club with questions. Desert Mountain offers world-class amenities including seven golf courses, seven clubhouses, and nine restaurants. The newly renovated Sonoran Spa and fitness center offers the newest equipment and is staffed with top wellness and sports professionals. The tennis complex features 5 state-of-the-art clay courts, three hard courts and stadium grass court plus eight pickleball courts! A private trail system borders the Tonto National forest and encompasses 20 miles of panoramic desert scenery and lush mountain flora. The community is guard-gated 24/7 for that LOCK-N-LEAVE lifestyle.

1855 E Dry Branch Road Douglas, AZ 85607

$3,700,000
8 Beds
5 Baths
4,930 SqFt
Status Active
MLS # 6702107
Property Type Single Family Residence
Price Type --
The Hunt Ranch is approximately 7 miles from Douglas in Cochise County Arizona a roughly 2 hour drive from Tucson International airport. The ranch has excellent access from Highway 191 and Leslie Canyon Road. The land consists of 5,100 acres of deeded land, 2,718 acres of state lease, and 600 grazing acres of adverse land for a total of 8,418 acres. The carrying capacity is 250 head. Vegetation primarily consists of Gramma Grass, Tabosa Grass, Love grass, and mesquite, The weather is mild with the summer highs in the mid 90's to winter lows in the 50's. The average annual precipitation is 14 inches. The ranch is fenced and cross fenced and has 10 pastures, with 10 miles of pipelines connecting some of the 10 wells, storages, and numerous drinkers. The Ranch headquarters/owners home is an elegant Spanish style house of 2,078 sq ft on a 143 acre parcel overlooking the Sulphur Springs Valley. A bunkhouse, cattle sheds, corrals, and workshop surround the main home. The home features 3 bedrooms and 2 bathrooms and is two stories with a loft overlooking the great room, The spacious kitchen has an island and large dining area. The second ranch house is a 3 bedroom 2 bath home with a cozy fireplace. This would make an excellent location for the ranch manager and employees. Conveniently located near the main infrastructure including the main corrals, hay barns, and equipment storage. A third home sits ready for little TLC but has historic value being built in 1916. Many corrals, storage buildings, are strategically located throughout the Ranch next to the ranch houses. Cochise county is a historic area of Arizona with the town of Tombstone famous for its silver mining and legendary figures such as Wyatt Earp and his family. The Chiricahua Apache Indians called this area home and the history is rich with the exploits of the various Chiefs including Geronimo and Cochise.

7010 E Avenida El Alba -- Paradise Valley, AZ 85253

$3,699,999
5 Beds
6 Baths
5,287 SqFt
Status Active Under Contract
MLS # 6752821
Property Type Single Family Residence
Price Type --
Consider the numbers when evaluating this prime Paradise Valley property. With over one acre, comparable lots in the area typically sell for $2.75 to $3 million. Now, ask yourself: could you replace nearly 5,300 square feet of quality block construction for just $700,000 to $900,000? Factor in landscaping with mature trees, the cost of concrete, architectural fees, builder and designer costs, cabinets, pool and hot tub, countertops, fixtures, and a new roof. This home is priced $2 million below replacement value! Originally built by renowned builder Gary Gietz, this exceptional estate sits on a prime one-acre lot and offers a well-designed floor plan with impeccable attention to detail. With 5 ensuite bedrooms, 6 baths, a guest house, and a 4-car garage, this home has everything you need. Consider the numbers when evaluating this prime Paradise Valley property. With over one acre, comparable lots in the area typically sell for $2.75 to $3 million. Now, ask yourself: Could you replace nearly 5,300 square feet of quality block construction for just $700,000 to $900,000? Factor in landscaping with mature trees, concrete, architectural fees, builder and designer costs, cabinets, countertops, fixtures, and a new roof. This home is priced over $1 million below replacement value! The chef's kitchen, equipped with Subzero and other high-end appliances, offers abundant counter space and connects seamlessly to a welcoming family room centered around one of the home's three striking stone fireplaces. The luxurious primary bedroom offers stunning pool views, a multi-head shower, and two spacious closets. This home's layout is perfect for intimate gatherings or large-scale entertaining. Outdoor features include built-in BBQ facilities, expansive covered patios, a sparkling pool, and a hot tub, capturing the essence of Arizona living. With a new roof installed in 2021, the home provides both beauty and peace of mind.

5905 E Camelback Road Phoenix, AZ 85018

$3,699,999
5 Beds
5 Baths
4,310 SqFt
Status Active
MLS # 6723071
Property Type Single Family Residence
Price Type --
Welcome to an exquisite estate nestled in the heart of Phoenix's prestigious Arcadia neighborhood. This luxurious residence offers an unparalleled blend of elegance, comfort, and modern amenities, making it the perfect retreat for discerning buyers. Ideally situated at the base of Camelback Mountain, this property boasts breathtaking mountain views and provides direct secured ally access to Arcadia's hiking trails, walking paths and bicycle rides. This expansive home features 5 spacious bedrooms and 5 elegantly designed bathrooms, ensuring ample space for family and guests. The open-concept floor plan with 3643 sqft in the main house includes a grand living room with soaring 12ft ceilings and cozy fireplace, a formal dining area, stunning hardwood floor, and a 685 sqft fully equipped kitchen in the guest house with a huge steam shower all designed for seamless entertaining. The gourmet kitchen is a chef's dream, complete with high-end Wolf and Viking stainless steel appliances, custom cabinetry, a large center island, and stunning porcelain countertops. The luxurious master suite is a private oasis featuring a spa-like ensuite bathroom with a soaking tub, a separate shower, dual vanities, and a huge walk-in closet. Step outside to your private backyard paradise, featuring a sparkling pool & spa, a covered patio with an outdoor kitchen, and meticulously landscaped grounds, perfect for relaxation and entertaining. This home also includes a home office/den, 3-car garage, RV Parking, security gate with intercom system, all TV appliances & furniture are included with the exception of the pool table and state-of-the-art smart home technology for modern convenience and security. Experience the epitome of luxury living, where every detail has been thoughtfully crafted to offer the ultimate in comfort and style. Come and discover all that this remarkable property has to offer.

7030 N Wilder Road Phoenix, AZ 85021

$3,699,000
4 Beds
5 Baths
6,026 SqFt
Status Active
MLS # 6746523
Property Type Single Family Residence
Price Type --
Welcome to your dream family home on one of the most coveted streets in North Central Phoenix! This isn't just a place to live - it's where memories are made & families can thrive. With over $500,000 invested in renovations, this home has been meticulously upgraded & remodeled to exceed anything else in the neighborhood. Every detail has been carefully considered. The guest house has undergone a full remodel, making it a perfect additional living space, in-law suite, home office, gym or studio. Nestled in the heart of North Central Phoenix, this home is surrounded by some of the best public & private schools in the area. Whether you're considering All Saints Episcopal Day School or Madison, you'll appreciate the new crosswalk & street light, making it easy & safe for your children to walk to school. The neighborhood is vibrant & filled with families creating an ideal environment for raising children. The expansive front yard is a paradise for children & a haven for family activities. Imagine hosting flag football games, basketball tournaments, volleyball matches, & baseball practices right in your own yard.The backyard is designed for endless fun & relaxation. The pool is simply amazinga refreshing oasis on hot summer days. The built-in BBQ is perfect for family cookouts and the spacious backyard is the ultimate playground for children. Whether it's swimming, playing on the lawn, or just running around, your children will have endless opportunities for outdoor fun. This isn't just another houseit's the family home you've been dreaming of. It's a place where your children can grow, your family can gather, & your memories will be made. Don't miss this rare opportunity to own a piece of paradise in the heart of North Central Phoenix.

6529 N Mountain View Drive Paradise Valley, AZ 85253

$3,699,000
4 Beds
5 Baths
3,994 SqFt
Status Active
MLS # 6713746
Property Type Single Family Residence
Price Type --
Modern Custom Paradise Valley smart home with gorgeous views of Camelback Mt and city lights. The great room features wet bar, vaulted ceilings and tile floors throughout, a gas fireplace that opens to patios with water/fire features. The kitchen boasts of marble and granite surfaces with large waterfall island, Thermador appliances a pot filler and walk in pantry. This oasis includes large primary with large walk in closet as well as three other bedrooms all en-suites, 2 powder rooms, 2 laundry areas. There is also a dedicated office with a loft area and rooftop patio with fire pit. The home includes a 4 car drive through garage and partially gated. The 2015 remodel stripped home down to studs and included new metal roof. Minimalistic yard with pool/spa/outdoor kitchen with bar seating

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