April Showers Bring May Flowers

April 30, 2008

Here we are at the final day of the month of April. In Southern California we did not have a great deal of rain, but we were showered with economic statistics and future forecasts. Do you think that, perhaps, all the outpouring of negative news has prepared the way for a blossoming of positive trends?

Maybe - maybe not. Since what I have been reading of late keeps referring to the housing statistics of the month of February, it is possible we will see more positive statistics based on March's real estate market. I base my opinion on the fact that in the IMRMLS the number of reported March sales were much better that those in February. I think that an increase in the volume of sales reflected a decrease in the prices being asked by sellers. Buyers began to acknowledge that homes were decently priced.

It is a week early for me to research the IMRMLS for the sales data of the month of April, but I am anxious to see how it compares with March 2008 and April 2007. If the number of units sold and in escrow continues to increase, it will signal a willingness of buyers to reenter the real estate market place.

Are Foreclosures Really a Tsunami?

April 29, 2008

As you opened your San Bernardino Sun newspaper this morning you were greeted with a huge black lettered headline "We're second worst". The sub headline read "Bleak ranking for region's foreclosures". It is true that foreclosures are up from one year ago, but thus far, it is not quite what the region experienced during the Savings and Loan crisis of the 1990s. Remember the Resolution Trust Company that was created to liquidate all the non performing assets (i.e. homes in foreclosure) of the banks and savings and loan companies.

If you want some real data on the foreclosures 9in our region for the first quarter of 2008, here is a great source. Go to http://www.latimes.com/. Once at the times site type in "SoCal foreclosures by county" in the Search box located in the top right hand corner of the page. In the right hand corner of the text, you can click on the county and it will pull up the communities of that county. Pick a community. I picked Yucaipa and this is what came up when I clicked the detail button.

Foreclosures First Quarter 2007 - 12

Foreclosures First Quarter 2008 - 77

2007 Households - 18,573

Households per foreclosure - 241.21

You will find that some areas in Orange and LA counties have no foreclosures in the first quarter.

Anytime that there is an economic downturn, foreclosures are affected.

Beauty is in the Eye of the Beholder - So is Size

April 28, 2008

Philosophers have written numerous essays about"Beauty'. Is beauty a fact of reality or is it relative to perception and cultural norms? Whether something or someone is beautiful can be argued ad infinitum.

Size, on the other hand is a fact. A room is 10 x12 feet with a square foot area of 120 square feet. Size can be verified by anyone using a mathematical system. What is interesting is how individuals might perceive size. Early on in my real estate career, I learned that what I regarded as a "large yard" was regarded by my clients as a "small yard". I learned that small and large are relative to a particular frame of reference.

This past weekend I read an article in the Los Angeles Times newspaper about how the perception of a room's size can be influenced by the decor - in particular, the color of the paint on the walls.

Here is a sample from Debbie Zimmer, a paint and color expert from the Philadelphia based Rohm and Haas Paint Quality Institute. Light colored paint will make a small room appear bigger while darker shades will make a large room appear more intimate. Zimmer recommends three easy ways to change the perceived size of spaces.

1. If a ceiling feels too low, bright white can raise the eye's perception of its height. A vertical striped wallpaper could also add to the perception of height. (Of course, in today's world, wallpaper is not seen as a plus if you are planning to sell your house.)

2. Choosing a dark shade for a large room can create a cozy look and shrinks the perceived size. If your room is long and narrow, painting the two shorter walls a deeper color than the longer walls, you will make the room seem wider.

3. (This is a new recommendation to me.) Selecting the sheen of the paint is just as important as the actual color. Zimmer writes that glossier finishes lend greater warmth and depth to surfaces than do flat paints. For example, a room with white gloss paint on the ceiling will seem larger than a room whose ceiling is painted with a white flat paint.

As you tour homes, check your perceptions and check out this paint research.

Just in Case You Have Papers You Don't Want to Put in the Trash

April 25, 2008

Shredding bills with credit card numbers and all those offers for increased credit or for taking out a new loan has become a standard practice for many of us. Most stores that sell office supplies sell home shredders. The down side of shredding is the time it will take if you are doing spring cleaning and sorting through a large accumulation of saved documents. I have had home sellers who have lived in their homes for a number of years spend days and weeks bit by bit shredding the old checks and receipts and tax forms.

Saturday, Alta Vista Credit Union (formerly Norton Community Credit Union) is holding its first Community Shred Day. Alta Vista employees will be on hand from 9 a.m. to 1 p.m. along with Recall Secure Destruction Services to shred documents with sensitive information such as name, address, Social Security number, etc.

Alta Vista is also offering a free Pet I.D. service. Alta Vista was able to purchase AVID microchips. There will be trained volunteer veterinarian nurses from Animal Medical Center of Redlands who will be available to install this radiofrequency identification.

Alta Vista has a history of meaningful contributions to the communities in which it has offices.

Why Would A Property Owner Use the Auction to Sell?

April 24, 2008

Here are a few reasons that a property owner would use an auction to sale a property.

1. Speed - In today's real estate sales environment it can take months to sell a home.

2. Date certain reduces long-term carrying costs. (Maintenance, mortgage payments, taxes)

3. The auctioneer requires potential buyers to be pre-qualified.

4. Exposes the property to a large number of pre-qualified buyers.

5. Buyers come prepared to buy.

6. Usually the property is sold with no contingences.

7. The seller can set a reserve price so as not to have the property "stolen".

The downside is that once a contract is made it usually cannot be renegotiated.

The costs can often be greater than the commission that a real estate agency might charge. If the seller's reserve is perceived as greater than the market value in a [potential buyer's eyes, the property will not sell and the seller is back to rethinking how to sell the property.

Even in an auction, price in this market is the driving force.

Some Addional Things to Know About Auctions

April 23, 2008
If you decide that you are seriously interested in purchasing a property through the auction process, here are a few questions you might want to have answered prior to the actual auction. You may or may not be able to have all of these questions answered.
1. Is there a reserve amount set by the seller?
Some sellers, when they put a property up for auction, set a reserve price.
What this means to a bidder is that even if they have the winning bid they
be able to buy the property because the reserve price was not met and the
seller does not have to go forward with the sale. Be a little suspicious if the
auctioneer will not disclose the reserve price prior to opening the bidding
process. The auctioneer may start the bidding well under this reserve price.
2. Is there a buyer's premium?
It is common practice for auction houses to charge a buyer a "premium" of
5% to 10% of the winning bid. Most often it will be 5%. That translates in a
a winning bid of $200,000 to a fee of $10,000. Something buyers need to
know.

Always make sure that you have done your research on the state of the title and the condition of the property. The last thing that an auction buyer wants is to win a bid which is binding and find that there may be a problem.

Steps to Take To Buy At a Real Estate Auction

April 22, 2008

In the present real estate environment, the first step for any buyer is to contact a lender. A consultation with a loan agent will be your first step. You can find out the amount of loan for which you will qualify, how much cash you will need for a down payment and closing costs. The loan agent can also inform you about the various types of loans that are currently available.

If you believe that you have the necessary cash available, the second step is to start the loan approval process. Having your financial package ready before bidding makes you a qualified bidder and will help eliminate complications if you are a successful bidder.

A third step is to search for published information about upcoming auctions. To save time, call a real estate agent and request a list of properties to be auctioned. If the agent does not have a list on hand, I feel certain the agent will obtain one for you.

Once you have found a property that is of interest to you, it is important that you get as much information as possible; including, but not limited to, a preliminary title report, an inspection of the property (hopefully you will be able to hire a professional inspector to provide a report on the condition). You will also want the agent to provide a current comparable market analysis to learn the sales price of other properties in the neighborhood.

Taking the time and spending a bit of money for these investigations will be valuable in your determination of the appropriate amount to bid.
These are steps you will want to take whether the property is being auctioned by a trustee at a foreclosure sale or by commercial auctioneer.

Real Estate "Auctions"

April 21, 2008
In the current real estate market, there are "auctions" and there are "auctions".
The term "auction" in regard to real estate has traditionally referred to the foreclosure process by a trustee for a lender who holds a trust deed. In California there is a process in the statutes in which, after proper notices have been recorded, the property in default is "auctioned". The "auction" is held in a public location - usually the court house steps of the county in which the property is located. To bid at this "auction" the bidder/buyer must have the total amount of the bid in cash or in a bank cashier's check. The lender has the first bid which is typically in the amount owed by the borrower/owner.
There are also real estate "auctions" held by private auction companies. The homeowner can contract with these companies to sell the property at a public auction. Some of the properties auctioned may also be bank-owned properties.
In these "auctions" the owner/seller may set a reserve price and an opening bid price. These two prices are not necessarily the same. Usually to bid at these "auctions" the bidder must put a deposit with the auction holder.
A new "auction" process is the "Internet Auction". E Bay has entered this field as well as several other Internet sites. Some Internet auctions are held at the home site with a simulcast on the Internet for bidders who can not attend. Some Internet-only auctions are also possible.
In all auction environments, the bidders/buyers needs to inform themselves about the process and about the property for which they wish to make a bid. Buying a piece of real estate at an auction is a risky business and the need to be prepared is vital to being successful.

Time to Tour the Redlands' Gardens

April 18, 2008

On April 19th and 20th the Redlands Horticultural and Improvement Society will host its 96th annual flower show and garden tour. The flower show and garden tour are open to the public from 2 to 6 p.m. on Saturday and from 10 a.m. to 5 p.m. on Sunday. Tickets are $8 for adults and free to children under 13 if accompanied by an adult.

This year "Picture Perfect" is the theme of the flower show. The exhibits will be at the ESRI Cafe at 380 New York Street. Tickets are available at the cafe as well as on the garden tour. Prior to the event tickets may be purchased at Gerrard's Market, Precious Times Antiques, Redlands Estate Sale Consignments in Redlands. In Yucaipa, tickets may be purchased at Newell Nurseries, in Cherry Valley at Cherry Valley Nursery and in Riverside at Park View Nurseries.

There will also be a sale of uncommon plants which is held at the plant yard adjacent to the Prospect Park Carriage House. This sale is open from 9 a.m. to 6 p.m. on Saturday and from 9 a.m. to 5 p.m on Sunday. Tickets are not necessary for the sale. This is truly an inspiring weekend for gardeners or would-be gardeners.

Tracking the Price per Square Foot

April 17, 2008


One of the statistics I have enjoyed tracking is the price per square foot at which residential properties in Redlands have sold. I started doing this calculation when I was first licensed in 1976. At that time, the median price per square foot in Redlands was $47. When we became computerized, I gave up tracking this number. That was approximately 1997.
As I try to get a handle on the present real estate market in Redlands, and to aid prospective sellers in establishing a present fair market value for their properties, I decided to calculate the prices per square foot in the month of March 2008 and the month of March 2007.


Some caveats:


This calculation does not take any other attributes of the property into consideration. It is purely mathematical based on the square footage of the residence and the selling price reported in the IMRMLS. In general, if the residence is located on usable acreage, the price per square foot does come in higher.


The results: In March 2007 there were 10 properties that sold above $300 per square foot. The actual range of the 58 properties reported sold was $135. to $435. In March 2008 the price per square foot ranged from $148 to $264. The median in 2007 was $255. and the median in 2008 was $201.


It will take more than one month to speculate on what all this means, but if I were listing my house in today's real estate environment and I really needed to sell, I would consider what price per square foot I am asking.

"Green" is the Color for 2008

April 16, 2008

We are all aware of Al Gore's crusade about global warming. We hear the word "carbon footprint" usually associated with manufacturing or commercial entities. Now cities are reviewing their policies and the "going green" is beginning to enter homeowner's psyches.

At home we replace incandescent bulbs with compact fluorescent bulbs. We recycle papers. magazines, metals and plastics. Cities hold recycling days for tires, appliances and electronics. Redlands Fire Department holds a hazardous waste center where citizens can bring batteries, paints and other hazardous chemical wastes.

Some of theses measures actually save the homeowner money by reducing utility bills. If the savings you may experience from switching to "green", the Environmental Protection Agency has some suggestions on its web site, http://www.epa.gov/.

Here is the concept: Reduce what you use; reuse what you can; and recycle the rest. As we become sensitized to these three Rs, each of us can contribute to the improvement of our environment even when what we are doing seems insignificant.

Looking for Some Good News?

April 15, 2008
You certainly do not want to read the newspapers or watch TV or listen to radio talk shows if you are looking for good news ! All you see or hear in the news media these days are credit crunches, foreclosures, government deficits, food shortages, etc., etc., etc. And today big headlines about the 99.7% risk of a major earthquake in Southern California in the next 30 years. In my opinion, those of us living in Southern California already know that the possibility of a major quake is always with us.
We do need to be reminded from time to time in order to check out how prepared we might be. I posted a blog about a year ago about the prcautions you can take - plenty of water, knowing where you gas shut off valve is located, having the tool handy to shut off the valve, supplies of canned food and a non electric can opener. There are commercial earthquake kits available and these are handy to have around; just in case.
So what kind of good news is out there? The opening of the new Lewis Library in Fontana is certainly a wonderful addition to the cultural life of Fontana. Fontana also has the Art Depot as a great place to experience hands on art projects. The San Bernardino County Museum is building its first in 35 years.
The weather is spectacul;ar and we can pause to smell the roses and listen to the migrating birds as they pass through are area. Living in a positive mode is still the best of worlds.

Cleaning Up the Bar-B-Que

April 14, 2008

With the advent of daylight Saving Time and longer daylight hours plus the beautiful and somewhat balmy evenings of the last several days, it motivated me to uncover the Bar-B-Que. Oh yes, it was pretty grimy and needed a good cleaning before I threw on the hamburgers. Of course, I could waste the propane and fire it up with really high heat and burn off all the residue.

A better strategy seemed to do a real grime removal.

I had saved an srticle for the newspaper last June that recommended some BBQ cleaners. I quote from the column by Sara Schaefer Munoz

Here are several :

Product: Goo Gone Outdoor BBQ Grill Cleaner

Company: Homax Products, Inc. : http://www.magicamerican.com/

Price: $4.99

Comments: This product was easy to apply and worked well on caked on grime. To get the most stubborn deposits off, you must leave it for 30 minutes. A drawback is the pungent smell.

Product: SoyClean BBQ Grill Cleaner

Company: Natural Soy Products, LLC. :www.soyclean.biz.

Price: $8.99 for 22 ounces/$24.99 per gallon

Comments: This soy-based product cleaned just as well or better than the less natural ones, and didn't have a noxious odor. But be sure to clean the grill well with water afterward as the label advises - we forgot and got billowing smoke when we turned it back on.

Product: Hot and Foamy Duper Cling Oven & Grill Cleaner

Company: Diablo Chemical Co, : http://www.diabblo-products.com/

Price: $4 - $5

Comments: This product comes in a convenient aerosol can and needs to be left on for only 15 to 30 seconds instead of a minimum of 10 minutes like the others. But its designed for a hot surface and requires the extra step of first heating the grill to about 250 degrees.

Happy grilling and Bon Appetit !

Foreclosure Prevention Act

April 11, 2008

It seems as though everyone has a "Foreclosure Prevention Act." I'm thinking that some of you who read this blog may have ideas about a "Foreclosure Prevention Act" that might actually help the homeowner facing foreclosure - a plan to help the homeowner who likes his home and wishes to remain in it.

Since I was a real agent during the foreclosure epidemic of the 1990s, I am aware that it took government intervention in the form of the Resolution Trust to take over all the properties that caused the banks and savings and loan companies to fail. It was a different scenario than the present one. In the 1990s, at least here in the Inland Empire, the loss of jobs due to base closures and due to companies moving out of California created an oversupply of housing and an under supply of Buyers. Today, the foreclosures seem more related to lender practices - namely the growth of 100% financing.

The President, H.U.D., FHA, the Senate, the House, the California Governor, the State legislators, and the presidential candidates - all have plans. What the adopted solution will be is hard to determine. I personally find all the plans very complex and am waiting to see one that is clear and concise.

If those of you who are following all this economic news wish to weigh in on the subject, click the comment button and enter your thoughts. I look forward to hearing from you.

If You Love Statistics....

April 10, 2008

I recently became aware of a web site that is compiling a huge data base from public information sources. The site is http://www.zipcodwstats.com/. I logged into the site and found some great graphs and a compact summary of housing, job, social and economic data. This site is not the first nor the only web site to create a database from government statistics. http://www.neighboroo.com/ has been around for several years. Other real estate specific sites such as http://www.trulia.com/ and http://www.propertyshark.com/ and several other home valuation sites have gathered a virtual warehouse of real estate information.

Chris Van Vleit is a technologist and founder of ZipCodeStats and has some exciting plans for future data that will track properties and/or communities as far back as 1969. He plans to provide information "all the way down to the block level."

I logged on and as a statistical geek I was fascinated with the information the site had accumulated for our local communities.

The Middle of the Real Estate Market

April 9, 2008
I am not suggesting that we have reached the middle of a declining market. Frankly, we probably will only know when the bottom has been reached several months after the bottom actually occurs. What I am posting today is the "median" price of homes reported through the IMRMLS in the first quarter of 2008. The process was definitely not scientific. I simply found the property that was the one at the middle of the reported sales. The assumption being that one half of the properties sold were less than that price and one half exceeded that price. The mix of properties being sold influences this "median" price.
Banning/Beaumont...2008/$250,000 --2007/$305,000--2006/$375,000
Bloomington...............2008/$240,000 --2007/$390,000--2006/$365,000
Colton..........................2008/$250,000 --2007/$317,000--2006/$330,000
Fontana.......................2008/$335,000 --2007/$425,000--2006/$405,000
Grand Terrace............2008/$289,000 --2007/$389,000--2006/$370,000
Highland.....................2008/$280,000 --2007/$375,000--2006/$360,000
Loma Linda.................2008/$336,000 --2007/$430,000--2006/$430,000
Mentone......................2008/$315,000 -- 2007/$335,000--2006/$293,000
Moreno Valley............2008/$240,000 -- 2007/$365,000--2006/$375,000
Redlands.....................2008/$345,000 -- 2007/$425,000--2006$390,000
Rialto..........................2008/$255,000 -- 2007/$375,000--2006/$375,000
Riverside....................2008/$310,000 -- 2007/$340,000--2006/$375,000
San Bernardino.........2008/$210,000 -- 2007/$315,000--2006/$340,000
Yucaipa/Calimesa....2008/$299,000 -- 2007/$384,000--2006/$365,000
Moreno Valley, Bloomington, Rialto and San Bernardino all show drops of 30% or greater. Fontana, Grand Terrace, Loma Linda, Yucaipa/Calimesa, Colton and Highland show a decrease between 20% and 30%. Redlands and the Banning Beaumont area show a decline of less than 20%. Riverside and Mentone showed declines under 10%.
Since the month of March showed some improvement, it will be interesting to see if the improvement continues in April.

America's Contribution to Residential Architecture

April 8, 2008

I recently read an article concerning architectural styles. In the Inland Empire we are blessed with a large variety of residential properties. To some extent it is possible to date a house by the design that the tract builder incorporated in his homes. In this current building cycle (2000+) builders have used craftsman styling to enhance the homes. Just take a drive around a community and you can identify popular architectural design.

Most of the homes of recent times mimic some other design and era but the "true" American contribution to residential architecture is the ranch-style house.

I quote from an article by Katherine Salant of Inman News "A small number of architects working in California and the southwest during the 1920s and 30s designed the first suburban ranch- style houses. These were based on simple, one story houses built by working ranchers who lived in the harsh climate of the plains and the mountains of the West. For young architects seeking forms that were defined by their function and not layers of Victorian brick a brack or the colonial-styled treatments that were popular in the East, the ranchers' houses had particular appeal....

Because the architects' clients were usually wealthy, the houses were big, often sprawling across the owner's building lot as the ranchers' houses sprawled across the prairie....

In 1945 American home builders faced an unprecedented challenge....with the war's end, home builders faced several million buyers who were eager to leave crowded and often substandard apartment living in cities for houses in the suburbs ...."

The compact ranch house was developed to meet this demand and 1000s of ranch houses sprang up in California. For the next 30 years, from the late 1940s to the end of the 1970s, the ranch house was the dominant house form in the entire United States.

Interestingly, we are seeing a renewed interest in these "vintage" ranch-style houses. For those of you who live in one of these, be aware that you have an "American original ".

San Bernardino/Riverside County 1st Quarter Close Sales

April 7, 2008

The following data on closed sales is the result of a search of the IMRMLS reports. It does not include For-Sale-By Owner or new construction properties.

It also is only sales of single family residential properties.

Banning/Beaumont - 2008/160...2007/160...2006/219...2005/238...2004/230

Bloomington........... - 2008/12......2007/20.....2006/53.....2005/53.....2004/53

Colton...................... - 2008/55......2007/65.....2006/126...2005/119....2004/103

Fontana................... - 2008/219....2007/336...2006/554...2005/689...2004/586

Grand Terrace........ - 2008/12......2007/15......2006/24.....2005/26.....2004/32

Highland................. - 2008/63......2007/94.....2006/141....2005/184...2004/168

Loma Linda............ - 2008/22......2007/39.....2006/35......2005/33.....2004/28

Mentone................. - 2008/21.......2007/15......2006/20.....2005/19.....2004/19

Moreno Valley....... - 2008/403....2007/288....2006/669...2005/741...2004/679

Redlands................ - 2008/92......2007/143.....2006/165...2005/228...2004/180

Rialto..................... -2008/97.......2007/133.....2006/288...2005/321...2004/282

Riverside............... - 2008/441...2007/597....2006/930...2005/1023..2004/984

San Bernardino.... - 2008/227...2007/343....2006/589...2005/556....2004/641

Yucaipa/Calimesa - 2008/104...2007/121....2006/152....2005/158....2004/198

It is interesting to note that Moreno Valley is showing a pick-up in the number of closed transactions. I shall be following this trend in other areas.

24th Annual Redlands Bicycle Classic

April 4, 2008

The 24th annual Redlands Bicycle Classic got underway on Wednesday, April 2, but the main events will be occurring now through Sunday, April 6.

Today, the Possibilities Handcycle Race begins at City Hall. The main race for today is the Beaumont Circuit Race which begins at Sixth Street east of Beaumont Avenue in Beaumont. If you are planning to visit in Beaumont, you need to be wary of street closures.

Saturday will begin with registration for the Rotary Ride which is your opportunity to have a scenic ride through Redlands, a simple tour or the Savage Rick Beswick ride.

At 7a.m. you can also come to the parking structure on Citrus Avenue for the Kiwanis Club's annual pancake breakfast. At 9 a.m. the public races will commence and at 1 p.m. the Mayor's challenge will be a fun event to watch. At 2 p.m. the criterium for men and women will continue for until approximately 5 p.m.

Sunday will have criteriums in the morning and the Sunset Road race in the afternoon.

Obviously during the races there will be road closures, so I recommend visiting the race web site, http://www.redlandsclassic.com/.

Inland Empire March Sales (IMRMLS)

April 3, 2008
I am finding it very interesting to research the unit sales activity for each month. I am posting the number of units reported through the IMRMLS as closed between March 1 and March 31 for the years 2004 through 2008.
Banning/Beaumont - 2008/70 - 2007/58 - 2006/96 - 2005/99 - 2004/238
Bloomington............ - 2008/5 - 2007/6 - 2006/22 - 2005/23 - 2004/23
Colton...................... - 2008/18 - 2007/19 - 2006/59 - 2005/52 - 2004/48
Fontana................... - 2008/86 - 2007/130 - 2006/232 - 2005/301 - 2004/238
Grand Terrace........ - 2008/5 - 2007/2 - 2006/7 - 2005/13 - 2004/10
Highland................. - 2008/24 - 2007/37 - 2006/62 - 2005/75 - 2004/69
Loma Linda............ - 2008/7 - 2007/14 - 2006/17 - 2005/7 - 2004/11
Mentone................. - 2008/7 - 2007/4 - 2006/9 - 2005/6 - 2004/10
Moreno Valley........ - 2008/152- 2007/101 - 2006/282 - 2005/340 - 2004/279
Rialto...................... - 2008/47 - 2007/44 - 2006/101 - 2005/127 - 2004/102
Riverside................ - 2008/171 - 2007/225 - 2006/411 - 2005/427 - 2004/279
Redlands................ - 2008/40 - 2007/60 - 2006/74 - 2005/100 - 2004/85
San Bernardino..... - 2008/79 - 2007/128 - 2006/238 - 2005/241 - 2004/241
Yucaipa/Calimesa. - 2008/36 - 2007/53 - 2006/67 - 2005/79 - 2004/81
I will be posting the data for the first quarter of 2008 compared to previous years. I am aware that units do not tell the homeowner the present values, but units do track the activity level or the demand side of the value equation.

Inland Empire Real Estate Stats for March

April 2, 2008

In keeping with my commitment to track the Inland Empire real estate market in 2008, I have collected the listing and pending number s for the month of March. I have compared the numbers to those of February. I was pleasantly surprised to discover that in most of the areas I check the number of properties listed is slightly less than in February. The good news is that the number of properties currently in sales pending has increased over the number for February, especially in Riverside and Moreno Valley.

Total Number of Listings and Pendings reported through the IMRMLS.

Banning/Beaumont.........List/911..........Pending/167..vs. List/936...Pend/103

Bloomington.....................List/200........Pending/18..vs... List/200...Pend/18

Colton................................List/355.........Pending/34..vs...List/342....Pend/44

Fontana.............................List/1837.......Pending/257..vs.List/1815...Pend/191

Grand Terrace..................List/59...........Pending/10....vs.List/64......Pend/8

Highland...........................List/369.........Pending/42...vs.List/393.....Pend/35

Loma Linda......................List/94...........Pending/16...vs..List/99......Pend/11

Mentone...........................List/54............Pending/8....vs..List/62......Pend/7

Moreno Valley.................List/2072........Pending/467.vs.List/2146..Pend/380

Rialto...............................List/823...........Pending/131..vs.List/854....Pend/88

Riverside.........................List/2785.........Pending/429.vs.List/2844..Pend/301

Redlands.........................List/432...........Pending/64...vs.List/437.....Pend/47

San Bernardino..............List/2102.........Pending/204.vs.List/2064..Pend/165

Yucaipa/Calimesa..........List/436...........Pending/65...vs.List/444....Pend/57

These changes are not dramatic, but if the ratio of pendings to listings can increase, it could be a sign that we are at the bottom. With all the government stimuli, at risk homeowners will now have options other than just losing a property in a foreclosure sale. While credit rules have tightened, there are loans available and there are also programs available to assist new buyers. It may take some time for confidence to return to the real estate consumer, but the bottom line is that people need places to live. Finding a property that meets a person's housing needs as well as the pocketbook is the secret of real estate sales.

March Madness

April 1, 2008
I am not sure that March roared in like a lion and went our like a lamb. The one thing of which I am sure is that it was a roller coaster month in the housing, financial and credit markets. Unless you were doing a Rip Van Winkle during March you are aware of the giant moves the Federal Reserve Board made to stop what was perceived as the worst credit crunch since the 1930s. By the end of March, the Treasury department has also weighed in with a plan to remake the financial market oversight system.
If you are a homeowner in distress, perhaps all the March Madness allows you to see a light at the end of the tunnel. I do not believe that anyone yet knows when we will see a more stable housing market. However, as I compile the March sales data from the IMRMLS, I am looking for signs that the downturn is easing. Click in tomorrow as I begin posting the listing, pending and closed sales data.