There is Good News

September 30, 2008

Everyone seems to be weighing in on Congress' failure to pass the "bail-out" bill. Representatives constituents were busy on the Internet letting them know that they should not bail out Wall Street. So the drama will continue.

I thought I would cite a small piece in the Sunday, September 28, 2008 LA Times newspaper.

On page C13, the heading of this 2*, one column piece read "Home sales in state jump 57%".

The article goes on to say "California home sales in August were up 57% from a year earlier; the first year over year gain in the current real estate downturn, the California Ass. of Realtors reported. Hefty price cuts continue to fuel sales-prices were down 41%."

Since much discussion went on about the need for housing to recover, it is good news that folks are actually purchasing homes and lenders are actually making loans. I suspect when I calibrate the data for September and for the first 3/4s of 2008, this data will also show that buyers are willing to buy when the price is right.

The article went on to suggest that we are entering the "slow winter season", but actually my experience has been that the weather in the Inland Empire is great, the scenery is beautiful and the real estate market only slows for the holiday season. There are wonderful values for sale and for the moment there is still a mortgage market.
Yes, there is good news in the Inland Empire.

Do You Understand the "Bailout" Plan?

September 29, 2008

For anyone who listens to the radio, watches TV or reads blogs on the Internet, the past two weeks have been dominated by Fed Chairman Bernanke and Treasury Secretary Paulson. Even the first presidential debate failed to detract from the media's focus on the crisis in the financial markets. Seemingly spreading faster than the speed of sound, one financial institution after the other either collapsed or nearly collapsed and was bought out or bailed out. Not being an economist, I listen, I read and I look at diagrams of what is now occurring or what the plan will allow the government to do. I can say quite truthfully that I do not really comprehend the "plan"; not Paulson's nor the compromise supposedly worked out with Congress over the weekend.

What I do understand is that without banks being able to function, with depositors wanting to withdraw their funds and with those with money being unwilling to invest it, the economy would be in a bigger mess than it may already be. I saw the government's establishment of the Resolution Trust Corporation in the 1980's to alleviate the Savings and Loan crisis work over time. I am trusting that the Fed Chairman and the Treasury Secretary do understand how financial markets work and that the Congress will recognize that it, too, may have to place some trust in those schooled in economic issues.

This is no time for grandstanding. Rather it is a time to work together to stabilize the economy.

Arrowhead Regional Medical Center Health Fair

September 26, 2008

Tomorrow, Saturday, September 27, 2008, the sixth annual Community Health and Safety Fair will be held at Arrowhead Regional Medical Center. The center is located at 400 N. Pepper Avenue in Colton. The fair will open at 10 a.m. and will be open until 2 p.m.

The best part of this fair for all attendees is that the fun, the educational demonstrations and the important health screenings are all being offered to the public free of charge.

New at the fair this year will be a mobile earthquake simulator. There will be child safety demonstrations on the use of seat belts and the dangers of leaving children in the car. There will be car accident demonstrations and instructions for the use of fire extinguishers. (I know I have a home fire extinguisher, but I certainly do not know how I would use it.)

One of the fun events will be snowboarding lessons. There will be a Zumba dance demonstration, a bounce house, raffles and free teddy bears for the first 500 children who attend with their parents.

Health screening will include: vision, blood pressure, diabetes, cholesterol, height and weight, and body mass index plus breast, skin and oral cancer screenings. If you bring your child's immunization records there will be doctors available to review them. There will be pharmacists to answer questions about medications. There will also be registered dieticians to provide nutritional information.

This annual Community Health and Safety Fair is the way Arrowhead Regional Medical center which offers state-of-the-art health care can give back to the residents of the Inland Empire.

Is a Bailout Necessary?

September 25, 2008

The September 15, 2008 issue of Business Week did a review of a book recently written by Yale economist Robert Shiller. The review was a favorable commentary about the content of the book, "The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It."

The title sounds a bit over the top, but Christopher Farrell, the Business Week book reviewer found "His (Shiller's) text is a stimulating, rapid response to current events-and a forceful demand for dramatic action from Washington,...""although at times assuming too much economic expertise on the part of the reader, the book offers numerous proposals fro avoiding future crises. These are provocative, but many are too sketchy."

The review captured my attention and I shall probably look into reading Shiller's analysis for myself. Maybe because I am deeply involved in the "real estate epicenter" of this financial crisis, I am absorbed by all the interviews and commentary that abounds throughout these weeks.

Obviously, since the book was published, Washington has stepped in and has been working feverishly to stem the credit meltdown. Congress has also slowly come to recognize that legislation is needed and this morning the news media were optimistic that a compromise bailout plan would be in place by week's end. (Hopefully not all the urgency was driven by our representatives' desire to begin their October recess.)

Good News - Home Ownership Still a Goal

September 24, 2008


A study commissioned by Move, Inc and conducted by Harris Interactive indicated that that there remains a strong underlying demand for home ownership among the American population.


As prices have declined and income has pretty much remained constant, more folks will find median priced homes affordable. (One commentator, not Harris Interactive, suggested that at current market values, 60% of Inland Empire households could qualify for a loan.)


Harris Interactive found that 41% of current homeowners plan to purchase a home again, while 80% of renters intend to buy a home at some point in the future, with 47% of the 80% planning a purchase within the next five years. More people will do so for space-related (26%) and life-stage-change reasons )17%) such as having children or downsizing to a smaller residence.


The survey also found that buyers are willing to make sacrifices to save and earn extra income for down payments (which are nor being required) and that buyers will compromise on features and amenities in order to purchase a home that is affordable to them. The influence over environmental concerns, commute time and the location is reflected in buyer searches.


Ultimately the desire for home ownership will stabilize the real estate markets. Hopefully business and government can stabilize the credit markets.


The good news that I see emerging is that home buyers are reentering the markets as they recognize the value in current prices. Open houses have brisk attendance, mortgage brokers have seen an increase in loan aps and sales are up over last fall. The bets are on that now will prove to have been a great time to purchase a home.

Collateral, Confidence, Credit

September 23, 2008

The three "Cs" of collateral, confidence and credit are the basic drivers of the U.S. economy. Right at the moment all of these are in jeopardy. The Treasury Department under the leadership of Henry Paulson has acted swiftly to stem a collapse of the financial system. Only time will tell whether their actions were sufficient or appropriate.

I listened with interest this morning to the Senators who are members of the Senate Banking Committee. Some had short remarks, others had long remarks. One of the Senators who was very succinct mentioned these three "C" words, recognizing that they are being challenged by the markets. Attending the hearing were Fed Chairman Bernanke, Stock Exchange Chairman Cox and Treasury Secretary Paulson. I had to leave for work so I did not hear the Senator's questions to these three men.

Collateral - that is what is appraised for value, and is pledged in order to receive credit. Confidence is what is necessary for this equation to work. Confidence that the worth of the asset is what it is purported to be. Confidence that the person or institution that offers the collateral in exchange for credit has the capability to repay. And for all of this to function at all, there must be individuals or institutions who are willing to put up the necessary funds in order to offer credit.

In the 1930s, the federal government believed the runs on the banks were problems for the states. I read that it was not until state governments had closed all banks in 36 of the then 48 states that the federal government recognized that local solutions were not adequate. This time around, the federal government has acted swiftly to avert such a disaster. Whether the congress will spend the next few days trying to lay blame or whether the legislators will recognize that time would be better spent fleshing out the Treasury's plan I believe will be crucial to the stability of the credit markets.

"It's a Wonderful Life"

September 22, 2008

Frank Capra's movie "It's a Wonderful Life" was filmed in 1946. It dealt with a banking crisis and it dealt with foreclosure issues. It also dealt with the triumph of the human spirit. It is easier to dismiss the message of goodwill as naive and too simple for the complicated world of today, but the large audiences that tune in to the reruns of the movie suggest that we still admire "character".

The past week was a challenging on for all of us who follow the financial markets. While the past year has been extremely challenging for anyone with a stake in the "American Dream", September has been filled with extraordinary financial events. The federal government is acting to preserve our economy and time will tell whether they can be successful in their efforts. I read that most average Americans are invested one way or another in the financial markets through stocks, bonds, IRAs, pensions, etc. The government knows that they cannot stand aside and just let the market cure itself. The Treasury Department and the Federal Reserve are acting quickly to create stability. With any lick, Congress will also act quickly and the economy will stabilize. I also believe that if there are loan products available, Americans will still purchase homes; especially as they perceive the adjusted values to be attractive and affordable.

As I listen and read, the pundits still believe that the decline in housing prices is at the core. So let's hope that the decline has reached a bottom and that those who wish to buy will have the means to do so. In our market area, there are some wonderful homes available and the prices have become very realistic. This may not be a market for the faint-hearted, but it is clearly a market for the value seekers, for them, it is opportunity time..



I go back to the message of "it's a Wonderful Life". To have a sense of community, to keep your home and family together during adversity and to place those values above profit and loss are what make it a "Wonderful Life"

Creative Household Uses for Fabric Softener Sheets

September 19, 2008

I was fascinated with an advertisement about fabric softener sheets. It cited other uses around the home besides just softening your clothes in the dryer. Here are a few.

1) Rub scum off your shower door.

2)Polish chrome fixtures in your bathroom.

3) Dust the leaves of you houseplants.

4) Dust your TV or computer screen and the static electricity will repel dust.

5) Pick up pet hair by rubbing a sheet over areas that collect pet hairs.

6) Wipe window blinds and the residue from the sheet will prevent dust from resettling.

7) Give your dresser draws and closets a clean scent by placing fabric sheets with the clothing.

8) Place a sheet in the bottom of your wastebaskets and clothes baskets to eliminate odors.

8) Hang a sheet on your patio during mosquito season to repel mosquitoes. (If they repel mosquitoes, will they repel moths if put among woolen clothing?)

There are probably many more uses. If you have tried some, let me know your recommendations.

Time to Rendezvous!

September 18, 2008

This year will be the 19th year for the Stater Bros. Route 66 Rendezvous in downtown San Bernardino, California. Starting today you can register your vehicle at the Carousal Mall. There will be wonderful classic automobiles that have been lovingly restored which will be on display and which will line up for the "cruisin" parade at 6:30 p.m. this evening. The weekend will be filled with fun activities and musical presentations and lots and lots of cars.

Bake in the 1940s and 1950s, Route 66 was the main road from Chicago to Santa Monica. The song, "Get Your Kicks on Route 66" was written by Bobby Troup after his long drive west on Route 66. The song actually begins the drive from St. Louis and ends in San Bernardino, but that is probably because that was Bobby Troup's drive in 1946. Nat King Cole actually recorded the song and it became a national hit.

For more information about the Stater Bros. Route 66 Rendezvous, go to http://www.route-66.org/ or call 909-388-2934.

"Dude, Where's My Bailout?"

September 17, 2008


The above title for today's blog comes from an article that I saved from the September 10, 2007 Business Week Magazine. It was under "News & Insights" "Commentary" written by Roben Farzad. According to a bio I found on google, Mr. Farzad is a 1998 graduate of Princeton and has an MBA from Harvard Business School. He is now a senior writer and columnist for Business Week and a commentator on CNN and National Public Radio. I believe that this particular piece is a "tongue-in-cheek" commentary on our expectations of government help when we get ourselves into financial trouble.


I quote from the article which was subtitled "An open letter to Fed Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and Senate Banking Committee Chairmen Chris Dodd"


" Honorable Public Servants: As you know, the conflagration in the subprime mortgage market is beginning to singe the very fabric of the American dream, by which I mean life, liberty, and the pursuit of home equity. ...Bad credit? No credit? No problem! Uncle Sam has your back."

The commentary's final paragraph: "Please remit my $74,000 by check, money order, or PayPal. Rest assured that I will cycle the dollars back into economically vital investments. I hear some hedge funds are slashing their minimum buy-ins to $10,000, and that half finished condos in Miami can be gotten for pennies on the original dollar. In any case. my efforts to bolster the U.S. gross domestic product could surely be strengthened by a series of interest rate cuts, so please see to those, too. After all, gentlemen, while intrepid investors like me crank the engine of American capitalism, times like these call for all of us to pitch in."


The commentary is delightful in its irony , but unfortunately, since September 2007, the government has moved in to bailout more than just the homeowners facing foreclosure. This month alone has seen the takeover of Fannie and Freddie, the non takeover of Lehman Brothers, the purchase of Merrill Lynch by Bank of America and last night the government loan of $85 billion to AIG.


Can this mess all be the result of the decline in our home equity because our homes are no longer worth what we paid for them? Having been a real estate professional through 3 other down markets, I do know that this one is different.


Will the economy recover? Certainly! How or when remains to be seen.

CLearly the Autumn Season is Here !

September 16, 2008


The Autumnal Equinox is not until next Monday, but the weather is definitely autumn-like. It may be low clouds and fog or clear and hot during the daytime, but the evenings are pleasant and cool. As a homeowner, the Fall season is a time to tackle home-maintenance projects that can worsen over the winter. So take an assessment of your property.


Are that cracks in the driveway?


Is there peeling exterior paint?


Is the caulk around the widow glass cracked or missing? (Might be a time to consider those window replacements that have become so popular.)


Are the rain gutter clear of leaves and other debris?


Are there missing or damaged shingles, tiles or shakes on the roof?


Now is a great time to make all these fixes before the rainy season begins and the chores become more daunting. Not deferring home maintenance can be step one of responsible home ownership.

Does Your Home have GFCIs?

September 15, 2008
If your home was built after the mid to late 19970s, chances are that it will have GFCIs. GFCIs are not character flaws but are in fact lifesavers. GFCI stands for ground-fault circuit interrupter. Electrical codes throughout the country now require the use of GFCI outlets adjacent to any sink in the kitchen, bathroom, laundry room or similar area; also for garages and exterior outlets; and in other specific areas such as around whirlpool bathtubs. Local building departments can give you a complete list of where a GFCI outlet needs to be installed.
When you purchase a home and hire a professional home inspector, one of the items that will be checked will be the presence of GFCI outlets and whether or not they are functioning. The inspector uses a circuit tester which plugs into the outlet. When you press the "test" button, the light on the circuit tester should go out.. When the "reset" button is pressed, the light on the tester should come back on. A simple way for a home owner to test the GFCI outlet is to plug in a radio or lamp. If they go off when the "test" button is pressed, the outlet is performing its safety function.
If your home was built prior to the 1970s and you do not have updated electrical outlets, this is a safety factor that is well worth considering.

Autumn is in the Air

September 12, 2008

With cooler nights and foggy mornings there is a feel of autumn. With autumn comes the apple season in the Oak Glen area in the foothills above Yucaipa. I can remember going out to Riley's Farm on Oak Glen Road and picking apples and putting them through the cider press. That was years ago and Rileys have built their property as a destination with a Colonial Revolutionary Village. There are many spots in the charming Oak Glen area to have a slice of apple pie or purchase a bushel of apples to eat and cook into homemade apple sauce. I can already smell that aroma !

It is early on in the apple season, but it is a less crowded time to take a drive up Oak Glen Road.
You might even find some farms open with pick-it-your-self strawberries, raspberries and peaches.

We are so fortunate in the Inland Empire to have such a wide variety of scenic routes to explore.

"Skin in the Game"

September 11, 2008

You gotta have "skin in the game" is an expression used recently in a workshop on lending rules.

The speaker was referring to the present foreclosure debacle in which owners with no equity in their properties (even when they purchased them with 100% financing) were walking away and giving the properties back to the lenders. The implication was that since the owner had invested nothing, there was nothing for him to lose. The theory is that buyers who invested their own money would be less likely to abandon their properties. Because of this latter theory, lenders are now requiring the borrower to have a 10%, 15% or more of their own money as a down payment. As I posted yesterday, FHA loans are still the best available financing opportunity for borrowers with limited down payment funds.

My curiosity was whetted and I searched the Internet to find the source of the expression "skin in the game". One would think it originated with a coach who was referring to the attitude and effort of his players and the fact that players often get scraped and bruised when they are playing with determination. However, according to the Internet Free Dictionary site, the renowned investor, Warren Buffett, coined the phrase. He was allegedly referring to insiders who used their own money to buy stock in the company that they were running. The idea was that this would ensure that managers had a stake in the company's success when they put their own money on the line.

I suspect that you will here more of this phrase in contemporary commentary. I read an oped piece about health care that raised the question about health care insurance and whether the insured should have "skin in the game" and how much?
Aren't these word pictures fun?

A Window of Opportunity

September 10, 2008

As I was listening to a mortgage rep speak on current interest rates yesterday, it occured to me that we have entered into a window of opportunity for home purchasers who are needing loan amounts up to $500,000. On Monday, rates dropped below 6% after the Sunday announcement that the government had put both Fannie Mae and Freddie Mac into conservatorships. Rates have moved up slightly today, but convention is hovering around 5.75% and FHA around 6.25%.

The past several months have seen a surge in FHA loans, probably because the conventional 100% financing disappeared. Presently FHA only requires a 3% down payment. I believe the down payment amount is scheduled to go to 3.5% after October 1, 2008.

The lending marketplace has been so volatile that when rates and loan amounts are favorable, it is wise to act in the present time frame. One of the largest factors in the real estate slowdown has been the tightening of credit and the rise in the interest rates. Jumbo loans are still scarce, but since much of the housing in the Inland Empire is priced under $500,000, this loan limit and the present interest rates make a decision to buy now a wise decision.

If you want more detailed information about loans, give us a call (909) 748-7000) and we will put you in touch with a professional mortgage rep.

Inland Empire Median Home Prices - 2008-2003

September 9, 2008

It is fascinating to me to check out the median prices of homes sold and reported through the IMRMLS. Recognizing that "median" is the sale price of the home that falls in the middle of all reported sales - half of the homes sold for less and half sold for more - or in some instances prices clustered around this median selling price. Just add the 3 zeros to the price.

Banning/Beaumont....2008/195.....2007/293.....2006/319.....2005/305.....2004/220.....2003/170

Bloomington................2008/173.....2007/195/324.....2006/390.....2005/340.....2004/270

2003/204

Colton..........................2008/159.....2007/315.....2006/360.....2005/320.....2004/235.....2003/170

Fontana.......................2008/260.....2007/404.....2006/416.....2005/385.....2004/308.....2003/225

Grand Terrace............2008/229/240.....2007/350.....2006/269/279.....2005/355.....2004/300

2003/220

Highland......................2008/185/200.....2007/332.....2006/380.....2005/340.....2004/285

2003/191/200

Loma Linda.................2008/241/296.....2007/373/430.....2006/359/365.....2005/432/440

2004/331/340.....2003/215/228

Mentone......................2008/153/288.....2007/311/339.....2006/355/369.....2005/263/278

2004/295.....2003/85/168

Moreno Valley............2008/175....2007/345.....2006/385.....2005/360.....2004/285....2003/190

Redlands......................2008/269/275.....2007/390.....2006/415.....2005/365.....2004/335

2003/180/195

Rialto............................2008/200.....2007/335.....2006/375.....2005/360.....2004/290....2003/190

Riverside.....................2008/241....2007/375.....2006/420.....2005/345/379.....2004/332

2003/230

San Bernardino...........2008/127.....2007/270.....2006/324.....2005/285.....2004/205

2003/146

Yucaipa/Calimesa,,,,,,2008/251.....2007/350.....2006/410.....2005/376.....2004/308....2003/196

Sold Data for August 2008 - 2003

September 8, 2008

The month of August often reflects the real estate activity of June and July since properties that enter escrow typically take 30-60 days to close. Clearly the real estate market in the communities that I track through the data reported in the IMRMLS reflects an improving real estate market if you just consider the volume of activity.

Banning/Beaumont.......2008/96.....2007/62.....2006/87.....2005/111.....2004/93.....2003/92

Bloomington...................2008/19.....2007/3........2006/18.....2005/35......2004/24.....2003/17

Colton..............................2008/41,,,,,2007/24.....2006/53.....2005/48......2004/48.....2003/46

Fontana...........................2008/271...2007/75.....2006/227...2005/301....2004/230...2003/216

Grand Terrace...............2008/10.....2007/10.....2006/10.....2005/13......2004/11......2003/10

Highland.........................2008/49.....2007/29.....2006/58.....2005/61......2004/66......2003/57

Loma Linda....................2008/11.....2007/9.......2006/21......2005/15......2004/14......2003/11

Mentone.........................2008/5.......2007/4.......2006/8........2005/5........2004/7........2003/13

Moreno Valley...............2008/356...2007/84....2006/219....2005/311....2004/307....2003/253

Redlands........................2008/46......2007/50....2006/68......2005/84.....2004/81......2003/91

Rialto..............................2008/108....2007/29....2006/94......2005/121....2004/117....2003/92

Riverside.......................2008/397.....2007/157..2006/340....2005/507...2004/380...2003/444

San Bernardino.............2008/197....2007/85....2006/200....2005/259...2004/246....2003/219

Yucaipa/Calimesa........2008/53......2007/42....2006/74.......2005/74......2004/84......2003/62

It seems that in areas where prices fell the most, the volume has also increased the most. Buyers are recognizing the affordability that the present real estate market offers. When I post median prices, it will be interesting to note how the median prices also reflect the areas where volume has increased.

Learn About Local Indians and Indian Baskets

September 5, 2008


On Sunday, September 7, 2008 the San Bernardino County Museum will be hosting a book signing and a basket identification and appraisal event.


Pauline Murillo, a San Manuel will be signing her book about the San Manuel tribe - who they are and their life journey to where they are now.


The San Bernardino Museum has an extensive collection of Indian baskets and visitors can bring baskets to be identified. If you have a basket, you should call first because there will be security surrounding the baskets as some are extremely rare and valuable. The museum phone number is 909-307-2669.


There will be no charge for admission as the first Sunday of each month is a free admission day.


These free days are wonderful opportunities to enjoy a family outing and visit this museum that is an outstanding institution in the Inland Empire.

Attention All Mineral and Gem Lovers

September 4, 2008


Beginning at noon on Friday, September 5, 2008 more than 70 dealers will be offering gems, minerals, crystals, beads and jewelry at the Gem Faire being held at the Convention Center in Ontario, 2000 Convention Center Way.


The hours on Friday are noon to 7 p.m.; on Saturday 10 a.m. to 7 p.m.; and on Sunday from 10 a.m. to 5 p.m.


San Bernardino County is rich in natural minerals and gemstones. This show will be a great opportunity to experience first hand the wonders of both the natural minerals and crystals as well as the artistry of jewelry designers.

The Numbers Tell Us Real Estate Sales Are Stronger

September 3, 2008
Yesterday I posted the number of Active and Pending Sales reported through the IMRMLS for the first day of September 2008. This morning I went back and reviewed the number of actives and pendings reported through the IMRMLS on January 2, 2008. When I decided to keep track of this data I wanted to see if it would give any indications of trends in the real estate market in the 14 communities that I chose to track. Just look at this one set of statistics - the percentage of sales pending to the number of active listings!
Banning/Beaumont............January/7.5%...........September/28%
Bloomington........................January/4%..............September/24%
Colton...................................January/7%..............September/24%
Fontana...............................January/7%...............September/36%
Grand Terrace...................January/8%...............September/24%
Highland.............................January/7%................Septemebr/32%
Loma Linda........................January/4%................September/23%
Mentone.............................January/8%................Septemebr/26%
Moreno Valley...................January/10%..............September/47%
Redlands............................January/9.6%.............September/19%
Rialto..................................January/9%................September/33%
Riverside...........................January/7.5%..............September/31%
San Bernardino................January/7%..................September/22%
Yucaipa/Calimesa............January/7%..................September/18%

Ask any real estate professional. You will be told that sales activity has picked up. Yes, prices are declining, but savvy buyers are definitely making offers. When I report the closed sales next week, it will be worth watching the numbers and then checking the median price of these transactions.

Sharing the Numbers

September 2, 2008


It is a new month - the final month of the third quarter of 2008. I am sharing the number of active listings and the number of pending sales in my ongoing effort to tract the real estate market trends. I am presenting the numbers as reported in the IMRMLS without editing.


I have been tracking 14 com unities in the San Bernardino/Riverside area. Alphabetically:


Banning/Beaumont.........Listings/792......Pendings/222.......Percentage.....28%


Bloomington.....................Listings/200......Pendings/47.........Percentage.....24%


Collton...............................Listings/349......Pendings/83.........Percentage.....24%


Fontana.............................Listings/1707....Pendings/611.......Percentage.....36%


Grand Terrace.................Listings/55........Pendings/13.........Percentage.....24%


Highland...........................Listings/339......Pendings/108.......Percentage.....32%


Loma Linda......................Listings/91........Pendings/21..........Percentage.....21%


Mentone...........................Listings/54........Pendings/14..........Percentage.....26%


Moreno Valley.................Listings/1893....Pendings/896.......Percentage......47%


Redlands..........................Listings/382......Pendings/74..........Percentage......19%


Rialto................................Listings/755......Pendings/282........Percentage......33%


Riverside..........................Listings/2465...Pendings/762........Percentage......31%


San Bernardino...............Listings/1961....Pendings/441........Percentage......22%


Yucaipa/Calimesa..........Listings/423......Pendings/77...........Percentage......18%



Compared to the January and February percentages of pendings to listings, the market has clearly improved in terms of activity. At the beginning of 2008, we were under 15% in the ratios of pendings to listings and sometimes in single digit percentages. When I post the median prices you will be able to note why activity is picking up.

The Labor Day Holiday's Emphasis 100+ Years Ago

September 1, 2008

The Labor Day Holiday was a creation of the labor union movement of the late 1890s. History records that the first Labor Day Holiday was celebrated on Tuesday, September 5, 1882 in New York City and was the creation of the Central Labor Union. It was to recognize the value and dignity of work and its role in the American way of life. In the 1800s, the average American worked 12 hour days, seven days a week in order to make a basic living.

On June 28, 1894, Congress passed an act establishing the first Monday of September of each year as a legal Holiday in the District of Columbia and the territories. Originally the holiday was to be celebrated with a street parade to exhibit to the public "the strength and esprit de corps of the trade and labor organizations".

Through the years the Labor Day holiday has been celebrated in many different ways. Today, it seems less of a tribute to "Labor" and more of a time for family and friends to enjoy the last, long summer weekend before Autumn.
Be reminded that we celebrate the value of work and the contribution each working person makes to the community as a whole. CELEBRATE !