Black Friday and Bright Lights

November 28, 2008


Seeing the expression "Black Friday" in the news media aroused my curiosity. For some reason, I did not remember hearing or reading this expression in previous years. With a little research, I found that I was clearly out of it. According to the Wikipedia site, the expression originated in Philadelphia in the 1960s. Black Friday is the Friday after Thanksgiving and it is considered the beginning of the traditional Christmas shopping season. The expression. at its origin referred to the heavy traffic of that day and was coined by the Philadelphia Police Department. In 1975, the expression was used to include the traffic in Philadelphia that was even heavier due to the Army vs. Navy football game played that day. Today, it generally refers to the heavy shopping that puts retailers into the "black"; meaning that the volume of sales creates profit. In fact, for some retailers, the profit for the year is sometimes the result of a successful "Black Friday". If you google "Black Friday" on the Internet and go to the Wikipedia site, you will find an interesting discussion of this expression.


As for the "Bright Lights", Friday is the annual Festival of Lights at the Mission Inn in Riverside. Riverside Community College's Marching Tigers Band will perform from 5:45p.m. until the 6:15 p.m. lighting ceremony. A switch will be flipped and the millions of lights decorating the historic Mission Inn will be lit. If you are not present for the "flipping of the switch", it is a worthwhile outing to visit the Mission Inn during the holidays. It will put you in an "up-beat holiday spirit!

Happy Thanksgiving Day !

November 27, 2008


Just a familiar hymn that always evokes fond memories of past Thanksgiving days.


Come ye thankful people, come,


Raise the song of harvest home:


All is safely gathered in,


Ere the winter storms begin;


God our maker doth provide


For our wants to be supplied:


Come to God's own temple, come,


Raise the song of harvest home.





May we all give thanks for the blessings that we have received and for the family and friends with whom we share the day!

An Observation on the Psychology of Markets

November 26, 2008
My attention was caught this morning by an article in the Los Angeles Times that was headlined "Home prices drop to 2004 Levels". (This may not be an exact quote as I do not have the paper
with me.) For those of us marketing real estate in 2004, it was a banner year. It seemed as if everyone wanted to purchase a home. Interest rates were at historical lows and buyers were excited to be able to purchase a home. I do not remember the percentage of folks who could qualify to purchase a median priced home at the 2004 price levels, but the statistic for 2008 is that 57-60% of folks in the Inland Empire could qualify to purchase a median priced home at present price levels.
Since sometime in late 2005 and early 2006, the psychological state of potential buyers went from desire to fear. Prices rose too quickly, the media were constantly looking for the "bubble" to burst and burst in did - in almost unimaginable ways.
So, if the prices are back to attractive and affordable levels, and the government is shoring up the lenders so that interest rates stay low and loans are available, it seems to me that the task is to create desire and eliminate fear. Putting down roots, choosing a property that will be where you want to build some life memories, can become desirable goals. A house is a place to live, a place where you can decorate the way YOU like and create the surroundings that warm your soul.
I don't know when the real estate markets will bottom, or when fear will turn to desire, but I do know that real estate markets are cyclical. I predict that in 3-5 years some folks will say "coulda, shoulda" bought a house in 2008-2009.

Not Costly Improvements

November 25, 2008

There are many improvements that sellers can do to enhance their property that are almost cost-free. Over time, most homeowners manage to collect "stuff". The garage is full of "stuff". The closets are jam-packed with "stuff". If you are planning to put your house up for sale, getting rid of the "stuff" might be your first priority.

As a friend of mine once said: "Start with one box at a time, but start." Goodwill and The Salvation Army are always in need of donations. If you do want to show your donation as a tax deduction, itemize and /or photograph, so the value you claim can be justified. It is my understanding that Goodwill accepts electronic donations such as old TVs, Computers, Radios, etc. I know my husband and I have a tendency to put these electronics in the garage and really, getting rid of them would be a wonderful relief.

If you wanted to go a step further in your closet cleaning, you could purchase plastic hangers and organize your clothing. The sellers of one of the houses I recently showed had done this and the buyers were impressed that here was a really neat person. It is amazing how buyers pay attention to little details.

If your "stuff" is just plain junk, you can always contact 1-800-got-junk and for a price they will haul it away.

Even if you end up not putting your property on the market for sale, just think what a pleasure it will be to have less "stuff" and to be able to put the car in the garage.

Making Your Property Special

November 24, 2008

In a down market sellers who truly must or wish to sell are wise to take a careful and critical look at their property. One of the most difficult hurdles for many sellers is to detach themselves from the home that has been so special for them. This is especially true of sellers who have lived in the home for many years. The reality of house selling is that once you offer your home for sale, it becomes a commodity; i.e. something that is treated by would-be purchasers as one of many products on the shelf. For that reason, it is important to make it standout from the competition.

First, it is important to recognize that prices have declined and that almost 50% of the Inland Empire real estate market is either bank-owned or short sale. Since most of these properties have deferred maintenance, a crisp, clean and well maintained property will attract potential buyers.

So.....Start at the curb. What do you see? A green lawn? Lots of colorful flowers? Trimmed shrubs and trees? Fresh paint? A rusty mailbox? An inviting entry?

The entry is a great place to focus your attention. If your front doors are just standard and the paint is less than fresh, would be purchasers are already deciding this may not be the property for them. A new door with a glossy enamel, some new molding around the door frame, new hardware and if there is the space, some topiaries in pots. It will amaze you how much this relatively inexpensive makeover (under $2000) will benefit the entire curb appeal.

Next.... Do the repairs that you have put off and adapted to; such as holes in your screens, missing plug and switch plates, soiled grout around plumbing fixtures. the toilet that needs an extra juggle to stop running, the oven that has not been cleaned, etc, etc. Paying attention to the small details sends a signal that you are a caring homeowner.

Paint is always a great freshener. Colors do become out dated. Talk to a paint supply company for some hints as to the "in" colors remembering that neutral is generally preferred over bright and too trendy.

Recognize that a buyer now-a-days wants a turnkey property or a bargain basement price. It is your choice to select the means to make your property special.

The Wildlife Art Festival

November 21, 2008

On Saturday and Sunday, November 22 and 23, 2008, the San Bernardino County Museum at 2024 Orange Tree Lane in Redlands will host the annual Wildlife Art Festival. This year, the San Bernardino County Museum Association is sponsoring the event along with the San Bernardino County Board of Supervisors, Brutoco Construction Management, Target, Southwest Art Magazine and KVCR-Fm 91.9. Admission is free.

This event began when the museum was able to secure the right to exhibit the winners of the Federal Duck Stamp competition. Viewing the art that is created for this competition is a real visual experience. The realistic representation of duck species requires fantastic artistic ability.

Adding to the National art exhibit will be the exhibit of art created by the junior artists. By making the event free for visitors, the museum hopes to widen the appreciation for this genre of art. The winner of the 2008 Federal Duck Stamp competition, Joshua Spies will be present.

In addition to the Federal Duck Stamp exhibit, approximately 2 dozen artists, including featured artist Leslie Kirchner, will be exhibiting art for purchase.

There will also be family activities fro 11 a.m. to 4 p.m. on Saturday and Sunday. There will be drawing instruction for kids ages 9-15. The Ramona Country Carvers will be demonstrating carving techniques. The museum's Exploration Station will have live animals to view from1 p.m. to 4 p.m.

The hours are 9 a.m. to 5 p.m. Saturday and 9 a.m. to 4 p.m. Sunday.

Until they run out, at CENTURY 21 Lois Lauer Realty you can pick up a card for a free ticket to the event's opportunity drawing.

It's the Thanks and Giving Season

November 20, 2008

CENTURY 21 Lois Lauer Realty has been involved in giving back to the communities in which the company does business throughout its 32+ year history. Since the mid 1990s, $10 is put aside from each transaction to be used for the support of not-for-profit organizations. A committee of the agents decides how these funds will be spent. It is during mid November and throughout December that the giving accelerates. Individual agents and the company as a whole donate Thanksgiving food baskets to the Family Service Association. Each agent also receives the wish card of a child registered with the Children's Fund. If you were reading this blog last year, I posted pictures of the array of donated gifts to be given to these children.

This effort to make other folks happy does not cease just because it has been a tough real estate market. Our agents have much for which they can be thankful and the joy of giving is an important part of the company culture.

We are still accumulating items for Operation Gratitude. We have filled 3 boxes in the Orange Tree Lane office and equal amounts in Yucaipa and Moreno Valley. We are collecting pennies for the THINK (Teaching-Helping-Inspiring-Nurturing-Kids together) Program, an after school enrichment opportunity. If you want to participate, we would be happy to forward your donations.

This is a time to give thanks for your blessings, but the "giving" part of "Thanksgiving" can make you doubly blessed.

Conserve Your Porcelain Throne

November 19, 2008

An op-ed piece in this morning's Los Angeles Times caught my eye. It was entitle "Loo and Behold" and was written by Margaret Wertheim, a science writer who has consulted for WaterAID America on public outreach. I quote from the opening paragraphs:

"Today is World Toilet Day. You might chuckle or blush, but its worth taking a moment to acknowledge what the humble loo has done for us.

Though the word "Toilet" is often considered declasse and even rude to utter aloud, much of modern life would not be possible without the commode. Ask yourself this: If you had to live without toilets or electricity, which would you choose?"
"The average person goes to the toilet between six and eight times a day. Of the 60 gallons of water Americans use per person per day indoors, 27% (18.5 gallons) goes to flushing - more than on showering or laundry or any other single activity says the American Water Works Association."

As populations have grown, so has the importance of good public sanitation systems. The ramifications of poor sanitation are awesome. If you have attended an outdoor event that has the "Porta-Potty" available, you know how unpleasant it can be on a hot day. I know when I had my store in downtown Redlands, it was a popular spot for spectators attending the Redlands Bicycle Classic because I allowed folks to use my restroom.

As 21st century Americans, we generally take our indoor plumbing for granted. Today was set aside to be grateful for what we have and to recognize that there are millions of folks today who do not have "basic Sanitation". The United Nations estimates that every $1 spent on sanitation saves at least $9 in accumulated health costs, lost productivity and delayed economic development.

I truly believe that I would choose to be without electricity than to be without my porcelain throne.

And Yet Another Economic Plan

November 18, 2008


Chairwoman Sheila Bair of the Federal Deposit Insurance Corporation has a plan for the government to partially insure lenders when they agree to modify troubled borrowers' loan terms. Chairwoman Bair wants the Bush administration to provide incentives for lenders to do as many as 2.2 million loan modifications. Under the FDIC proposal, the government would pay servicers $1000 for each loan modified and also agree to cover up to 50% of losses if a loan should re-default.. According to the FDIC's assumptions if one in three modified loans were to re-default, the plan would cost taxpayers $24.4 billion, but prevent 1.5 million foreclosures by the end of next year.


As I posted last week, the National Association of Realtors has its own four-point legislative plan to stimulate housing markets. Then there is the treasury department $700 billion plan approved by Congress and probably more in the works. Unfortunately, few of these proposals have yet been put into motion.


What is unique about this down cycle in the real estate marketplace is the creative financing that was created for the 21st century. A statistic that I heard stated that about 60% of seriously delinquent mortgages have been sold to investors in private-label mortgage-backed securities. Finding the actually holders of the partitioned mortgages and then getting them to agree to modifications has proved an almost insurmountable challenge.


The good news is that Fannie Mae and Freddie Mac have boosted their loan modifications to an average of 4,600 per month. About 92% of borrowers that Fannie and Freddie have worked with have been able to keep their homes.


If stabilizing the housing market is, as so many economists have claimed, the key to getting us out of this recession, then negotiations between underwater borrowers and the lenders/investors must take place.

Does America Need a Bailout?

November 17, 2009

Over the weekend I was going through articles that I had saved and I came across an article in the September 15, 2008 issue of Business Week Magazine that caught my attention. In light of all the current bailout discussion regarding the auto industry, the review by Christopher Farrell of Yale economist Robert Shiller's book entitled "The Subprime Solution" with the title of the article in bold print "Does America Need a Bailout?" concludes that this is a time that calls for dramatic action from Washington.

It will be interesting to follow the news as Congress reconvenes for a "lame-duck session". If the media is to be believed the bailout of the auto industry will be high on the agenda. Same legislators are of the opinion that government must intervene, others of the opinion that they deserve to be where they are because they didn't build the cars Americans wanted. In the midst of all the housing and financial crises of 2008, a government official reflects; "We cannot stand by when a house is on fire to engage in lengthy debates...In such a situation we instinctively utilize whatever method...offers assurance of speediest success."

Unfortunately, no one is certain of the appropriate methodology. What seems to be certain is that the ripple effect of an industry failure will have far reaching consequences. Were we not in an extraordinary financial crisis, the government's options might be different. As it is, just as some financial institutions were bailed out and hopefully some underwater homeowners will be bailed out, some industries may have to receive a bailout package.

I plan to read Professor Shiller's book and see what recommendations he has made.

It's Definitely Fire Season

November 14, 2008

Anyone living in the Inland Empire has experienced some phenomenal November weather. For as long as I can remember, real estate agents have said that the time to entice prospective employees to our area is in November.
However, with the clear views of the San Bernardino and San Gorgonio Mountains, comes the reality of why the air is so sparkling clear. Generally it is the winds - Santa Anas or other. Unfortunately, these winds further dry out the vegetation and fires become a threat. This weekend would be a good time to check out your property for any potential fire hazards. If you live near the canyons or near undeveloped land, be sure and clear a break between your property and the vegetation. If you are landscaping, use fire resistant plantings. Check out your watering system - How's the pressure? Are the sprinkler heads all working? Are you getting proper water coverage?

If we all do are part, we will have assisted our fire protection agencies.

Annother Stimulus Plan

November 13, 2008

The Directors of the National Association of Realtors have weighed in with a stimulus proposal.

At their meeting on Monday they formally signed off on their proposal. The N.A.R. plan is a 4 point package designed to "get the demand side moving again."

The N.A.R. proposal call for a temporary $7,500 first-time Home buyer tax credit with no repayment requirement. (The present plan enacted by Congress has a $7,500 tax credit, but it is to be repaid over a 15 year time period or when the property is sold.)

The N.A.R. plan includes a temporary federal buy-down of mortgage rates to 4.5% or less. A focus group's research indicated that a buy-down in interest rates to 3%-4.5% would get the market rolling again. These buy-down rates would be funded as a part of the $700 billion federal plan to bring liquidity back to the markets.

The N.A.R. plan also calls upon the federal government to make permanent the temporary increase in FHA, Fannie Mae and Freddie Mac loan limits to $729,750 in high cost areas. (Presently the Inland Empire loan limit is between is less than in high cost areas.) The limits are scheduled to roll back to $625,000 in high cost areas and in the mid $300,000s in our area on January 1, 2009.

The fourth proposal has to do with banks engaging in real estate brokerage and management .

Congress will be working on their own stimulus package and the Treasury Department is still looking to find a workable solution to the crisis in housing and credit markets.

While the media and financial folks are upset by the federal governments jockeying with one stimulus plan after another. Having just read a biography of FDR, the author felt that FDR's ability to try one plan after another was instrumental in finding appropriate solutions. Perhaps in major crises, It is important to asses whether a plan is working. If not, scrap it and go on to the next. That is what research and development folks do.

Time to "Duck and Cover"

November 12, 2008

The day of the "Great Southern California Shakeout" arrives tomorrow, Thursday, November 13, 2008. It was several months ago that I first posted a piece about this event planned by seismologists to raise awareness about earthquake preparedness.

I quote from a column in Tuesday's Wall Street Journal:

"At 10 a.m. on Thursday, geologists hope that more than five million people around Los Angeles will participate in a disaster drill built around a 7.8 magnitude earthquake along the San Andreas fault. ...It is billed as the largest earthquake-preparedness event in U.S. history."

Since, we, in the Inland Empire, have a portion of the mighty San Andreas in our backyard, the counties and many municipalities are participating in this event. The San Bernardino Museum will have a gathering of more than 300 school children in the Fisk Auditorium and the simulated earthquake event will be part of Thursday mornings scheduled activities.

Many of us who will be at work and who are not actively participating in this event, might take a moment at 10 a.m. tomorrow morning. We could get fellow workers to duck under their desks for the experience of how quickly one can take cover.

To register for the Shakeout or for more information, visit http://www.shakeout.org/. The hope is that with this event, citizens will become more motivated to develop their own emergency plans and supplies. If this magnitude earthquake were to occur, awareness and preparedness would be key to surviving the aftermath.

Whether For or Against War - Take a Moment

November 11, 2008

Today is Veteran's Day, a Federal Holiday. Based on my scanning of four newspapers this morning, it has become lost in the plethora of current news. I had a difficult time finding any mention of it - not even the tradition of the President placing a wreath at the tomb of the Unknown Soldiers.

Here is a refresher on the history of this holiday. In 1919, President Wilson proclaims the first Armistice Day with the following words: "To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in this country's service and with gratitude for the victory, both because the thing from which it freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations..." The original concept of the celebration was the cessation of business for a two minute period beginning at 11 A.M. The reason for selecting the date of November 11th the armistice ending World War I was signed at the eleventh hour of the eleventh day of November 1918.

In 1954, President Eisenhower signed legislation changing the name of the legal holiday from Armistice Day to Veteran;s Day.

Legislation was passed in 1968, changing the holiday to the fourth Monday of October with the date change to begin in 1971. From 1971 until 1975 this was the date of the Federal Holiday. Many states reverted back to the November 11th date. and in 1975, legislation passed to return the date of celebration to November 11th. From 1978 Veteran's Day is celebrated on November 11th.

Take a moment today at 11 A.M. to give thanks for the heroism that is always a safeguard for our democracy.

A Challenging Market for Buyers

November 10, 2008

The challenge faced by prospective home buyers in today's real estate market is the amount to offer a seller. Listing prices of homes being offered for sale are influenced by the seller's motivation. A lender that has taken a property back through the foreclosure process is usually very motivated to sell quickly. Hence foreclosed properties are often listed at very competitive prices. Traditional sellers who list their property because of job transfers or other personal reasons, may not be so anxious to sell quickly. Often it is more difficult for traditional sellers to understand just how much real estate values have declined.

So....what is a buyer to do? The answer, as always, is, it depends.

A Real Estate agent can provide a buyer with recent sales of similar properties. These properties will represent what has occurred to prices, but not what will occur in the future. A look at current list prices may give an indication of price trends.

From the range of value suggested by this data, a buyer might consider:

1) Seller's motivation and debt position. (Does the seller owe more than the list price? What does the bank say about a short sale? )

2) Before a buyer makes an offer to purchase, it is important to meet with a lender and determine exactly how much loan the buyer can qualify for.

3) Another factor in determining a purchase price is psychological: How much do you want this property? A buyer will be willing to pay more for a property that suits both needs and wants. (Generally, the appraiser will determine if the purchase price is appropriate for the current market.)

4) The psychological factor can also play a part when a property is priced so competitively that there are multiple offers. Multiple offers are one of the frustrations for buyers in today's market.

(On some bank-owned properties we have seen as many as ten offers.)

Bottom line - Make your offer fit your desire to live in the property and make it fit your pocketbook.

Its Arts and Crafts Festival Time in the Inland Empire

November 7, 2008

This weekend there are numerous opportunities to enjoy outdoor arts and crafts festivals. Here is a sampling of venues around the Inland Empire.

A Trip Back to the Old West

Music, crafts and Folklorico dancing from 10 a.m. to 5p.m. Saturday and Sunday, plus a parade at 1:15p.m. on Sunday. 8088 Palm Lane, San Bernardino. Admission is $5. 909-384-5426 or go to http://www.harvestfair.net/.

Etiwanda Historical District's Annual Street Fair
Tours, entertainment, cake walk, children's activities and more. Saturday from 11a.m. to 3p.m.
Etiwanda Historical District, 7150-7169 Etiwanda Avenue. 909-899-8432

Art in the Park
Colors of the Dragon is the theme of this year's Art in the Park in Fontana. Nearly 3 dozen aritsts will display their work. For more information call 909-356-7185 or go to www.fontanacreation.org.

Redlands Art Association State Street Art Walk
The Redlands Art Association will be sponsoring an outdoor arts and crafts festival. The State Street Gallery will be open on Sunday from 9a.m. to 4p.m. The downtown block of State Street from 6th street to 7th street will be closed to vehicular traffic and artist will have booths with arts and crafts items for sale. The gallery is at 215 E. State street. 909-792-8435 or go to http://www.redlands-art.org/.

Arts and Crafts Fair in Temecula

From 10a.m. to 5p.m. on Saturday and Sunday, the Maurice Car'rie Winery will be hosting this fair. Admission is free. 951-676-1711

Don't miss these opportunities to do your Holiday shopping and support both artisans and often community charities.

Closed Sales reported through the IMRMLS - October

November 6, 2008

I have been posting the closed unit numbers since January 2008. My purpose was to see if the number of units sold would indicate when the real estate market in the Riverside/San Bernardino county region was improving. Obviously "improving" in this context means volume, not price. In future posts I hope to show comparisons of year over year median prices in some of the communities I am tracking.

Here are the closed transactions for the month of November.

Banning/Beaumont......2008/118.....2007/48.....2006/74.....2005/75.....2004/72.....2003/81

Bloomington..................2008/33......2007/2........2006/20.....2005/28.....2004/29.....2003/24

Colton.............................2008/62......2007/13......2006/40.....2005/58.....2004/54.....2003/54

Fontana..........................2008/332....2007/73......2006/172...2005/253...2004/226...2003/246

Grand Terrace..............2008/9.........2007/8........2006/8.......2005/16.....2004/14......2003/10

Highland........................2008/77........2007/24......2006/58....2005/58.....2004/65......2003/73

Loma Linda...................2008/9..........2007/4........2006/23....2005/15.....2004/13.......2003/11

Mentone........................2008/11.........2007/2.......2006/4......2005/8.......2004/5.........2003/16

Moreno Valley..............2008/503......2007/85.....2006/187..2005/268...2004/304....2003/283

Redlands.......................2008/58.........2007/34.....2006/54....2005/72.....2004/63.......2003/78

Rialto.............................2008/127.......200752.......2006/75.....2005/104..2004/107.....2003/131

Riverside......................2008/462.......2007/134...2006/291...2005/368..2004/400....2003/418

San Bernardino...........2008/258.......2007/95.....2006/174....2005/207..2004/198.....2003/246

Yucaipa/Calimesa.......2008/53.........2007/28.....2006/53......2005/71....2004/58........2003/81

These numbers do not include New construction or for-sale-by owener properties that were not listed through the IMRMLS.

Lender Owned Property - Disclosure

November 5, 2008

Since such a high percentage of real estate being sold in this market consists of lender owned properties; commonly referred to as REO (real estate owned), I thought I might share the list of disclosures that are legally required by either California or Federal Laws. I realize that some of this disclosure may be difficult to obtain, but as a purchaser or as an agent, it is useful to know

what you can request of the lender/seller.

In California:

1. Agents must give Buyers and Sellers an Agency Disclosure Statement which defines the duties of the three different types of agency permitted under California law.

2. Agents must do reasonably diligent visual inspection of the property and give the Buyer a written copy of their observations.

3. Lender/sellers must give Buyers a Pamphlet entitled "Protect Your Family from Lead in Your Home" if the house was built prior to 1978. This pamphlet is incorporated in C.A.R.'s Combined Hazard Book.

4. Lender/seller must provide the Buyer with a Lead Paint Hazard disclosure indicating whether the seller has knowledge of lead paint on the property.

5. Lender/seller must provide the Buyer with the governing documents for condominiums or other common interest developments as well as minutes, financial statements, etc. that are required by law.

6. Lender/seller must disclose if the Buyer will be required to carry flood insurance.

7. If the Lender/seller has knowledge of any material facts that might be a factor affecting a Buyer's decision to purchase the property, the lender/seller is required to make those disclosures. Using a C.A.R. Seller Property Questionnaire would be helpful in fulfilling this obligation.

8. Lender/seller is required to disclosure in writing a pending issue from a health officer prohibiting the occupancy or use of a property contaminated by meth lab activity.

9.Lender/seller must disclose the availability of a database of registered sex offenders in at least 8-point type font.

10. Lender/seller must deliver to Buyer a statement of compliance with the smoke detector and with the hot water heater laws.

11. Lender/seller must provide a Buyer with a notice of the advisability of title insurance in a separated document if title insurance is not being provided.



Federal:

Under the Federal Investment in Real Property Tax Act (FIRPTA) a Buyer must withhold 10% of the sales price from the seller's proceeds, and send it to the IRS, unless an exemption applies.

An exemption is available if the Lender/seller provides the Buyer with a written certification that the lender is a nonforeign corporation.

Under California state law, a buyer must withhold three and a third percent of the sales price without certification that the lender is a corporation qualified through the California Secretary of State or has permanent business in California



There are many other recommended disclosures and a Buyer of a REO property should use due diligence in inspecting the property, but the above are the minimum required. Don't be afraid to request them from the Seller or the Seller's agent.

At Last ! We the People Choose

November 4, 2008

Election 2008 has finally arrived. The interviews, the speeches that polls, and the predictions will finally be over. Casting our votes is the privilege of a democratic society. It is important that we take this privilege seriously.

Based on the number of folks already in line at my polling place at 6:50 a.m. this morning, we may finally get a respectable turnout. It has been so sad in past year when only 20%-30% of registered voters exercise the right to vote. The presidential campaigns this year have perhaps been over covered by the media, but if the result is a high voter turnout and a high concern for the outcome, all the media coverage will have served a useful purpose.

Don't let the rain or the long lines stop you from voting. The future of our country may well depend on your vote. In any event the outcome of this elections will shape the next four years.

Listing and Pending Data from the IMRMLS

November 3, 2008

As we enter the last two months of 2008, I continue to track the number of active listings and the number of properties that are reported to be pending sales. The more interesting data as a reflection of the local real estate markets are the percentages of properties pending versus the total number of listings. In January 2008 the highest percentage of pendings to listings was 10%in Moreno Valley. As we enter November the highest percentage is still Moreno Valley at 43.5%.

Here are the numbers for the fourteen communities that I track in San Bernardino and Riverside counties.

Banning/Beaumont......Listings/863.......Pendings/298.......Percentage/26.4%

Bloomington..................Listings/180.......Pendings/63.........Percentage/35%

Colton.............................Listings/368.......Pendings/95.........Percentage/25.8%

Fontana..........................Listings/1860.....Pendings/663......Percentage/35.6

Grand Terrace..............Listings/62..........Pendings/11.........Percentage/17.7%

Highland........................Listings/362........Pendings/116.......Percentage/32%

Loma Linda...................Listings/91..........Pendings/22.........Percentage/24.1%

Mentone........................Listings/50..........Pendings/8...........Percentage/16%

Moreno Valley..............Listings/2047.....Pendings/891,,,,,,,Percentage/43.5%

Redlands.......................Listings/392........Pendings/69.........Percentage/17.6%

Rialto.............................Lisitngs/825........Pendings/305......Percentage/36.9%

Riverside......................Listings/2905......Pendings/811.......Percentage/27.9%

San Bernardino............Listings/2173......Pendings/510.......Percentage/23.4%

Yucaipa/Calimesa.......Listings/424........Pendings/89.........Percentage/20.9%