What's This? A Pink Press?

September 30, 2011


Were you surprise this morning when you found a pink Press Enterprise Newspaper lying in your driveway? The "pink editions" were published in honor of Breast Cancer Awareness Month. The Press Enterprise is donating 10% of proceeds from advertising ordered in today's paper. They also provide a listing of fundraising walks to cancer screening events in Inland Southern California.


This Sunday, October 2, the 4th annual Believe Walk will take place in Redlands. Registration opens at 7 a.m. and the Walk begins at 8:30 a.m. You can preregister online today until 5 p.m.


Go to http://www.believeinlandempire.com/ and get details. This walk has grown since its beginnings and is a great way to support breast cancer patients and research.

Redlands' Schools Are Celebrating

September 29, 2011


At the meeting Tuesday evening of the Redlands Board of Education, Paul Cullen, the assistant superintendent of educational services, announced that 14 of the districts school now have Academic Performance Index (API) scores of 800 or greater. This may not be meaningful to those of us who do not have children in school, but to academia it has become vitally important. The overall state average is 778.


The API testing is part of the No Child Left Behind law enacted in 2001. The statute requires schools to strive to improve their test scores over time. The law imposes penalties and grants rewards. While there is much controversy over the merits of teaching to the test, there is no controversy over the need to improve the education of your children.


It is important to parents to know that schools in the Inland Area are improving and bringing our educational system back to the quality it was once known for.

For Interesting Housing Data...

September 27, 2011


On the front page of this morning's Wall Street Journal there was a small graph entitled "Vital Signs". I thought it would be interesting to copy it onto the blog but was unsure of copyright regulations. Under the graph it stated that the source was U.S. Commerce Department. So I decided to check out the source by googling the U.S. Department of Commerce. For a data wonk such as I am, it was a real treat. I did not find the chart but I did find press releases. Of further note, these release seem to say that new construction is up in August over July and August 2011 over August 2012. This press release seemed to differ from the piece in the WSJ that stated that "Sales of new homes slipped".


As I explored the site, however, I found lots of headers to click. "Characteristics of new construction was one. This is clearly a site that will require further exploration!

"There's Inherent Value in the Housing Market"

September 26, 2011


When I arrived at my desk this morning, my eyes caught the newspaper clipping that I had saved. There it was, complete with it's op ed piece headline "There's inherent value in the housing market". On an overcast autumn day, this article's message was a great way to start a new week.


The economy may be teetering and the world may be full of unhopeful news, but the writer of this piece wants his readers to remember that, over the long term, homeownership has value.


With mortgage rates at historic (50 year) lows and prices back to 2002, 2003 levels, and the affordability index somewhere in the 60% range, buyers are coming back into the housing market.


Besides the potential for monetary gain in value, owning a home has other values. Stability of location, putting down roots, being part of a community and of a neighborhood are some of these benefits. Designing your own decor or growing your own plants or leading a certain lifestyle all can come with the purchase of a home.


Such wonderful, positive thoughts for a Monday morning!

Snowboarding at Big Bear

September 23, 2011


I don't yet see snow capped mountains, but Bear Mountain must have created snow. Saturday, September 24, the eighth annual Bear Mountain's snowboard gathering will occur. Bear Mountain's Hot Dawgs and Hand Rails summertime snowboard gathering is one of the largest in the world.


Athletes will compete all day and the live webcast will begin at 3 p.m. on http://www.snowboardermag.com/


The competition will end at 7 p.m. with an awards ceremony.


This is just another example of the variety of activities that are available to our residents.

A Look at Refinancing Your Mortgage

September 22, 2011


An article in this morning's Wall Street Journal was entitled "Refinancing Our Way to Recovery". The writer of the article, David Wessel, suggests that by changing some of the regulations that limit homeowners' ability to refinance and cutting their monthly payments, monies would be available for consumers to put back into the general economy.


A chart in the articles suggests that "Roughly 28 million households have mortgages with interest rates above 5.1%. Of that 5.1% 19.9 million homes have equity and 8.1 Million owe more than their home is worth.


The roadblock to refinancing has often been the present appraised value of the property. Presumably when it is cited that 19.9 million homeowners have equity, it is also presumed that they will have enough equity left after a reappraisal at current value. If not, they are in the boat with the upside down homeowners. From my perspective, this is the barrier to a run on refinancing at the current mortgage rates. It does seem sad that the rates at 50 year historic lows can not be available to folks who already own a home. The writer of the article suggest that it would be worthwhile for the institutions that govern the lending laws taking a serious look at
making refinancing available within the constraints of the current market.

Investing in Real Estate

September 21, 2011


With low returns on stocks and savings, investors are turning to real estate.


REITs (Real Estate Investment Trusts) have become of interest for investors who don't want the responsibility of managing a rental property but still want to be invested in real estate. These REITs hold large numbers of properties, most often commercial buildings such as retail stores and hotels.


However, there are opportunities in the single family residential market. Prices and interest rates are low and some investors have been able to receive as much as 2 percent of the purchase price in rent.


If you are thinking of buying a rental property, be sure to check out the neighborhood and what rents are for similar properties in similar neighborhoods.


Be aware that you will probably have to put 20 to 30 percent down and that you will have closing costs to pay; loan origination, escrow, title.


The better the condition of the home, the easier it will be to find a renter. Fresh paint, new carpeting, new appliances always attract a tenant who is likely to take care of the property.


Another area to check out is the area of governmental regulation. There may be fees to be paid to the city and you will need to factor those fees into to your balance sheet.


Buying a real estate investment property can be a good way to put your money to work. Be sure you do your homework and you likely will benefit greatly.

To Lease or to Sell?

September 20, 2011


Home owners who want to, or need to, make a move in this real estate market sometimes ponder the question: "Should we lease or should we sell?" The answer is "It depends".


Why would you consider renting rather than selling? Is the reason for considering renting due to the present reduced market value of your home? If so, then how long do you think you will be renting it out? What is your best estimate of when real estate market values will improve? Remember, if Congress does not change the primary residence exclusion, you must have lived in the property two of the last five years prior to the sale. How long will you hold on to the home? Will you be managing the rental yourself or will you hire a property management company to do so?


Then there are the considerations if you decide to sell. Do you have a loan against the property? Is it more than the property is worth? Are there repairs that might need to be made or that would enhance the value? Are you wanting to purchase another home?


A crucial issue in the "to lease or to sell" debate is the "why" of making a move. You, the homeowner must decide the value of moving on totally by selling or "moving on" partially by holding onto the home.


A real estate agent can be helpful in presenting you with a market analysis, but you are the decision maker as to which choice best suits your goals.

Believe it or Not - The Housing Market Bottomed Out in 2009

September 19, 2011


As I drove to work this morning I was listening to an interview on KNX radio. The interviewee was reporting on a news release, apparently from Case-Shiller, about the housing market. I perked up my ears because I have generally found Case Shiller reports to be pretty negative about the housing market. This report (which I haven't found in writing yet) was positive. Well, perhaps not too positive, but when a report comes out that states that the housing market in 20 metropolitan areas (California included) actually bottomed out in 2009, I am amazed. We are now and have been, bouncing along the bottom and no serious declines are forecast.


Amazing, since when you google "Case Shiller" the articles suggest a further decline of 4.3%.


I have attempted to post the numbers that are reported through the CRMLS so that readers can judge for themselves what is happening. I agree that it looks like a bottom has occurred and that the market is stabilizing along that bottom.


The word this morning was "buy now". Low prices and low interest rates present a great opportunity.

San Bernardino Is the Place to Be

September 16, 2011


It began yesterday evening and will continue through Sunday. The annual Stater Bros. Route 66 Rendezvous brings the excitement of classic cars. So many beautifully restored cars are brought to San Bernardino for the weekend parade and car show. It is an event that celebrates the trips on Route 66.


Add ed to the event this year, The California Theatre of the Performing Arts is staging iconic rock and roll performances. Remember Chubby Checker and the Twist? Chubby will perform at 8 p.m. on Saturday. Chuck Berry is this evening and Barenaked Ladies are Sunday. Tickets range in price from $19 to $63.50.


All the parades are free and it makes for an exciting time in the old town of San Bernardino.


For additional information go to http://www.route-66.org/

The Over $400,000 Market

September 15, 2011


Several months ago I began tracking the number of properties reported as sold for a price over $400,000. I chose to follow this statistic because it was clear that the upper end of our region's real estate market was severely hit by the recession . Many properties that in 2004, 2005 and 2006 that had sold above $400,000 were now selling as short sales, often for a third less. Riverside, Redlands, Yucaipa and to some degree, Fontana, are showing some increase in sales in this over $400,000 market. Here are the numbers.


Banning/Beaumont............Jan/0......Feb/0......Mar/0.....Apr/1.....May/0


.............................................June/0......July/1....Aug/1


Bloomington.......................Jan/0.......Feb/0......Mar/0.....Apr/0....May/0


............................................June/1.......July/0.....Aug/1


Colton.................................Jan/0........Feb/0.....Mar/0......Apr/0....May/0


...........................................June/0.......July/0....Aug/1


Fontana..............................Jan/3........Feb/2......Mar/4.....Apr/4.....May/0


...........................................June/4.......July/3.....Aug/1


Grand Terrace..................Jan/0.........Feb/0......Mar/0.....Apr/0.....May/0


..........................................June/0.......July/0......Aug/0


Highland............................Jan/0.......Feb/2.......Mar/0.....Apr/0.....May/0


...........................................June/1......July/2.......Aug/1


Loma Linda.......................Jan/0.......Feb/0.......Mar/0.....Apr/1......May/0


...........................................June/0......July/0......Aug/0


Mentone............................Jan/0.......Feb/0........Mar/0....Apr/0......May/0


...........................................June/0.....July/0.......Aug/0


Moreno Valley..................Jan/0........Feb/0........Mar/0.....Apr/0.....May/0


..........................................June/1.......July/0.......Aug/0


Redlands...........................Jan/6.........Feb/6.......Mar/5.....Apr/7......May/8


..........................................June/8.......July/4.......Aug/11


Rialto................................Jan/0.........Feb/0........Mar/0....Apr/0......May/0


..........................................June/0.......July/0.......Aug/0


Riverside...........................Jan/11.......Feb/10.......Mar/16...Apr/22....May/18


..........................................June/24.....July/20.....Aug/25


San Bernradino................Jan/2........Feb/0.........Mar/1.....Apr/0......May/0


..........................................June/0.......July/0........Aug/0


Yucaipa/Calimesa...........Jan/2.........Feb/2.........Mar/3.....Apr/7......May/4


..........................................June/4.......July/1.........Aug/6


Totals for the fourteen areas I track are as follows:


Jan/24....Feb/22....Mar/29....Apr/42....May/30....June/42....July/28.....Aug/47


No real up/down trends, but signs of life.

Median Prices of Closed Transactions January thru August 2011

September 14, 2011




Here is a quick overview of median prices as reported in the CRMLS for the fourteen communities that I track. This is not done in any official methodology. I simply take the number of sold properties, divide by 2 and list the selling price of the property at that halfway mark.




I omit the "000" so you will need to remember that the number $165 is really $165,000.




Banning/Beaumont.........Jan/175......Feb/155......Mar/155......Apr/155


..........................................May/148.....June/165....July/161......Aug/165


Bloomington....................Jan/165......Feb/130......Mar/149......Apr/150
.........................................May/125.....June/150....July/155.......Aug/140


Colton..............................Jan/93.......Feb/122.......Mar/149.......Apr/110


.........................................May/117.....June/130.....July/110.......Aug/120


Fontana...........................Jan/194.....Feb/195.......Mar/211.......Apr/200


.........................................May/185....June/215.....July/205......Aug/200


Grand Terrace................Jan/203.....Feb/242......Mar/200......Apr/205


.........................................May/180...June/165.....July/220.......Aug/215


Highland.........................Jan/162.....Feb/180......Mar/155........Apr/165


.........................................May/185...June/182.....July/163........Aug/200


Loma Linda....................Jan/250....Feb/219.......Mar/220.......Apr/200


........................................May/235....June/250....July/220.......Aug/250


Mentone.........................Jan/157......Feb/80........Mar/85.........Apr/129/154


........................................May/95......June/95......July/144........Aug/159/235


Moreno Valley................Jan/155.....Feb/154.......Mar/148.......Apr/148


........................................May/148....June/153.....July/157........Aug/159


Redlands........................Jan/218......Feb/203......Mar/205......Apr/202


.......................................May/220....June/225.....July/205......Aug/215


Rialto.............................Jan/160......Feb/165.......Mar/152.......Apr/160


.......................................May/164.....June/158.....July/165.......Aug/170


Riverside.......................Jan/180......Feb/195.......Mar/187.......Apr/189


.......................................May/190.....June/189....July/190.......Aug/200


San Bernardino............Jan/122......Feb/105.......Mar/95........Apr/109


......................................May/105......June/99......July/123.......Aug/100


Yucaipa/Calimesa.......Jan/210.......Feb/190......Mar/181.......Apr/198


......................................May/180.....June/188.....July/195.......Aug/212


You can judge for yourselves about the state of our local real estate marketplace. These numbers seem to indicate that we have home sales resting on a plateau as far as prices are concerned. No wild swings lower nor swings higher. Interestingly, the median prices are not significantly changed from where they were in 2010. We can hope that this is a market that has found its "bottom" and will be ready for a change when the economy posts some positive numbers in other areas, particularly jobs and new construction.

Tracking the Units sold - January thru August 2011

August 13, 2011
For those of you who follow the real estate market, here are the numbers for the units reported sold each month through the CRMLS for 2011.
Banning/Beaumont.........Jan/93.......Feb/84.......Mar/147......Apr/129
.........................................May/121.....June/147....July/152......Aug/114
Bloomington....................Jan/25.......Feb/15........Mar/20.......Apr/32
.........................................May/11.......June/32......July/25........Aug/18
Colton..............................Jan/42.......Feb/36........Mar/28.......Apr/44
........................................May/46.......June/35......July/49........Aug/50
Fontana...........................Jan/212......Feb/177......Mar/165......Apr/246
........................................May/211.....June/287.....July/228.....Aug/239
Grand Terrace................Jan/6.........Feb/9...........Mar/11........Apr/10
........................................May/8.........June/13.......July/10........Aug/11
Highland........................Jan/47........Feb/37.........Mar/58.......Apr/58
.......................................May/56.......June/54.......July/55........Aug/62
Loma Linda...................Jan/22........Feb/12.........Mar/15........Apr/12
.......................................May/22.......June/18.......July/14........Aug/15
Mentone........................Jan/5...........Feb/6..........Mar/12........Apr/4
......................................May/11.........June/7.........July/11.........Aug/6
Moreno Valley..............Jan/191........Feb/159.......Mar/273......Apr/246
......................................May/232......June/269....July/249......Aug/253
Redlands......................Jan/54..........Feb/44........Mar/55........Apr/67
.....................................May/67.........June/75.......July/56........Aug/78
Rialto...........................Jan/104........Feb/66.........Mar/132......Apr/116
.....................................May/108.......June/116......July/111.......Aug/121
Riverside.....................Jan/309........Feb/257.......Mar/368......Apr/383
....................................May/418........June/398.....July/371.......Aug/451
San Bernardino..........Jan/289........Feb/141........Mar/213.......Apr/220
....................................May/202.......June/230.....July/197.......Aug/192
Yucaipa/Calimesa.....Jan/50..........Feb/41..........Mar/66........Apr/58
....................................May/50.........June/68.......July/49.........Aug/78
Just a reminder that units close usually about 60 days after the purchase agreement has been accepted by a seller. If you notice, February numbers are down and that is probably a reflection of the drop off in sales activity in December. Typically the holidays are not busy real estate times.

Closed Transactions - August 2011-2003

September 12, 2011


It is interesting to note that in the fourteen communities of the Inland Empire that I track, the number of closed single family sales is very similar to the number in 2010. I post the numbers for the month of August as they are reported though the CRMLS.


Banning/Beaumont........2011/114......2010/101......2009/146......2008/111


.........................................2007/62......2006/94.......2005/111.......2004/93


.........................................2003/92


Bloomington...................2011/18........2010/23.......2009/36........2008/23


........................................2007/4.........2006/18.......2005/35........2004/24


........................................2003/17


Colton.............................2011/50.......2010/48........2009/61........2008/45


........................................2007/25......2006/56........2005/48.......3004/48


........................................2003/46


Fontana..........................2011/239.....2010/267......2009/345......2008/288


........................................2007/79......2006/254.....2005/301.......2004/230


........................................2003/216


Grand Terrace...............2011/11........2010/10........2009/5...........2008/12


........................................2007/11.......2006/10.......2005/13.........2004/11


........................................2003/10


Highland........................2011/62......2010/53........2009/60........2008/54


........................................2007/30....2006/60.......2005/61.........2004/66


........................................2003/57


Loma Linda...................2011/15.......2010/16........2009/18........2008/14


.......................................2007/10.....2006/21........2005/15.........2004/14


.......................................2003/11


Mentone........................2011/6........2010/13........2009/7...........2008/6


.......................................2007/5.......2006/8.........2005/5...........2004/7


......................................2003/13


Moreno Valley..............2011/253....2010/259.....2009/377.......2008/388


......................................2007/88.....2006/259....2005/311........2004/307


......................................2003/253


Redlands......................2011/78......2010/59........2009/65........2008/50


......................................2007/52....2006/70.......2005/84........2004/81


.....................................2003/91


Rialto...........................2011/121.....2010/138......2009/164......2008/117


.....................................2007/31......2006/101......2005/121......2004/117


.....................................2003/92


Riverside.....................2011/451.....2010/396......2009/486.....2008/468


.....................................2007/168....2006/388.....2005/507.....2004/380


.....................................2003/444


San Bernardino..........2011/192.....2010/215.......2009/339.....2008/214


.....................................2007/93.....2006/212......2005/259.....2004/246


.....................................2003/219


Yucaipa/Calimesa......2011/78......2010/49.......2009/50........2008/56


.....................................2007/43.....2006/76......2005/74.........2004/84


.....................................2003/62


It is interesting to note the large drop in volume between August 2006 and August 2007. I do not see such a radical decrease in sales occurring this year . Tomorrow I will post the numbers for each month of 2011 for your information.


...

Fall Cleaning Assistance - Electronics and Doc Shred

September 9, 2011


This weekend those of you who are seriously wanting to get rid of your "stuff" will have assistance from some free sites to take "hard to dispose of" items.


On Saturday and Sunday from 9 a.m. to 4 p.m. you can bring your electronic waste to the Redlands Mall in the area in front of the former Gottschalk's. Electronic waste such as old computers, cell phones, radios, TVs, clocks, coffee makers, etc. cannot be put into regular trash collection. The opportunity to take it to an authorized collector and have free disposal makes your fall cleaning much simpler.


Also, The Press Enterprise newspaper publisher is sponsoring a Community shred day on Saturday from 9 a.m. to 2 p.m. at the Walgreen store, 24503 Yucaipa Blvd in Yucaipa. Bring your papers and documents to be securely destroyed for free. There is no limit posted.


It may require some patience and some waiting in line at both of these free opportunities, but some fun activities may be provided while you wait.

Fall Cleaning - Getting Rid of "Stuff"

September 8, 2011


As someone who has managed the selling of parents' homes and as a real estate agent has watched folks sort through the accumulation of "stuff", I know that it is difficult to decide what to keep and what to let go of.


Choosing how to dispose of your "stuff" is also a big decision. Do you hold a garage sale? Do you put it on Craigslist? Do you put it in the local Green Sheet?


Do you call a family gathering and have a "give-away" party?


Sorting and cleaning on an annual basis can alleviate some of the stress of a major all-at-once disposal.


Folks who move frequently are more into the "don't save" mode. However, folks who have remained in the same home for 20 years or more have more of a challenge.


In a way, sorting and cleaning and disposing is like solving a puzzle. This pile goes to charity. This pile goes to the junkyard. This pile goes to hazardous waste. This pile is for the family to sort.


It can be useful to have a reseller or appraiser check out some of your "stuff". They can let you know approximate values so you don't dispose of "stuff" that could be sold.


Sooner or later the sorting will need to be done. Why not begin this fall?

Hot, Dry Weather Brings Wildfire Season

September 7, 2011


Even though our summer was not outstandingly hot, it was dry. One can just look around and see that our mountains and valleys are brown rather than green. As homeowners who live adjacent to open spaces, it is important for us to be cognizant of possible fire hazards.


Check out your roof. Hopefully it is of a non combustible or fire resistant material such as cement tile. Look to see if the valleys and the roof have a build up of leaves, small branches and just an accumulation of dust. Sparks flying from a nearby fire could easily ignite these very dry and flammable particles. Sweep them away and while your at it clean out your rain gutters.


Check your chimney's screen or spark arrestor. Has it deteriorated over time? Make sure it is in good shape. While your checking the spark arrestor hire a chimney sweep and clean out the accumulation of soot and other residue from your lovely fire place.


If you keep a supply of firewood on your property, store it away from any structures.


Clear a 30 foot noncombustible firebreak around your property if it abuts undeveloped land and brush.


Small preventative steps can mean the difference between safety and disaster.

Homestead Declaration

September 6, 2011


Frequently a new homeowner will receive an official looking letter that refers to the recording of a "Homestead Declaration". The sender will, for a fee, record such a declaration for you. As real estate agents we receive calls from our new buyers questioning whether they must comply with the request. The answer is "No, there is no requirement to file a homestead declaration in the state of California."


However, a homeowner may want to record the homestead declaration. So what exactly is this document?


California's homestead law is a debtor protection law. It allows debtors and their families to remain in the home in some situations even when the sale of the home would pay off the creditors. It does not protect a homeowner from debt created when the home is used as security for a loan(s). Foreclosure proceedings are not subject to the homestead declaration. Nor is the homeowner from debts of alimony, child support, mechanics liens and certain taxes.


For detailed information about California's homestead law, you can google "California Homestead Law" and look into the details. If you seriously would like to record such an exemption, call the real estate agent who sold the property to you. They can guide you with the proper filing.

Labor Day - 2011

September 5, 2011


Today is the federal holiday known as "Labor Day". This holiday began in New York state in 1882 and was meant to be a celebration and recognition of the contribution of trade unions to the economy of the United States. Parades and speeches were held and workers were given a holiday from work. Through the ensuing years the holiday has changed. It is now considered the unofficial end of summer and the return to school by students and teachers.


2011 has been the year that joblessness became a major theme for politicians and for the unions themselves. How to create more jobs is the focus of this Labor Day.


We celebrate with fewer parades and with the speeches coming later in the week. Labor Day 2011 appears as a more somber celebration.

Moon Over Museum

September 2, 2011


The San Bernardino County Museum will be hosting the members of the San Bernardino Valley Amateur Astronomers on Saturday, September 3 from 7:30 to 9 p.m.


The members will be bringing their telescopes ranging from refractors to reflectors to "compound" optics. The members share their telescopes for viewing the moon and the entire cosmos.
This moon party is free and is suitable for all ages. A great opportunity for families to learn more about the universe in which we live. The members are looking forward to being able to see an incredible amount of surface detail.


Check for yourselves and you will have "moon knowledge" when you see the movie, Apollo 18 which is being released this weekend.

Listings, Pendings and Back-ups - September 1, 2011

September 1 2011


Here are the current numbers for properties listed in the CRMLS as of September 1, 2011. The pendings and back-ups constitute the properties that have accepted offers. The ratio is calculated by dividing the number of pendings and back-ups by the numb er of active listings.In general these ratios have been consistent or slightly improved.


Banning/Beaumont..........List/475.......Pend/224.......Back-up/113......Ratio/.709


Bloomington.....................List/68.........Pend/58..........Back-up/17.......Ratio/1.103


Colton................................List/100.......Pend/96.........Back-up/41.......Ratio/1.370


Fontana.............................List/648.......Pend/521.......Back-up/200....Ratio/1.113


Grand Terrace..................List/33..........Pend/19.........Back-up/10.......Ratio/.879


Highland...........................List/183........Pend/111........Back-up/45.......Ratio/.852


Loma Linda......................List/46..........Pend/33.........Back-up/16.......Ratio/1.065


Mentone...........................List/29..........Pend/18.........Back-up/11........Ratio/1.000


Moreno Valley.................List/773.........Pend/469......Back-up/206.....Ratio/.873


Redlands..........................List/243.........Pend/94........Back-up/66.......Ratio/.658


Rialto...............................List/291..........Pend/248.....Back-up/67........Ratio/1.082


Riverside.........................List/1195........Pend/751.......Back-up/417......Ratio/.977


San Bernardino..............List/664.........Pend/433......Back-up/110......Ratio/.818


Yucaipa/Calimesa.........List/243..........Pend/111.......Back-up/61........Ratio/.708


There you have a synopsis of the current activity. As you can see, we are not experiencing a glut of houses being offered for sale. We are also doing a pretty good job of moving the inventory and putting properties into escrow. In January 2011, all but one of the ratios was under .75. This month only three were under .75 and two of them were .70.


An optimist would say that slowly we have bottomed out and are stabilizing our real estate market.