New Law for Rental Property Owners

January 31, 2011

Last week I came across an article that addressed a new law that affects owners of rental property - even owners of just one single family rental. Effective January 1, 2011, all rental property owners will be required to keep a record of all payments to vendors who are paid at least %6000 in the course of a year. Last year the federal government enacted the Sm all Business Jobs Act of 2010 (HR 5297) that expanded the requirement to issue a IRS 1099 form to any vendor who does $6000 or more work for you on the rental property.

Rental property owners will have a legal obligation to obtain certain information from their vendors - name, address, Social Security number or other tax identification.

Since this regulation took effect January 1, 2011, I hope that you began keeping these records. Not all the guidelines are in place, but knowing you will need to comply with this laws allows you to be on top of the necessary record keeping.

Open House Extraganza

January 28, 2011

This Sunday, January 30, 2011, from 1-4 p.m., CENTURY 21 Lois Lauer Realty agents will be hosting an open house extravaganza. There will be approximately 52 properties open for viewing and purchasing. Information has been placed on our web site, http://www.loislauer.com/, om http://www.century21.com/ and on http://www.listingbook.com/. A printed list may also be obtained in the Redlands Daily Facts newspaper. The extravaganza will have homes in every price range and location in our local market place.

If you have any thoughts about buying or selling a home in 2011, the Century 21 Lois Lauer Extravaganza offers the opportunity to check out properties an agents. Choosing an agent is an important step for anyone planning to buy or sell. I realize that much information is available on the Internet, but for the serious buyers and sellers, there still is nothing more useful than a knowledgeable real estate agent and we have the best.

Sales of New Homes

January 27, 2011

In the past several days there have been articles in the newspapers city the decline in the sale of newly constructed homes. While this is a datum that is useful to track, it is no surprise to me that the numbers for the sale of new homes is still declining.

Consider this. In most areas of the Inland Empire, there has been little or no new residential construction in the past two years. In the Midwest and the east coast there has been severe winter weather that would certainly have prevented mush construction. If there are fewer homes being built, there will be fewer homes being sold.

What will be a sign will be data in our area that builders are taking out permits and are rehiring construction workers. This should translate into a decline in the jobless percentages which will hopefully signal that we really are climbing out of this recession.

"Smart People Are Buying Real Estate"

January 26, 2011

"Smart People Are Buying Real Estate" is a quotation from a California of Realtors weekly online newsletter, "Market Matters.

The "Beyond the Headlines" piece was entitled "Real Estate: Finally a good investment?" I have a personal prejudice about buying a home because you are looking at it as an investment. I believe folks should buy a home because they want to live in it and enjoy a homes amenities. However, I recognize that many of the Forbes Magazine's richest people did make their wealth by investing in real estate.

The article is worth quoting in part:

"Smart people are buying real estate - A prominent hedge-fund manager said in a speech last fall: "If you don't own a home, buy one. If you own a home, buy another one, and if you own tow home, buy a third and lend your relatives money to buy a home." He believes that interest rates and home prices will rise this year, so real estate bargains won't last much longer.

Real Estate performs well during inflation - Convention says Treasury Inflation Protected Securities, commodities, and real estate do well in an inflationary environment. Real Estate performed well during the period in the 1970s, when persistent inflation and high unemployment occurred.

Demand may be coming back - Job creation and getting people employed are the two major factors in the housing rebound. There's much debate about when the job market will recover. Optimists say the recovery will happen this year, while pessimists say it won't happen for several years."

There you have three good reasons to talk to a loan agent, get yourself prequalified, hitch up with a real estate agent and find a property that meets your present needs and wants.

A Piece of the Short Sale and Foreclosure Puzzle

January 25, 2011
A headline in this past weekend issue of the Wall Street Journal caught my attention. "BofA Tones Down Mortgage Fight". Since BofA is one of the lenders with whom we deal in our efforts to obtain short sale approval, I thought the headline might refer to their hard line position on approving short sales.
Actually the news piece dealt with the litigation between BofA and the investors that purchased the securitized mortgages. These investors such as Fannie Mae and Freddie Mac and private investors and bond holders are suing BofA to
repurchase these mortgages. Fannie, Freddie, etc. claim that these were inappropriately approved and that BofA should be responsible for the losses they generate.
I am not even close to understanding all this high financial machinations, but one of the issues with short sales and foreclosures has been the inability to completely identify the holder of the note. Wouldn't it be wonderful if BofA repurchased the loans they sold and became the sole owner of the note and trust deed? Perhaps then, a system could be set up for approving bona-fide short sales. Could this, after at least three years of stalling, be a path to getting the underwater borrowers who are no longer making mortgage payments out and new borrowers who will make payments into these revalued homes.
Think about it.

It's a Great Day In the World of Real Estate

January 24, 2011

This morning I skimmed through five newspapers and not a one had a headline about real estate! I suppose some of the focus on real estate is disappearing because of all the news concerning the political scene. Congress is meeting with a focus on health care. The President is crafting his State of the Union address for tomorrow evening. China's leader came for a visit. Terrorists and others are going around killing folks. With all this national and world news, the state of the real estate market seems to be less newsworthy.

For those of us involved in the listing and selling of homes, tracking the numbers is still important. Attendance at open houses and and the number of sellers and buyers entering the market is newsworthy to us. Activity since the first of the year has definitely increased. It is exciting to meet with folks who are not bemoaning how bad things are.

Perhaps it is our beautiful Inland Empire weather that has perked up folks outlook. Perhaps just not opening a newspaper that has a headline about the

dismal outlook for home prices. Perhaps it is the realization that home prices and mortgage interest rates are at all time lows. Whatever the cause, real estate agents are once again feeling that their profession is one of service to the consumer. It is truly exciting to help folks find a home that meets their lifestyle needs.

Acrobats in the Inland Empire

January 21, 2011

This Saturday at the California Theatre of the Performing Arts the extraordinary New Shanghai Circus will present two performances. This troupe comes directly from China and has been presenting its amazing acrobatic feats since 1991.

The 21 skilled performers have invested years in honing their acrobatic skills. These skills are based on traditional Chinese culture with the addition of modern acrobatic techniques. The acrobats perform amidst a colorful light show and with a background of Chinese and Western music.

The show is sponsored by the City of San Bernardino Economic Development Agency. There will be a 2 p.m and 8 p.m. performance. Ticket prices are from $38.50 to $77.50 and can be purchased on line through http://www.ticketmaster.com/ or http://www.livenation.com/. They can also be purchased at the theatre bx office.

For more information you can call 909-885-5152 03 on the Internet at http://www.califrioniatheatre.net/

Knowing About Credit

January 20, 2011

Establishing credit and maintaining a good credit history are important elements in lenders or credit card issuers decisions about extending credit.

Sad to say, the present recession has had a serious effect on many consumers' credit history and on their credit ratings. While a consumer may not be able to obtain a home loan with a FICO score under 620, the consumer may also have to pay a higher interest rate on credit cards.

The Federal Reserve has recently published an online brochure designed to help consumers better understand their credit scores and any new notices that they may receive from creditors.

The publication, "What You Need to Know: New Rules about Credit Decisions and Notices", describes the types of notices that consumers may receive and provides links to sample notices. It includes information about what consumers should do if they receive a notice, including instructions on how to dispute credit report errors.

The notices are require by rules issued by the Federal Reserve Board and the Federal Trade Commission. These new rules took effect January 1, 2011. They require a creditor to provide a notice when the creditor provides credit to the consumer on terms that are less favorable than the terms provided to other consumers. If a consumer receives this notice, the consumer will be able to obtain a free credit report to check the report's accuracy. As an alternative to providing the risk-based pricing notice, creditors can choose to provide consumers who apply for credit with a free credit score and information about their score.

Underlying these new rules is the impetus to provide more transparency for the consumer about credit issues.

Real Estate is A-Hoppin'

January 19, 2011

The first two weeks of 2011 have seen a significant increase in real estate activity. Typically, in our real estate market place, January is a busy month.

Folks decide their present residences are either too big or too small. They decide it may be time for a change. For real estate agents, open houses and "floor" time become opportunities to have contact with prospective buyers. It is exhilarating to see so much interest - particularly after somewhat slow Novembers and Decembers.

I did a brief check of new listings and new pending sales and those numbers reflect the perception that the market is A-Hoppin'.

This morning's papers had some interesting headlines. The LA Times said the December activity was less than a year ago. So, too were median prices. (Check my previous posts for the actual numbers in the Inland Empire.) The Sun had a Banner above the headlines stating:"Home Sales Up- County numbers increase in December".

It is always of interest to check the pulse of the market by the activity that occurs in January. Thus far, January 2011, is a good omen.

Condo and Renters Insurance

January 17, 2011

Folks who purchase single family houses will obtain homeowners insurance, but when folks purchase condos there can sometimes be confusion about what type of insurance they ought to carry.

The homeowners association will carry insurance covering the exterior of the units and any structures in the common areas. They also carry liability insurance for the common areas. However, anything inside your unit is your responsibility. Reading through the homeowners covenants, conditions and restrictions should tell you what is covered and what is not.

Clearly, all of your personal possessions are not covered. Often floors, cabinets, fixtures, etc. are also not covered. You will need to discuss your particular situation with a competent insurance agent.

In many ways, condo insurance is similar to renters' insurance. You would want coverage for 1) replacement of personal belongings if they are lost to fire, , theft, vandalism and certain types of water damage. 2)personal liability coverage to pay for property damage or bodily injury to others; 3)reimbursement for "additional living expenses" in case you have to relocate temporarily should you suffer a loss that is covered by your policy.

Having appropriate insurance is a necessary cost of living in any dwelling unit.

Planes and Trains

January 14, 2011

This weekend there will be an opportunity for children and young adults ages 8 to 17 to take a 20 minute ride in a small airplane. The Young Eagles Association will host a free flight day on Saturday, January 15 at the Redlands Municipal Airport, 1745 Sessums Drive in Northeast Redlands. Along with the 20 minute flight, participants will be taught about a planes control panel, landing gear and wings. A good time to see whether flying will be a career for you or just a good time to enjoy a bird's eye view of our valley.

For more information call 909-907-1364 or 909-425-1346.

On Saturday, January 15 and on Sunday, January 16, from 9 t0 5, the San Bernardino County Museum at 2024 Orange Tree Lane in Redlands will be the site of "Train Days". Model train enthusiasts will have there trains layouts set up for viewers to enjoy and possibly to operate. As always, there will be knowledgeable folks to answers visitors' train questions.

"Train Days" happen once a year and for folks of all ages it is truly a fun time.

For the price of regular admission, you can enjoy these special displays.

For more information call 909-307-2669

Monthly Median Prices for 2010

January 13, 2011

Yesterday I posted the history of December median prices for the years 202023-2010. Today I will post the median prices for January through December of 2010. These are the numbers in thousands (add 000).

Banning/Beaumont......Jan/169......Feb/165......Mar/185......Apr/165......May/185

.......................................June/171.....July/170.....Aug/170......Sept/165.......Oct/172

.......................................Nov/176......Dec/165

Bloomington.................Jan/135.......Feb/110......Mar/150.....Apr/150.......May/155

.......................................June/120....July/129.....Aug/145.....Sept/140......Oct/150

.......................................Nov/150.....Dec/155

Colton ...........................Jan/97,5.....Feb/125.....Mar/100.....Apr/128.......May/130

.......................................June/150....July/105....Aug/121......Sept/120......Oct/130

.......................................Nov/119......Dec/110

Fontana.........................Jan/190......Feb/200.....Mar/200...Apr/215......May/200

.......................................June/213....July/200....Aug/213.....Sept/200....Oct/190

.......................................Nov/207.....Dec/210

Grand Terrace..............Jan/236......Feb/200....Mar/250....Apr/200.....May/187

......................................June/183.....July/190....Aug/190.....Sept/215.....Oct/223

......................................Nov/205......Dec/175

Highland......................Jan/164.......Feb/150.....Mar/160.....Apr/162.....May/174

.....................................June/185......July/190....Aug/161......Sept/200....Oct/191

.....................................Nov/150.......Dec/150

Loma Linda.................Jan/275.......Feb/240....Mar/175......Apr/240....May/203

.....................................June/220.....July/190....Aug/190.....Sept/250....Oct/185

.....................................Nov/161........Dec/198

Mentone......................Jan/200.......Feb/225....Mar/200.....Apr/190.....May/220

.....................................June/78.......July/145....Aug/156.......Sept/159....Oct/195

.....................................Nov/195.......Dec/180

Moreno Valley.............Jan/150.......Feb/149.....Mar/150.....Apr/157......May/163

.....................................June/160.....July/150.....Aug/155.....Sept/159.....Oct/155

.....................................Nov/153.......Dec/155

Redlands.....................Jan/210.......Feb/207.....Mar/210.....Apr/227.....May/217

....................................June/221.....July/200.....Aug/237.....Sept/215....Oct/241

....................................Nov/215.......Dec/190

Rialto..........................Jan/145.......Feb/144......Mar/155......Apr/155......May/165

....................................June/165.....July/150.....Aug/158......Sept/170.....Oct/160

....................................Nov/159......Dec/150

Riverside....................Jan/185.......Feb/200.....Mar/190.....Apr/190......May/215

...................................June/200.....July/190.....Aug/190.....Sept/200....Oct/190

...................................Nov/194.......Dec/187

San Bernardino........Jan/95..........Feb/92........Mar/90......Apr/110......May/107

..................................June/113.......July/107......Aug/100.....Sept/100....Oct/105

..................................Nov/105........Dec/104

Yucaipa/Calimesa...Jan/160........Feb/195.......Mar/199.....Apr/179......May/210

..................................June/190......July/170......Aug/212.....Sept/213.....Oct/193

..................................Nov/175........Dec/177

It will be interesting to see where these numbers go in 2011. As always, I remind you that these are not scientifically derived numbers. They are simply the reported sales price of the property at the halfway mark of reported sales as reported through the CRMLS.

December Median Prices - 2010-2003

January 12, 2011

Here are the median prices for the months of December 2010 back to 2003. You can judge for yourselves whether there is improvement or not. Always remember that "median" is the price of the property where half of what was reported sold was higher and half was lower. It always depends on the mix of properties sold. My numbers come from dividing by two the number of sales reported through the CRMLS. There is nothing scientific about it. The numbers are for thousands (add 000).

Banning/ Beaumont.......2010/186......2009/175......2008/208.....2007/300

.........................................2006/324.....2005/320......2004/239.....2003/180

Bloomington...................2010/155......2009/140......2008/150......2007/290

........................................2006/385......2005/360.....2004/279......2003/169

Colton.............................2010/110.......2009/120.....2008/145.......2007/240

........................................2006/323......2005/330.....2004/258......2003/166

Fontana..........................2010/210......2009/213......2008/215......2007/322

........................................2006/417......2005/400.....2004/220.....2003/239

Grand Terrace...............2010/175.......2009/199.....2008/175.......2007/307

........................................2006/373......2005/360.....2004/285.....2003/220

Highland........................2010/150......2009/180......2008/220.....2007/290

........................................2006/360.....2005/360.....2004/295.....2003/229

Loma Linda...................2010/198......2009/254......2008/300.....2007/190

.......................................2006/370.....2005/387.......2004/306.....2003/268

Mentone........................2010/180......2009/222......2008/155......2007/345

.......................................2006/346.....2005/207......2004/182......2003/195

Moreno Valley..............2010/155.......2009/150......2008/150......2007/275

......................................2006/375......2005/373......2004/290......2003/222

Redlands......................2010/190.......2009/219......2008/265......2007/359

......................................2006/375......2005/365......2004/315.......2003/265

Rialto...........................2010/150.......2009/145......2008/148.......2007/303

.....................................2006/380......2005/368......2004/288......2003/208

Riverside.....................2010/186.......2009/183......2008/200......2007/346

.....................................2006/420.....2005/405......2004/344......2003/260

San Bernardino..........2010/103.......2009/86........2008/110.......2007/245

....................................2006/315.......2005/302......2004/225......2003/158

Yucaipa/Calimesa.....2010/176.......2009/200......2008/224......2007/315

....................................2006/420.....2005/380......2004/285.......2003/240

"Chatter"

January 11, 2011

Recently the news media has used the word "chatter" to describe messages that security agents monitor on the Internet. One of the definitions of "chatter" found on the Merriam-Webster web site is "electronic and especially radio communication between individuals engaged in a common or related form of activity"; a second definition is "idle talk".

So, why did a choose the word "chatter" for today's blog about real estate?
Radio, daily newspapers, weekly or monthly news magazines are also "individuals engaged in a common or related form of activity" or "idle talk". The subject is the housing market. The "chatter" is about the rise or fall of housing values and volume.

It is just my opinion but it seems to me that speculation or prognostication about whether home prices are stabilizing or still have further to decline falls in the category of "idle talk". I know that folks are interested in knowing which way the market is trending. This knowledge can be helpful as buyers and sellers make their decisions about entering or exiting the real estate market. However, it seems to me that real estate markets differ locally and following the local data will be a sounder way to approach real estate decisions in 2011.

I try to post real numbers so that my "chatter" allows those individuals who are interested in real estate activity can make a judgement about what might be an appropriate time to act.

My bias as a real estate professional is that anytime has pluses and minuses and that anytime one's housing is in need of a change is the appropriate time to act.

Closed Sales - December 2003-2010

January 10, 2011

Here are the numbers for the closed residential sales as reported in the CRMLS for the months of December 2010 back to 2003.

Banning/Beaumont.......2010/132......2009/134......2008/134......2007/37

........................................2006/62.......2005/99........2004/70.......2003/66

Bloomington..................2010/23........2009/34........2008/38.......2007/8

........................................2006/25.......2005/27........2004/30.......2003/26

Colton.............................2010/48.......2009/53........2008/63.......2007/6

.......................................2006/29.......2005/51.........2004/54.......2003/57

Fontana.........................2010/257......2009/284.....2008/388.....2007/75

.......................................2006/182.....2005/241......2004/243.....2003/250

Grand Terrace..............2010/16........2009/9.........2008/6..........2007/3

.......................................2006/7.........2005/16........2004/9.........2003/6

Highland.......................2010/61........2009/49.......2008/62.......2007/21

.......................................2006/39.......2005/70.......2004/59.......2003/61

Loma Linda..................2010/15.........2009/19.......2008/17........2007/5

......................................2006/8..........2005/4.........2004/14........2003/13

Mentone.......................2010/7..........2009/3.........2008/3..........2007/2

......................................2006/1..........2005/12.......2004/4..........2003/13

Moreno Valley.............2010/291......2009/341.....2008/506......2007/102

.....................................2006/167......2005/306.....2004/286.....2003/276

Redlands.....................2010/61.........2009/59.......2008/56.......2007/32

....................................2006/45........2005/70.......2004/91........2003/91

Rialto..........................2010/102.......2009/110.....2008/141......2007/42

....................................2006/72........2005/130.....2004/116......2003/117

Riverside....................2010/458......2009/474.....2008/498.....2007/153

....................................2006/262.....2005/470.....2004/376.....2003/365

San Bernardino.........2010/204......2009/283.....2008/276.....2007/73

...................................2006/152.......2005/271......2004/246.....2003/276

Yucaipa/Calimesa....2010/60........2009/58........2008/54.......2007/24

...................................2006/50.......2005/59.........2004/67.......2003/58

It is interesting to not that the past three years, the numbers have been fairly consistent. The year that everything fell apart was the last quarter of 2007 and the numbers reflect the pull back on the part of buyers. Then by December of 2008, prices had declined so substantially that the volume climber in many of the communities that had suffered the largest declines in value.

Saturday and Sunday - How to Prune, Culture and Care

January 7, 2011

On Saturday, January 8 and on Sunday, January 9 the public is invited to the Cherry Valley Nursery at 37955 Cherry Valley Road in Cherry Valley. Owner Jim Andersen will demonstrate how to take care of various types of fruit trees, from apples to cherries, as well as grapes, nuts and more. He will acquaint attendees with the various types of trees that grow in our inland area.

Cherry Valley Nursery has been offering these seminars for the past 12 years to a standing room only crowd.. The seminar on fruit trees will be at 10 a.m.

At 1 p.m. in the afternoon, Sandy Rinehart will demonstrate the care of roses.

Should you be unable to attend this weekend, the seminars will be repeated on January 22 and 23. However, the care of roses will be at the 10a.m. time slot and the care of fruit trees will be in the afternoon at 1 p.m.

January is Rose Trimming Month in the INland Empire

January 6, 2011

Trimming rose bushes in January will result in beautiful blossoms throughout the year. In yesterday's Daily Facts newspaper, David Dangermond, former owner of Dangermond's Nursery had an article which described how best to trim your roses. I am quoting David.

"First, remove all the weak, diseased, dead and crossing branches. Then trim the canes back by one-third to one-half.

Trim each cane back to an outward facing bud. You should have roughly a vase or bowl shaped plant.

Follow with a dormant spray and a shot of organic fertilizer and you will have set your self up for the season."

To me, roses are on of the most satisfying garden plants. They come in a myriad of colors and they bloom continuously. If you do not yet have a rose garden, it will soon be bare-root season and for a minimal investment you can create a rose garden for fabulous beauty and often delightful scents.

"The Economy is Improving, But..."

January 5, 2011

As I listen to interviews of economists and financial professionals, I am struck by the one common denominator in all their economic forecasts for 2011. That common denominator is the phrase: "but housing is a concern". They are generally agreed that the economy is turning around. They cite various segments of the economy and the data supporting their assessments and their predictions. The remarkable characteristic of almost 100% of the interviews is the exact same verbiage about what might derail their predictions for an economic recovery; " but housing is a concern".

I realize that many of the experts being interview are located on the east coast, but I feel certain that they have access to nationwide data and that they base their opinions regarding the economy on the totality of the data.

I am delighted that the general consensus is that we are coming out of the recession and that the economy is on the road to recovery. However, as a real estate professional, housing is always a concern to me. Clearly this has been a recession that hit housing below the belt. There are hundreds of opinions as to why it so impacted housing or why housing so impacted the economy. "Irrational Exuberance" a phrase coined by form Fed Chairman Alan Greenspan, infected all of us; buyers, sellers, agents, lenders. Perhaps we should have had "rational exuberance" to celebrate the ability of so many to finally own their own home.

As we adjust to a "rational" real estate market perhaps sellers and lenders will take their lumps. Buyers will recognize that the "now" market is as great a time to purchase a home as there may be. If buyers, sellers and lenders accept the "now" market, perhaps housing will not be a concern for the economic recovery.

Are Fannie Mae and Freddie Mac the Focus?

January 4, 2011

Over the last quarter of 2010, the amount of editorial press given to Fannie Mae and Freddie Mac suggests that government needs to reform, reformulate or eliminate these two GSEs (government sponsored entities). The debate over how to correct the estimated $221 billion to $363 billion deficit that has accumulated over the past decade.

These entities were created to support the housing financial market. Their purpose was to purchase loans that originated in banks, savings and loans and mortgage companies. This strategy was to allow money to continue to be available for new loans. The process worked as long as borrowers made their mortgage payments and there were few defaulting homeowners. Once the value of property dropped below the amount of a mortgage, defaults snowballed and Fannie and Freddie also became insolvent.

This is an oversimplification of a truly serious problem. All the editorial writers seem to agree that reform is needed and soon. However, all admit that the solution will not be an easy one. Some call for privatization. Some call for the elimination of a government sponsored secondary mortgage market. Few explain how to pay for the deficit.

Along with all the other issues that the new congress must address, it will be interesting to see what priority will be given to an issue that is basic to the future of American home ownership.

(Just as an aside, the news this morning cited a buying back by Bank of America of some "bad loans" from Freddie and Fannie. )

As of January 1, 2011 - Listings, Pendings, Back-ups

January 3, 2011

Here are the numbers of the active listings, those pending and those that are pending but have contingencies that put them in a back-up category. Often the Back-ups are waiting for lender approval of a short sale. The data comes from the CRMLS.

Banning/Beaumont.......List/589.......Pend/194.......Back-up/70.......Ratio/.448

Bloomington..................List/75..........Pend/58.........Back-up/18.......Ratio/1.013

Colton.............................List/156........Pend/75.........Back-up/23.......Ratio/.628

Fontana..........................List/787........Pend/518.......Back-up/145.....Ratio/.842

Grand Terrace...............List/32..........Pend/11..........Back-up/1.........Ratio/.375

Highland........................List/218........Pend/93.........Back-up/27.......Ratio/.550

Loma Linda...................List/73..........Pend/36.........Back-up/10.......Ratio/.630

Mentone........................List/32..........Pend/10.........Back-up/3.........Ratio/.406

Moreno Valley..............List/909........Pend/438.......Back-up/170.....Ratio/.669

Redlands.......................List/286........Pend/84.........Back-up/45.......Ratio/.451

Rialto............................List/361.........Pend/214........Back-up/49......Ratio/.729

Riverside......................List/1406.......Pend/657.......Back-up/241.....Ratio/.639

San Bernardino...........List/876.........Pend/415........Back-up/105.....Ratio.596

Yucaipa/Calimesa.......List/241.........Pend/88.........Back-up/48.......Ratio/.564

These numbers no not indicate an oversupply of properties for sale. It will be interesting to watch these numbers as sellers and buyers who were holding off begin to enter the market now that we are in a new year.