First, the good news : Home sales have stabilized over the last seven months and are expected to increase measurably in the rest of 2008. And the subprime lending crisis is almost past; the balance of this year will be about cleaning up that mess. The bad news is that the current annualized sales pace of about 5 million existing homes is the lowest in 10 years. Luckly, the economy has over 10 milion more jobs than 10 yers ago, so sales should begin to grow later this years and continue into 2009, when sales should climb to 7.71 milllion units. HIgher conforming loan limits at Fannie Mae adn Freddie Mac also are helping. With high-cost limits now at $729,750, intrest rates on formerly jumb0-sized loans are easing. THere are other reasons for optimism, including the home buyer tax credit that’s passed both House and Senate. It would give buyers an incentive to get off the fence.So, eventhough we are not out of the woods yet, by many signs we’ve put the worst behind us.

 Yes between 110-115 degrees and I am showing properties and I am selling properties. Two more escrows in last week besides the 6 for the previous weeks.So DO NOT LISTEN TO THE MEDIA !As I said for over a year already, we are a micro market , so different from most of the country where yes the situation is catastrophic sometimes.We have to thank our Canadians neighbourghs for coming to our wonderful region and buying properties. Of course this is not out of their good hearts to “help us out” but just because it  makes all the sense in the world for them to buy NOW HERE :the currency gives them a 15% gain right away and of course our market.I am not shy of writing low offers…and I make the sellers understand and see the opportunity of an offer and a cash buyer at their door. So for the sellers who bought before 2004 it is not impossible to accept lower  offers.They are happy to move on and my buyers happy to have a SUPER DEAL!Yes I am not shy …try me!

This is the latest news and the importance of such a law now. This will impact a good number of our deals here in Palm Springs. 

On June 16, 2008, the State of California enacted a law thatallows same sex marriages throughout the state. In view of thisdecision, questions may arise about the requirements to insuretitle.Simply stated, upon acquisition of real property, spouses of asame sex marriage should be treated the same as spouses froman opposite sex marriage. No proof of marriage is required.Any underwriting requirements related to how title is to be heldor disposed should be the same as those currently applied totransactions involving married persons of the opposite sex.As a reminder, as an escrow holder, we are not authorized toprovide recommendations as to how anyone should hold title;however, the following variations are acceptable examples fortitle insurance purposes:John and James, who are married to each other, as tenants incommon. Susan, a married woman and Sarah, a marriedwoman, who are married to each other. Peter, a married manas his sole and separate property. Louise and Catherine, amarried couple, as joint tenants. Anthony and Douglas, spousesas community property. Barbara and Jane, a married couple ascommunity property, with right of survivorship.