Tuesday, September 30, 2008

Alternative proposal for bail out...

Folks... this subject is way over my head, but I have been following along. I'm not going to start a republican vs. democrat thing here (both crapped the bed it appears anyway).

I ran across a couple of links to a letter written to Representative Virginia Foxx of North Carolina from the head of Branch Banking & Trust Co., John Allison.

The first link is a letter that includes 'key points on "rescue" plan from a healthy banks perspective'. Read all three pages.

The second link is a follow up proposal for an alternative to the Bernanke/Paulson plan. Read the whole thing.

Just thought I'd share a different perspective than what I'm sure many of us are watching and reading in the media. The only thing I'm convinced of is that the national media covering this issue is clueless.

Saturday, September 27, 2008

Phillies are in...


I'm not used to this from my team. Hopefully they'll win the whole thing this year!!

Friday, September 26, 2008

When I smile, tell me some bad news...

I wasn't going to link to the article in the KDM yesterday, but last night several people shared a few comments with me about what was said in the article.

Here's the article.

The best quote in the article (wasn't mine)...

Unfortunately, according to Chuck Casson, broker/owner of Century 21 Highland, that's not yet the case.

"We do have a big inventory of bank-owned properties right now," Casson said. "That's just the way it is, and buyers are looking to get the most for their dollar."

Thursday, September 25, 2008

Here's some reading material

I yield to the BawldGuy on these financial outlooks and prospects, he certainly has more confidence since he's been around since the Hoover administration -- practically. I yield to others as well, but they don't have the same knack for entertaining me with their writing.

Here is the latest from our friend in San Diego (read the comments too)

It's been slow around here...

Sorry for that, I still see many visitors stopping by so I just wanted to at least let all of you know that things are good.

I've been watching the whole financial crisis, like I'm sure many of you are doing.

If you want to let your feelings be known on this subject, fire away in the comments. I think it would be interesting to see how the locals here in Mohave County view this issue. This is a very complex subject and I doubt that any of us will be able to solve it, so I ask that we don't end up in some big argument. Let's see some predictions... where will we be in terms of a recovery next year?? Will there be a recovery?? Is this the end of the world as we know it??

Wednesday, September 17, 2008

Kingman Crossing (media coverage from Council meeting)

MOCO's good pal Dave Hawkins sent me the following on one of my favorite local subjects...

By Dave Hawkins

The Kingman City Council has directed staff to proceed with due diligence in evaluating a possible partnership with the private sector that would involve construction of an Interstate 40 interchange and development of a major commercial retail center on the north side of the freeway. The Council voted Monday to move forward with consideration of the Kingman Crossing Project.

The partnering firms of Vestar and Vanderbilt Farms seek city participation in construction of a $25-million dollar interchange about 1 1/2 miles east of the Andy Devine interchange. They maintain the city should help fund the public infrastructure project that will enhance access to the east bench and spark a retail boom that will generate much needed sales tax revenue for city coffers.

Options for city participation in funding the interchange include a reimbursement of sales tax revenue generated by the commercial center and possible creation of two types of special districts.Vestar project director Ryan Desmond said any one of the options or a combination of them could be used.

"You really have to dig into the minutia of them to understand how they operate to see which of the three, or which combination of the three might be most appropriate in this situation," Desmond said. He urged the Council to hire someone with experience in the arena to represent the city in exploration of possibilities and any negotiations that might transpire.

The Council voted in support of having staff recruit an advisor-negotiator to look after the City's best interest. Part of that process would involve commissioning an analysis of the impact and economic ramifications of the project.

Any proposed partnerships and/or funding agreements would require future consideration and approval by the Council.

Local resident George Cook spoke against city partnering in what he branded a risky venture that should be left to the private sector. Developer Richard Campana, however, remains a staunch Kingman Crossing proponent.

"It's really crucial to the economic future of the city of Kingman that you do this," Campana said. He said Kingman is losing sales tax revenue to other communities that offer better shopping options.

Desmond said constructing the interchange is necessary to land tenants that are eager and excited to set up shop off the interstate in Kingman.

"I would tell you that the tenant market is very interested in Kingman," Desmond said. "They temper that enthusiasm, however, with the follow-up comment which is 'when you've got the interchange worked out call me and we can really talk' because right now it's a terrific site with no access in their eyes."

Vanderbilt representative Jerry Willis said Vanderbilt and Vestar have been busy in recent months working behind the scenes to advance the project. He said they've been working together to hammer out access issues along with state and federal transportation officials and representatives of the Hualapai Mountain Medical Center that is under construction near the proposed shopping center.

Willis also said they've been working with UniSource Energy representatives on easements to bring an electric transmission line through the project site and beyond to serve the growing east bench area.

Traffic jam in Kingman this weekend... the good kind of traffic

This sounds like fun... if you are around this weekend, you might want to check this out...


By Dave Hawkins

As many as 15,000 people are expected to watch old fashioned drag racing in downtown Kingman this weekend. Kingman Street Drags V is sponsored by the Route 66 Wings and Wheels organization.

Saturday and Sunday racing features everything from mom and pop "grocery getters' to top notch alcohol-fueled funny cars. They'll race in classes to keep like vehicles competing against one another along Beale Street.

"330 feet is what we're racing which surprises anybody whose familiar with drag racing," said Wings and Wheels President Brian Devincenzi. "That's a sixteenth of a mile, but that's because we're racing on a city street."

Devincenzi said everyone will be trying to break the 115 miles per hour record set last year in the unlimited class. He said spectators love the burn out contest that is scheduled both days and that anticipation is building for a couple of celebrity races.

Mohave County Sheriff Tom Sheahan and Kingman Police Chief Bob Devries will square off as will the Mayors of Kingman and Bullhead City, John Salem and Jack Hakim.

Devincenzi said a world-wide audience will be able to see the races that will be streamed over the internet by two major media outlets. He said major television and print media exposure is also guaranteed.

"We have Fox Sports Net Arizona going to be here filming two 30-minute episodes for this event," Devincenzi said. "We have Speed Scene Television going to be here, we have Hot Rod Magazine going to be here, we have Drag Racer Magazine going to be here and we have Drag Racing On-Line."

Racing begins at 10:00 am Saturday. Sunday's activities begin with the Miss Route 66 pageant at 9:30 a.m.

Come on Mayor Salem... Bullhead has whooped up on Kingman in providing sales tax revenue generating places of commerce... at least kick Mayor Hakim's butt in THIS race.

Monday, September 15, 2008

Those Funding Mechanisms...

Tonight at the city council meeting... actually going on right now... the would be developers of the Kingman Crossing regional commercial development will be on hand to present an update on the status of their project during a workshop that actually proceeds the regular session meeting.

A column appears at the Phoenix Business Journal that speaks to this and the op/ed is appropriately titled (especially for the folks in Kingman... including those prepared and not prepared that reside on the current council).

You have to sign up to read the whole thing at the PBJ but here is the link with a preview...

We need an honest dialogue about infrastructure
Phoenix Business Journal - by Grady Gammage Jr. Phoenix Business Journal

The economic downturn reminds us of how much Arizona depends on growth. In fast-growing times, we can afford to worry about whether all that growth pays for itself. When things slow, we realize what a bonanza growth is and why cities promote it.

In Arizona, sales tax is our preferred public finance mechanism. Because sales tax is paid in small increments, we tend not to notice it as we would other taxes. Cities have promoted retail development to increase sales tax revenue, which pays for public services. Because retail follows rooftops, we also encourage housing. Houses and stores require infrastructure.

Once upon a time, cities used public dollars to build streets, pipes and other infrastructure for new development. After houses, offices and shopping centers were built, cities collected taxes to recover their initial investment. The public invested (either by saving up revenue or borrowing through bonds) well ahead of its payback.

This is risky, as development -- and, therefore, payback -- may be delayed. When the economy slows, government may be left waiting for expected revenue to materialize to recoup the funds it advanced.

All emphasis mine above.

There are some other interesting passages that readers should take note of as well. I'll copy a few...

About 25 years ago, cities began making developers pay for and build infrastructure. Developers can borrow money, make interest payments and generally work faster and more efficiently than cities.

Yet infrastructure costs often are disproportionately high for an individual developer to pay. In addition, the infrastructure built may serve a wider area (including others' land), and physical work may be required miles away from the developer's parcel.

Others' land in this case is OUR land, the Kingman resident owned 168 acres.

Thus, the reimbursement mechanism was born. Cities require developers to build infrastructure, borrow the money to do it and shoulder the risk of cost overruns. Eventually, the cities pay the developers back for a portion of those costs with future tax revenue. In this way, growth pays for itself and cities are saved the risk of investing public funds up front in infrastructure that may not provide returns.

Cities that do this are neither stupid nor corrupt; they're rationally limiting their risk and minimizing the burden of growth on existing residents.

Hopefully these rather easy basics can be understood by the many in the community that seem to have a hard time with easy to understand basics. Hopefully there will be an honest discussion, an open discussion, heck... even a reasoned discussion for a change in city chambers on a very important and key issue that will have an impact on the future of Kingman.

Friday, September 12, 2008

August Sales Report (2008)

Last month I commented that the foreclosure sales were NOT great in numbers and did NOT have a big impact on the overall data from July. Well, what we didn't see in July... we will see in August and it is dramatic and could be a clear sign of things to come.

For an example here is a quick 'good news' vs. 'bad news'. Last month we saw more single family home units sell than in the previous year for August... good news. However, of the 59 units that sold last month, 30 were listed as foreclosed... more sales were made by banks than by human sellers.

Let's look at all the data... but first... the disclaimer...

Disclaimer... all data compiled for this report comes from the WARDEX Data Exchange and does not include any sales activity from outside that resource. All research is done only on single family homes and there is no inclusion of modular homes, commercial properties, or vacant land. The geographical area researched includes; all areas within the boundaries of the city of Kingman, north Kingman, the Hualapai Mountain area, and the Valle Vista subdivisions. Click here to see maps of the included area's.

Listings and sales in units chart:

Good to see that more units sold in August of 2008 than in August of 2007, even if it is only by a few units. Of course this result has been fueled by the foreclosures that are on the market. Foreclosures normally are listed for lower prices making more homes affordable for the local Kingman resident. However, still we are not seeing enough unit sales as compared to the new listings hitting the market to put any pressure on the buyer.

Average listings and sales averages chart:

And there is the dramatic fall in the average sales price, but this should be expected when over half of the sales last month were of the foreclosed variety. Times... well... they are 'a changin'.

2005 through 2008 unit sales chart:

I'm getting the feeling that the production that we've seen now for the last few years will be normal and the production we saw in 2005 is the exception. A level we may not see again in the Kingman area.

2005 through 2008 average price chart:

Last months average sales figure looks a bit lonely.

2005 through 2008 median price chart:

Median price for August 2008 fell 28.4% compared to the median for the previous August.

The price range for units sold in August was from $38,900 through $330,000.

Average SFR statistics:

The average home sold in August had 2.97 bedrooms, 2 bathrooms, a 1.9 car garage, included 1,488 square feet of living space, and was built in 1995. The average hold sold for an average of $95 per square foot of living space.

It took an average of 102 days of marketing to attract a buyer to come to an agreement and a total of 145 days from the first day of marketing to the close of escrow.

Sellers reduced price $16,707 to attract a buyer on average from the first day of marketing, and conceded another $7,882 to the buyer in the transaction. The total average price concession for the homes sold in August was $24,584 (14.83% total reduction).

Bonus Charts:

The average price per square foot has fallen 26.9% since August of last year.

Foreclosure Impact:

In terms of units sold, of the 59 sales reported for August -- 30 were listed as foreclosed on (50.8% of units sold).

The price range of foreclosed units sold for August was from $38,900 up to $218,888.

The average price of foreclosed units sold for August was $122,937 (12.9% lower than the overall August figure).

The median price of foreclosed units sold for August was $120,000.

The average foreclosure home sold in August had 3 bedrooms, 2 bathrooms, a 1.67 car garage, included 1,453 square feet of living space, and was built in 1994. The average hold sold for an average of $85 per square foot of living space. Owners of foreclosed on homes conceded 13.8% off the initial offering price.

Friday, September 05, 2008

Neighbohood Electric Vehicle...

You may have seen these type of vehicles around the Kingman area (no not a Police vehicle, and not simply a golf cart). I can think of one gentleman that I've seen driving a similar vehicle on Stockton Hill Road.

I found an interesting article (linked here) about how local governments are changing laws and ordinances to allow for the use of these vehicles on public streets. Please read that linked article.

I'm only drawing attention to this type of vehicle because someday... don't know when... but someday there will be residential development again in this here county. Plenty of open spaces all around. I think that developers might have to take into account the emerging technology and products such as NEV's when designing their new communities. The inclusion of special lanes for these and other types of vehicles (like this) and add to that neighborhood conveniences such as close proximity shopping and I believe that demand will go through the roof for such a community.

New residential communities may very well offer these quality of life enhancements (along with personal use energy production products like solar and wind power generators). I believe it will increase demand for housing if done properly. However then a problem could arise in communities that have nothing of the sort to offer. It may be possible that smaller cities and towns that have ample raw land near the area could, in effect, become ghost towns.

It may not be simply enough to put the onus on developers to develop such communities on the lands that surround current population centers... we might have to insist that local government invest resources into the current communities to adapt to the wave of 'green' friendly products that may well lead to a better quality of life that brings new demand along with it. In essence, communities may be forced to 'retrofit' to conform or risk losing the ability to grow as a residential destination.

Bringing this back to Kingman for a minute, a few things... first and foremost this begs for efforts to expand current city boundaries, i.e. annexation of the tens of thousands of undeveloped acres that lie just outside current city limits. If Kingman allows new communities that offer products that will clearly be in demand (sometime in the near future) and those communities are not within city limits then Kingman will be losing in a game it won't ever win. The new communities will simply replace what once was Kingman.

Next, our current city leaders (and future ones) will have to grasp the notion of neighborhood convenience and its important role in creating demand and therefore improving the prospects to maintain property value or even see it increase. The closer life's essentials are to home, demand will increase.

Lastly, this future community is a lot closer to reality than people may realize. Kingman will need to encourage builders and developers to offer residential products that meet the changing needs of the consumer.

It would be marvelous, while there is still the opportunity, to take a lead and actually be ready for the next big thing. We hear the national politicians talking a big game of creating 'green collar' workers and energy policy will be part and parcel of national security (if it isn't already). I know our city leaders already have plenty on their decision making docket and adding such improvements to the Capital Improvement Plan won't be popular... but maybe it is time to cut out some of the slated 'improvements' on the current wish-list and replace them with something that will no doubt be much more relevant at the time when funding mechanisms can be agreed on to pay for the improvements that will meet with the quality of life needs that are coming around the corner.

Thursday, September 04, 2008

Free jazz concert in Kingman on Sunday...

Got this in my email box and wanted to share.

Bring your blankets and chairs, pack a picnic, and come on down to Metcalfe Park in Downtown Kingman THIS SUNDAY, September 7th, from 4 to 7:30pm for a FREE Jazz Concert in the Park Joel Clemons & The Lemons are on their Route 66 Music Tour, and are playing The Heart of Historic Route 66, Kingman Arizona, as they travel & perform all along Route 66 from Chicago IL to Malibu CA. Learn more about the tour and hear some samples at www.route66musictour.com

The show is presented FREE by the Kingman Downtown Merchants Association. If you would like to help support local food banks, you can bring non-perishable food items along with your picnic. So, PLEASE pass this along, and come on down THIS Sunday to be a part of new Route 66 history ! We hope to get some great local, state, and perhaps national coverage for this event. THANK YOU ! And see you there ! (call 928-716-0388 with any questions) Chris Durkin President Kingman Downtown Merchants Association

Follow up on City Council meeting (media)

In today's Miner an article about the 'convenience store' debacle appeared. It offers a different perspective than my rant yesterday.

Read the article here.

I'm not going to copy any of the article for your viewing pleasure, but I am going to include a couple of online contributions from a reader that were posted today beneath the article.

Before I do that, nice catch James.

Here are the posts from the article...

Posted: Thursday, September 04, 2008
Article comment by: J. Genovese

In a day and age where gas prices are through the roof, it boggles the mind that there are still people out there that believe that keeping commercial services out of neighborhoods will actually increase their own property values. The reality is that "urban" design and living - which means bringing services into residential communities and allowing the possibility of people to actually walk to them - increases property values. The argument of decreasing property values is tired and antiquated. Someone on this city council surely must have at least an elementary grasp of good planning principles.

Here, here!! Well said.

And one more from the same contributor...

Posted: Thursday, September 04, 2008
Article comment by: J. Genovese

I am amazed by how little anyone in the city seems to know about anything. Bringing commercial services into neighborhoods reduces traffic volumes over time. By learning a little about sustainable and just common sense planning, the citizens of this community would be able to do wonders for themselves and stop this incessant bickering between parties that argue over points irrelevant to the bigger picture.


Wednesday, September 03, 2008

Out of touch...

An image to share about my thoughts on a couple of Kingman City Council actions from last night.

Council last night tabled an issue over a proposed neighborhood convenience store because the vote was tied 3 to 3 and one member of council excused and absent. The absent council member now will be the deciding vote. No problems there, but some of the reasoning behind the 'nay' votes is utterly appalling.

There has been opposition from some of the area neighbors because of worry that because alcohol sales (beer and wine only) would be available for sale at that location, that somehow children would be walking out of the new store with a six-pack and a carton of cigarettes in hand. At a recent planning and zoning meeting one person protested the P&Z decision by saying that the blood of children will be on their hands.

Yep... crazy.

But beer and wine ended up not THE reason why 3 members of council were opposed. Yep... crazy. A fear of increased traffic seemed to be 'a' reason, at least reason enough to vote against a neighborhood convenience store. Now I don't know if the fear is 'explosive' increased traffic... we'll have to wait to see how the media covers the new fears.

I ask Council members to look up the word 'convenience' in any given dictionary.

Really, it is no wonder why opportunity is leaving this community at the rate it is... taking jobs and young people with it.

There is a new restaurant set to open in the very same business park that this convenience store is planned for. I understand it is an Italian themed eatery (but I reserve the right to be wrong on that). Chances are extremely great that I, someone who lives on the other side of town, will drive to the new place to eat once it is open to give it a try. Therefore... I will be increasing the traffic count in that neighborhood. There is even an ice cream place supposedly... mmm... ice cream sounds good about now I think I'll head over there and increase traffic.

However, I can assure you... the convenience store... I doubt seriously that I'll be a patron there. Sorry... it just isn't located in a CONVENIENT location for me. Think people.

Is increased traffic really that much of a concern?? Why not slap a moratorium on allowing people to move to Kingman?? No people move here, no increased traffic. No people move here, no need for new conveniences. Simple really.

Now let's take a look at another epic fail from last night regarding the wind turbine ordinance. Here we have one Council member state out in the open that she wouldn't want a turbine 5 feet from her fence/property line. Cool Mrs. Watson... but I think you are missing the bigger picture by a mile. This isn't about YOU, you are elected to represent the people of city... and not one person lodged serious criticisms of the proposed ordinance last night... yet you showed up obviously unprepared (watch the video and see for yourself) for the discussion or a possible decision on an issue that has been floating around P&Z for a few months now. An issue that had human interest from all over the state and maybe beyond looking in.

A clear lack of vision and understanding was on full display last night. Epic FAIL!!

I realize that this decision was also tabled (because tabling issues is rather easy and decisions seem to be difficult for people elected to make decisions). It is likely that the wind turbine issue will come to pass... eventually... or as soon as at least one Council member brushes up on the many pages of information offered to her. It may come to pass with new restrictions such as not being able to place one in a 'front' yard (but what if that happens to be the best location due to proximity??) and perhaps a new set of setbacks. Fine... in the end, last night was a blown opportunity to lead, to bring the community together for something that the community can share some pride in... in my opinion.

I do believe that all of our city representatives are nice people and can be the leaders we need them to be. Last night was simply bad. They must do better, the people demand it.

Hoover Dam Bypass, Nevada side

I found a link to a Las Vegas news article this morning about a proposal in the Nevada legislature to perhaps construct a new toll road that would bypass Boulder City between Las Vegas and the Arizona side of the Hoover Dam Bypass currently under construction. Read the link here.

Some bits of the article...

CARSON CITY -- Assemblyman Joe Hardy has found a good reason for the 2009 Legislature to back his bill to facilitate construction of a $500 million toll road around Boulder City: Do nothing and traffic jams will become brutal.

"With the bypass, you would get rid of the traffic, there would be less pollution and you'd be able to drive a lot faster in getting past Boulder City," Hardy said.

The Legislature on Tuesday released its weekly list of bill draft requests by legislators, including Hardy's proposal to allow the state to enter into a public-private partnership to construct a Boulder City bypass road.

Hmmm... public-private partnerships, there's that term again. Will Nevadan's support such a thing in exchange for less traffic??

Congestion on the existing road through Boulder City is expected to become unbearable in 2010 after the new Hoover Dam bridge is completed.

Since the Sept. 11, 2001, terrorist attacks, large trucks have been blocked from traveling over Hoover Dam. They must use U.S. Highway 95 and cross the Colorado River at Laughlin.

With the completion of the new Hoover Dam bridge, 1,500 to 2,500 trucks each day once again will drive through Boulder City and cross the Colorado at the new bridge.

The article also points out that currently there are 30,000 motor vehicles a day that travel through Boulder City, a nice town of about 15,000 people that welcomes motorists to Nevada from Arizona along Highway 93 (or bids them adieu from Nevada if the motorist is heading back towards Arizona).

Rawlins and Hardy see other reasons for a toll road. Eventually, the road would be needed even more as communities develop on the Arizona side of the dam and the Kingman, Ariz., area grows.

Hardy said the bypass also would benefit Las Vegas and its casinos. With multiple options for gaming available, tourists might decide against Las Vegas if they are forced to sit for an hour or more in a traffic jam in Boulder City.

More evidence that people think our area is going to grow and how much infrastructure improvements are important to that growth.

It just goes to show that if convenience in some form is offered, opportunities follow.

Tuesday, September 02, 2008

A simple reminder...

If you live in Mohave County AND are registered to vote... please do so.

If you are of the feeling that the current situation is one that needs some sort of change... well, then you have to cast your vote for the change that you wish to see. Relying on people like me (that have already voted) simply won't get you to the desired result you are seeking.



The results are in and here is the link to the Miner's website that shows the results.

August Listings Report (2008)

Late again with the listings report, my bad. I just figured most of you were takin' it easy enjoying the holiday weekend as best as you could. I had one email this morning from a reader who was looking forward to reading this months report yesterday. So without further ado...

The disclaimer...

Disclaimer... all data compiled for this report comes from the WARDEX Data Exchange and does not include any sales activity from outside that resource. All research is done only on single family homes and there is no inclusion of modular homes, commercial properties, or vacant land. The geographical area researched includes; all areas within the boundaries of the city of Kingman, north Kingman, the Hualapai Mountain area, and the Valle Vista subdivisions. Click here to see maps of the included area's.


As of September 1, total listings available for single family residence equals 631 (up from 613 on August1). The total number of units that are listed as 'foreclosure' listings is 82. The rate of new listings taken per day in August was 4.1. Compared to last years total listings available on the market are down by 15%.

There were 127 new listings taken in August (basically the same as compared to 130 in July). The total number of units listed as 'foreclosure' listings for August was 34. The average asking price for the new listings is $176,895 (down from last months $204,452). The median asking price is $160,000 (down a bit from $165,000 previously). Newly listed units are up 12 units from last year and the average initial offering price dropped 23.6% as compared to August of 2007.

The average newly listed home in August has 3.13 bedrooms, 2.07 baths, a 1.75 car garage, with 1,619 square feet of living space and was built in 1990. The average asking price per square foot of living space is $109. Lastly, 23 of the new listings were actually re-listed either by the same or different broker. 12 units listed last month are already under contract and of those one had closed in August.

The original price of new listings last month was from $48,500 through $599,000.

Units under contract:

As of September 1 there are 74 total units under contract (down compared to the number of 88 last month). Of these, 34 were listed as 'foreclosure' sales.

48 units entered into contracts in the month of August (down a couple from the 50 the previous month). Of these, 22 units were listed as 'foreclosure' sales. The average asking price for homes that received contracts was $149,238 (down from $157,439 last month) and the median asking price for August was $138,900 (up some from the previous months $130,000 figure). Units entering contract are actually up from August of 2007 by two units and the average marketing price is down 26.4%.

The average home that went under contract in August has 3.02 bedrooms, 2.06 baths, a 1.77 car garage, with 1,544 square feet of living space, and was built in 1995. The average asking price per square foot of living space for listings that entered contract in August was $96. It was also priced $7,865 higher when it first was listed as compared to its current asking price (the average price reduction was $14,256 last month). The average marketing time to reach a contract was 79 days (from 87 last month).

The advertised price of units that entered contract was from $50,000 through $299,900.


Just a few notes this month... data figures jumped around.

1) Inventory levels are increasing again, but slowly... even with the new foreclosure's. Of course the number increasing is not good news, but the inventory level is much better than it was last year at this time.

2) The new listings entered the market with the most noticeable price drop that I have ever reported. The average price for the new listings in basically in line with the average sold price of homes in this market for the first six months of this year.

3) One in five new listings is listed as a foreclosed home. Practically one out of two units that agreed to a contact last month were listed as a foreclosed home.

Will be interesting to see if the new aggressive price offerings help to bring out more buyers in this market. Be sure to check back later this month for the sales report for August, and of course early next month for the next installment of the listings report.