Steve Stefani

Real Estate Market Update – Coachella Valley Housing Market Gaining Strength

2010-02-25T20:40:00Z

Real Estate Market Update – Coachella Valley Housing Market Gaining Strength – February 25, 2009

The housing market in the Coachella Valley continues to show signs of improvement and stability. The follow excerpt, from an article written by the National Association of Realtors, suggests a predominant pattern of improvement.

Fourth Quarter Existing-Home Sales Surge in Most States, Prices Up in More Areas. Source: National Association of Realtors

Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. “This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Lawrence Yun , NAR chief economist said.

Existing-home sales in the West jumped 16.2 percent in the fourth quarter...and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun said.

The above article includes the entire Western United States. The following are similar statistics as they pertain to our local market in the Coachella Valley and indicate a strengthening market.

Existing Home Sales

Existing-home sales in the Coachella Valley were flat in the fourth quarter from the third quarter and were 23.4% above the fourth quarter a year ago. The average existing single-family home price in the Coachella Valley was $263,838 in the fourth quarter 2009, which was 3.4% below the fourth quarter of 2008, but 1.4% above the third quarter of 2009 levels. This suggests that while the year over year pace of home sales is increasing, the sales prices are stabilizing.

Sale Mix – Traditional versus Distressed Properties

Furthermore, in June of 2009, 35% of property sales in the Coachella Valley were traditional sales, while 65% were distressed sales.

At the end of January, 2010, 46% of property sales were traditional sales, while 54% were distressed sales.

As the mix of sales includes a smaller percentage of distressed properties, the average sales prices will start to stabilize and increase.

Relative Strength of Canadian Dollar versus U.S. Dollar

Another factor helping to pace the sale of homes in the Coachella Valley is the relative strength of the Canadian Dollar. During the first quarter of 2009, the Canadian Dollar averaged about $0.80 U.S. Dollars. Currently, the Canadian Dollar is trading at about $0.96 U.S. Dollars.

This means that a $300,000 home would have cost $375,000 Canadian Dollars in the first quarter of 2009. Today, that same $300,000 home would cost $312,500 Canadian Dollars.

This represents a 17% savings due simply to the increased purchasing power of the Canadian Dollar.

News Flash!...At the time of this writing, it is 71 degrees and sunny. The grass is green, the sky is blue, birds are singing in the trees and I believe I just heard someone shout “fore!” in the distance. The Coachella Valley continues to offer a lifestyle and atmosphere that attracts people from around the world.

If you are interested in exploring the housing opportunities here in the Coachella Valley, or you are an owner interested in selling and would like to determine the value and time it might take to sell, please contact us, the Stefanis at SandL@StefaniRealty.com or 760-406-1047. Visit our website at www.StefaniRealty.com for more information on specific properties and community information.

Open House in Mission Hills Country Club on Sunday

2010-02-24T18:39:00Z

Mission Hills Country Club, Rancho Mirage - We invite everyone to visit our open house at 103 Augusta on February 28 from 11:00 AM to 2:00 PM.

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Open House in Desert Falls Country Club on Saturday

2010-02-24T18:39:00Z

Desert Falls Country Club, Palm Desert - We invite everyone to visit our open house at 178 Firestone on February 27 from 12:00 PM to 3:00 PM.

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Real Estate Market Update – Top Six Factors Impacting Today’s Market

2009-12-11T19:26:00Z

The real estate market in the Coachella Valley has been rapidly changing and improving. The following are some specific factors currently occurring in the market.

Listing & Sales Activity – In the Coachella Valley, which includes all the cities from Palm Springs to the Salton Sea, there are currently about 5,500 homes for sale (inventory). It has been 4 years since inventory levels have been this low. Based on the current sales pace approximately 10,000 homes will be sold in the Coachella Valley this year. This sales volume has not been experienced since 2005.
Pricing - Over the course of this year, we have seen selling prices stabilize and some communities are showing slight price increases. Given the law of supply and demand, based on the reduced inventory levels this is to be expected.
Traditional vs. Distressed - It is important to remember that there are currently two distinct types of real estate markets in the valley. One is the distressed seller market. These short sales and bank owned properties are generally priced well below “normal” market value, receive multiple offers, and sell at or above list price. The other market consists of traditional, non-distressed sellers. These homes generally sell at market value.
Strengthening Canadian Dollar – As the Canadian Dollar strengthens relative to the U. S. Dollar, real estate in the U.S. becomes more affordable for our northern neighbors. At this time last year, the Canadian Dollar was worth 0.75 – 0.80 U.S. Dollars. Currently, the Canadian Dollar is worth about 0.95 U.S. Dollars. Let’s show this as an example: A $500,000 U.S. home purchased using Canadian Dollars this time last year would have cost $625,000 Canadian Dollars. Right now, that same $500,000 home would cost only $526,000 Canadian Dollars.
Mortgage Interest Rates – Mortgage rates are now near all time lows. The 30 year fixed rate is just under 5.0%. Although bank lending standards have increased, banks are still lending money to qualified borrowers.
Buyer Beware! - Do not become a frustrated buyer. If you are looking to purchase property in this market, understand what kind of property you are looking for before you start your search. If you are looking for property at distressed prices, limit your search only to distressed properties. Attempting to purchase traditional, non-distressed properties at distressed property prices will only end in frustration for you and the seller. There is a reason why some properties are distressed sales and some are not. Distressed properties sell for as low a price as the bank will accept. Traditional, non-distressed properties will sell for fair, current market values – which are well below the market highs and all indications are that the decline in these prices is over. You can still get a very good deal on traditional non-distressed properties; just don’t count on getting well below market value on non-distressed sales.

If you are considering buying or selling a home in the Coachella Valley, now more than ever, you need a professional that understands this rapidly changing and diverse market. As such, we would be honored to help you find or sell your home. If you would like more information, or would like to discuss your situation in detail, please give us, the Stefanis, a call. Steve’s cell 760-406-1047 (DRE # 155511289), Lynda’s cell 760-406-1063 (DRE # 155511290), SandL@StefaniRealty.com, www.StefaniRealty.com.

Real Estate Market Update - Top 3 Reasons Home Sales are making Headlines

2009-08-05T22:23:00Z

1. Listing prices are set more closely to comparable sales prices. Over the past six months, homes listed for sale at a price within 5% of the actual sales price, typically sell within 60 days. Buyers are more willing to make offers on well-priced properties. In the past six months HALF of the properties sold in the Coachella Valley were on the market less than 60 days and sold within 5% of the list price. These statistics are comparable to sales in 2005, the height of the real estate market. Unlike 2007, when list prices were still excessively high and sales were significantly slower - only 35% of the homes sold in the first 60 days, within 5% of the list price.

2. Sales prices have dropped substantially. Valley-wide, distressed sales now make up about 65% of all sales. As a result, the average sales price in the valley has dropped by 46% from the high in 2005. Note: This is an AVERAGE price decline throughout the valley – in the more distressed areas, sales prices have decreased by more than 60%! In neighborhoods where distressed sales make up a small percentage, prices have still dropped by 30%.

3. The Domino Effect. Home sales typically follow the Domino Effect, whereby families in smaller homes buy progressively larger homes in progressively nicer neighborhoods. This process includes families taking advantage of lower interest rates to buy larger homes. However, they typically need to sell their current home to do so. When the average home prices skyrocketed, prices of all homes increased to the extent that first time homebuyers were priced out of the market. With no one available to purchase the entry level homes, those current homeowners had no one to sell to, and therefore could not buy up. The combination of the dramatic drop in home values, coupled with historically low interest rates, along with the $8,000 tax credit for first time home buyers has, in effect, tipped that first domino, allowing current home owners to sell and buy up.

For these reasons, pending home sales have increased each month for the last five months. This trend has not occurred since July, 2003.

If you have any questions or comments, please respond to this blog, email us at SandL@StefaniRealty.com, call us at 760-406-1063, or visit our website www.StefaniRealty.com. We would be happy to help you find the home of your choice, or discuss with you the value of your home and our marketing strategies.

California Real Estate Market Update – Wow…could it be?

2009-05-06T19:28:00Z

More data has just come out that indicates that the housing market in California is stabilizing. While we have seen an increase in the number of properties being sold for a few months, the median sales prices have been steadily decreasing. The month of March, however, has bucked the trend.

Sales of existing single family homes increased 63.8 percent in March 2009 over March 2008. The significant news is this: The statewide median price of an existing single family home INCREASED 2.2 percent in March 2009 compared with February 2009. This is the first month to month increase in statewide median sales price since August 2007.

Further, the unsold inventory index fell to 5 months in March 2009 compared with 12.2 months in March 2008. This means that it would take 5 months to sell all of the homes on the market at the current rate of monthly sales.

While we have not seen enough evidence to suggest that prices are in a sustained period of rebound, we do believe we have seen sufficient evidence that the bottoming process of the real estate market is well under way.

One other item to note is that the strength of the Canadian Dollar versus the U.S. Dollar has increased substantially over the last two months. The Canadian Dollar was worth about $0.77 U.S. Dollars in the beginning of March, while it is now valued at just over $0.85 U.S. Dollars. This increase represents approximately a 10% increase in purchasing power for our Canadian friends.

If you have any questions about the status of the real estate market here in the desert of Southern California or specific questions about the value of your home and how long it might take to sell it, please give us, The Stefani’s a call at 760-406-1047 or email us at SandL@StefaniRealty.com. To read more information on the real estate market in the Coachella Valley, please visit our website at www.StefaniRealty.com.

Real Estate Market Update – How California compares to the National Market

2009-02-28T00:58:00Z

The national headlines regarding the housing market this week sounded rather distressful. For example: “Home sales plunge again as buyers remain hesitant” – AP 2/25/09, and “Home prices tumble 18.5% to another new low” Reuters 2/24/09. In these articles, it was stated that sales fell 5.3% from December 2008 to January 2009 to the lowest levels in 12 years. In addition, the level of inventory of homes on the market was at 9.6 months. In other words, it would take 9.6 months of sales at the current sales rate to sell every home on the market. It was also mentioned that home prices have dropped 26.7% from the peak of the housing market in the second quarter of 2006 to current.

These headlines may grab attention, but they are nearly meaningless when it comes to your local housing market. As we’ve discussed in previous blogs, the national housing market is made up of innumerable small localized markets. That said, let’s take a look at what has happened in the California housing market.

· Existing, single-family home sales increased 100.8 percent in January 2009 versus January 2008. Sales increased 14 percent in January 2009 versus December 2008.

· The statewide median price of an existing single-family home decreased 40.5 percent in January 2009 to $254,350, versus January 2008 of $424,200.

· C.A.R.’s Unsold Inventory Index was 6.7 months in January 2009, compared with 16.6 months in January 2008. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

“Statewide sales in January edged past the 600,000 threshold for the first time since October 2005,” said C.A.R. President James Liptak.

In the California market, we have seen a greater reduction in prices which has created a significant response by the buyers, as evidenced by the marked increase in sales. While the “national housing market” peaked in the second quarter of 2006 according to the Standard & Poor's/Case-Shiller home price index, our market peaked in the second quarter of 2005. Traditionally, California has led the nation into and out of a number of economic cycles. It appears that California led the housing market down. Now perhaps, it is leading the housing market back up.

In the midst of the national press, remember to keep focused on the specific housing market that YOU are interested in. Things change rapidly, and the significance of the increasing sales in the California housing market is currently “under the radar.” If you would like information on what is happening in the Palm Springs market, including Palm Desert, Rancho Mirage, Indian Wells, La Quinta and Indio, please contact us.

If you have any questions or comments, please respond to this blog, email us at SandL@StefaniRealty.com or visit our website www.StefaniRealty.com for telephone contact information. We would be happy to help you find the home of your choice, or discuss with you the value of your home and our marketing strategies.

Real Estate Market Update – Signs of a Comeback for the California Housing Market

2009-01-16T21:00:00Z

In the Coachella Valley, there are currently two “types” of real estate markets. One is the traditional market of buyers and sellers. The other is the market of distressed sellers (short sales and bank owned) and deep discount buyers. They are two different markets and each have distinctly different characteristics.

First, let’s examine the distressed market. In this market, the sellers typically offer the home at prices that are below the prices of similar homes in the same neighborhood that are being offered by the traditional sellers. These distressed sellers need to sell the home, and therefore, they are willing to take a loss (sell below traditional market value) in order to move the home relatively quickly. Most of these homes are sold “as is”, meaning that the sellers normally will not fix requested repairs or warranty condition at final transfer. In many, if not most instances, these homes will get multiple offers. The seller will then request that the buyers submit their “best and final” offer, then the seller will choose which buyer’s offer they want to deal with. Many times, dealing with distressed sellers can be a lengthy and ever changing process.

Now, let’s take a look at the traditional market of buyers and sellers. In this group, the sellers typically would like to sell for any number of reasons, but are not forced to sell. Buyers typically are looking for a specific community, or amenities, or lifestyle and are willing to pay a fair price, so long as it is a good deal based on current market conditions relative to historical prices. With sales prices down 25% to 35% (in these traditional markets) from the highs, interest rates at 40 year lows and the Canadian dollar still relatively strong compared to historical data, traditional buyers have begun snapping up properties.

Over the last six months about one half of the home sales in the desert have come from the distressed market and one half of the sales have come from the traditional market. The average price of the distressed sale over the last six months was $308,597, while the average sales price of a home in the traditional market over the same time period was $451,058.

Finally, here are excerpts from The L.A. Daily News on 1/10/09:

Signs of a comeback for the California housing market

By Gregory J. Wilcox, Columnist

Here's a little good economic news - finally - amid all the bad: California's residential real estate market is starting to make a comeback.

Alexis McGee, co-founder and president of Foreclosures.com, made that observation on Friday.

It's refreshing, since her company has been focused on the dismal state of the housing market for the past couple of years as foreclosures soared to record levels.

McGee notes that the California Association of Realtors is reporting that sales in November rebounded from the previous year's while inventory and time on market shrank. The November numbers are the most recent available from the trade group.

And inventory - the time it would take to deplete the supply at the current sales pace - dwindled to seven months from 14 months a year earlier.

"I would say anything under six months is a healthy market, so we are getting close," McGee said.

Here are some of her other observations:

Home sales soared from their year-ago levels through November. They were 22 percent higher than in November 2007 and a whopping 102 percent above the levels through September 2007.

Housing affordability is driving this surge of buyers. California's median price fell 42 percent in November to $285,500 from $490,500 a year earlier.

It was the first time the median price dipped below $300,000 since 2002.

As compared with the average sales prices noted above, the median sales price over the last six months in the Coachella Valley “distressed” market was $214,900, while the median sales price over the same period in the traditional market was $319,000. Note: Please see a previous blog discussing the difference between average and median home sales prices.

Real Estate Market Update - Making sense of Price Reductions...Part II

2008-12-12T20:44:00Z

With all the information about huge reductions in both the median prices and average sales prices does this mean that every home on the market is valued at 34% or 30% lower than the prior year? It sounds as though this is true, but not necessarily. Hundreds of homes are included in these calculations which blend homes whose values have declined by 10% and other homes whose values have declined by 60%.

For example, consider a home in Community A that sold for $1,300,000 in October 2007, and an identical home sold for $1,040,000 in October 2008, which is a 20% reduction in value. Consider a home in Community B that sold for $400,000 in October 2007, and an identical home sold for $240,000 in October 2008, which is a 65% reduction in value.

However, their average sales price decreased by 30%.

The point of this illustration is to set your expectations that averages cannot be applied to every home. If you are interested in understanding the current market value of a home, it is important you work with a professional who can provide specific information relevant to the home and community you are considering. In the above example, if a buyer is expecting a 30% reduction in sales value in Community A, they will be frustrated when the sellers in that community do not accept their offers. However, the buyer in Community B will end up paying more than market value if they are expecting a 30% decrease in value, when in reality the values in that particular community have reduced by 60%. While the homes in these examples are hypothetical, the statistics are very realistic. We have seen similarly disparate declines in various communities within the desert. If you would like specific information regarding a home or area you are considering, please give us a call. Please visit our website at www.StefaniRealty.com.

Real Estate Market Update - Making sense of Price Reductions

2008-12-04T18:24:00Z

The Desert Sun reported on 12/3/08 that the median price of Coachella Valley homes fell 34% in October to $225,000, a level not seen since February 2003.

They also reported that in October, there were 853 sales of new and resale houses and condos that closed escrow. That’s nearly a 32 percent increase in home sales in a valley that strongly depends on real estate to fuel its economy.

While this is both true and meaningful at some level, some clarification needs to be made. First, what does “median” actually mean? The median sales price is the price at which one half of the homes sold for more and one half of the homes sold for less. In this case we can say that one half of the 853 homes sold (approx. 426 homes) sold for more than $225,000, while one half of the homes sold for less than $225,000.

Another meaningful term is average sales price. What is average sales price? The average sales price is the total amount of all sales prices divided by the number of sales, in this case, 853 homes. The average sales price is currently at about $329,000. It is important to note that the average sales price also dropped by over 30% from the same period last year.

Why such a large difference between the median ($225,000) and average ($329,000) sales prices? What this shows is that while half of the sales were less than $225,000, the other half that was over $225,0000 included a significant number that were well over this price.

In addition, the number of homes and condos sold over the last six months has increased by more than 43% over the same period last year. To put this into perspective, this number is right in line with the number sold each year during the same period of time from 1999 to 2002, which was a normal selling cycle.

What we are trying to do is give you a clearer picture of the real estate market here in the Coachella Valley. Our next blog will include a discussion of how different neighborhoods in our various cities in the desert affect the total numbers reported in the press. For more information, please visit our website at www.StefaniRealty.com.

Real Estate Market Update - How the weak U.S. dollar relates to home sales

2008-11-19T00:32:00Z

As a follow up to our previous blog regarding the real estate market in the Coachella Valley, we want to point out the value of the Canadian Dollar in comparison to the U.S. Dollar.

Over time, the Canadian Dollar usually finds itself at about 0.65 to 0.70 to the U.S. Dollar. Over the last couple of years or so, the U.S. Dollar has weakened significantly in comparison to the Canadian Dollar. In November of 2007, the Canadian Dollar rose to the equivalent of $1.08 U.S. Dollars. As commodities such as oil and gold have weakened, the U.S. Dollar has strengthened relative to most other currencies. As a result, the Canadian Dollar is now worth 0.82 U.S. Dollars.

As the U.S. Dollar strengthens versus the Canadian Dollar, the effective price of U.S. real estate increases. The Canadian Dollar is still relatively strong in comparison to the U.S. Dollar, on a historical basis. With the prices of real estate in The Coachella Valley apparently in the bottoming process, we want to make sure you have the opportunity to get into the market before the U.S. Dollar strengthens further versus the Canadian Dollar.

If you have any questions or would like to see a sampling of the wonderful real estate opportunities here in the desert, give us, the Stefani's a call, or shoot us an email.

Single Story For Sale in Desert Falls Country Club

2008-11-18T19:26:00Z

Quiet interior location

• 1,814 sq. ft., 2 bath, 3 bdrm single story - MLS® $310,000 - Best Priced

Desert Falls Country Club, Palm Desert - Upstairs three bedroom condo in a quiet interior location on a pool, with beautiful mountain views. Large, eat in kitchen, huge master suite and second private suite. Desert Falls is a unique country club community that offers wide open views, nine lighted tennis courts, and a modern fitness facility.

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Single Story For Sale in Desert Falls Country Club

2008-11-18T19:23:00Z

Quiet interior location

• 1,814 sq. ft., 2 bath, 3 bdrm single story - MLS® - Best Priced

Desert Falls Country Club, Palm Desert - You are surrounded by mountains and can choose to enjoy their natural beauty from any window. Of course, you are more than likely going to be relaxing on the expansive back balcony. What an atmosphere to read, work, or simply relax. For maximum sun exposure you may choose the front balcony, offering 350 days of southern sunshine. Inside the high ceilings and abundance of natural light fill your soul with energy and delight. If you plan on renting the value-price offers opportunities previously unavailable in a gated-golf course community.
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Real Estate Market Update - Early Stage of Recovery?

2008-11-15T17:28:00Z

We would like to take this opportunity to keep you up to date on the real estate market here in the Coachella Valley desert communities of Southern California. As you probably know, the real estate market is actually a lot of very unique markets all rolled up into one. Just as one national weather forecast does little to predict what the day will be like outside your front door, a national real estate forecast does little to predict what the market is like here in the desert.

What gets reported, generally, pertains to single family homes that are typically primary residences. Most of the homes in the Coachella Valley are second homes or investment properties. We make this differentiation for the following discussion.

Each unique real estate market is made up of the supply of owners who want to sell and the demand of buyers who want to buy. As the sales prices of the homes for sale decrease, the demand from the buyers tends to increase. There is a secondary force at play here, which is the financing of those homes. Even when the buyer and seller agree on a price, the buyer needs to obtain financing in order to complete the transaction. If the buyer cannot obtain the required financing, the deal will fall through. As buyers fall away because of a lack of financing, foreclosures and short sales increase and prices continue to decline.

This brings us to a very important point: The financing side of the real estate market is generally a national market, very unlike the unique neighborhood market of buyers and sellers. Regardless of the area, financing becomes harder to obtain. This in essence, decreases the demand of buyers.

All of this is to explain the differences between our local real estate market and the much more typical real estate markets found around the country. First, many of the markets here in the desert are not single family primary residences. Instead, they are for the most part, second homes, located in gated, country club communities. As a result, although sales prices in many areas have dropped by nearly 25%, there are very few foreclosures and short sales. Most importantly, most of the buyers of these second homes either pay cash or have a large enough down payment that obtaining financing is not a problem. This, for all intents and purposes, eliminates the biggest obstacle and problem in the housing market.

This is to show that the fundamentals are in place for a strong rebound in the country club communities here in the desert. The sellers are selling for reduced prices and the buyers are here looking and buying.

The only factor that is weighing on the buyers is a psychological one. They hear all of the negative news on TV and the internet, which is true in many areas of the country. We have such a unique market in the desert that most of the issues bringing down the “national market” are not in play here. Never the less, the resulting psychology is very powerful.

We have been working with some very shrewd buyers who recognize the underlying fundamentals and are picking up some very good deals. For our Canadian buyers, they have the increased incentive of a weak US dollar as compared to the Canadian dollar. As the US dollar strengthens, this incentive will be reduced.

The purpose of this email is to educate you on our market and let you know that the buyers who recognize the early stages of a fundamental recovery typically get the best deals. We believe we are currently in the early stages of the fundamental recovery in our market.

If you would like more information or would like to see a sampling of these great deals, give us a call or shoot us an email. We look forward to helping you find just the right place for you!

Real Estate Market Update - Coachella Valley, the desert of Southern California.

2008-11-13T22:54:00Z

Our latest update on the real estate market in the Coachella Valley, which includes Palm Desert, Rancho Mirage, Indian Wells and other desert cities, reveals that existing home sales are increasing while the inventory of homes for sale is decreasing. Southern California led the way as the housing market turned down, and is now leading the way in the recovery.

Lawrence Yun, National Association of Realtors chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri, and Rhode Island,” he says.

Here's a breakdown across the country of existing-home sales in September:

West: existing-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. Median price: $253,600, down 18.5 percent from a year ago.

Midwest: sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. Median price: $152,500, which is 7.9 percent lower than September 2007.

South: sales rose 2.2 percent in September to a pace of 1.9 million but remain 7.8 percent below September 2007. Median price:$167,200, down 4.1 percent from a year ago.

Northeast: sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. Median price: $246,800, down 5.4 percent from September 2007.

Although September 2008 existing home sales in the West were 34.4% higher than September 2007, in Southern California home sales soared nearly 65 percent in September from a year earlier as buyers seized on the region's glut of foreclosures and depressed real estate prices, according to a report released Monday by MDA DataQuick.

For more information from these news articles, please visit these links:

http://www.realtor.org/RMODaily.nsf/pages/News2008102401?OpenDocument

http://www.cnbc.com/id/27333197

If you would like information on specific areas here in the desert, please give us a call or shoot us an email. We would be happy to help you find just the right home for you.

Thanks!