THE BIG PICTURE
These comments are made in relation to
the Market Condition Graphs for August 2009.

SUPPLY (LISTED): Diminishing supply continues as inventory declines 201 units.

DEMAND (CLOSED PER MONTH): Demand backed off by 14 units from July.

FAILURES: Failures declined about 8 units from July (this should be interpreted as little or no change).

SALE PENDING (FUTURE CLOSINGS): Have leveled off. Only a 7 unit increase over July.

PERCENT SELLING: Unchanged. Implying no big shifts in ongoing market forces.

MONTHS SUPPLY: Continues to tighten (2.1 to 1.9 months). This shift is small. The most likely change that will occur is a continuation of the tightening of supply while demand remains rather constant at current levels.

MARKET SPEED: Market Speed (106) signals very strong demand. However, most of the shift in speed is due to changes in supply. As is usual, the surge in speed favors relatively lower priced properties and REO (see Market Activity Table).

PRICES: List price has increased to $139K from $135K. Pending price of properties in escrow is greater than current closing price. These price indicators are signaling proximity to or market bottom with a high degree of confidence. July median closing outcome was $105K and holding. Because pending price is greater than closing price, it appears that the market has stabilized in the short term at current prices. Although this statement is true on average; prices on the upper end of the market can be expected to continue to display weakness due to unfavorable demand/supply conditions (see MCR Table- Market Price by Price Class).

For a complete set of market condition graphs.

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