"The safe way to double your money is to fold it over once and put it in your pocket."

- Frank Hubbard

Featured In This Issue

Special Days and Events
Existing-Home Sales Down, Inventory Inches Up
How to Make Memories into Art
Cooking Corner

Special Days and Events

August 4 – Coast Guard Day
August 5 – Sister's Day
August 12 – International Youth Day
August 13 – International Lefthanders Day
August 19 – National Aviation Day
August 20 – National Homeless Animals Day
August 23 - International Day for the Remembrance of the Slave Trade & its Abolition
August 26 – Women's Equality Day
August 31 - Start of Ramadan (at sundown)

The birth flower for August is the Gladiolus. The birth stone for August is the Onyx.

Existing-Home Sales Down, Inventory Inches Up

Existing-home sales - including single-family, townhomes, condominiums and co-ops - fell 2.6 percent to a seasonally adjusted annual rate of 4.86 million units in June from a pace of 4.99 million in May, and are 15.5 percent lower than the 5.75 million-unit rate in June 2007.
NAR President Richard F. Gaylord says there is something of a quandary in the current market.

"A recent online survey of REALTORS® shows nearly a quarter of potential home buyers are waiting on the sidelines," he says. "However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth."

Housing Inventory Climbs

Total housing inventory at the end of June rose 0.2 percent to 4.49 million existing homes available for sale, which represents an 11.1.-month supply at the current sales pace, up from a 10.8-month supply in May.

Lawrence Yun, NAR chief economist, says first-time home buyers are critical to the health of the housing market. "About four in 10 homes are purchased by first-time buyers, which frees existing owners to trade up," Yun says. "With many potential first-time home buyers on the sidelines, a first-time buyer tax credit would have a significant positive impact on both housing and the economy.

Combined with permanent increases to mortgage loan limits and enhancing the FHA loan program, the housing stimulus package working its way through Congress would go a long way toward helping consumers and boosting the overall economy."

The national median existing-home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was $229,000.

Yun says there is a downward distortion in the price data. "With short sales and foreclosures accounting for approximately one-third of transactions, it's hard to make an apples-to-apples comparison with a year ago when they were only a minor portion of the market," he said.

Despite the overall sales decline, unpublished snapshot data shows existing-home sales rising significantly from a year ago in Bakersfield, Calif.; Fort Myers, Fla.; and Las Vegas.

"Sales are now beginning to pick up in Orlando, Fla., Phoenix, and Oakland, Calif.," Yun sys. "Interestingly, sales fell in Atlanta, Houston, and Kansas City, Mo., despite affordable home prices and solid local employment conditions."

Mortgage Rates Rise

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.32 percent in June from 6.04 percent in May; the rate was 6.66 percent in June 2007.

Single-family home sales declined 3.2 percent to a seasonally adjusted annual rate of 4.27 million in June from 4.41 million in May, and are 14.8 percent below the 5.01 million-unit pace in June 2007. The median existing single-family home price was $213,800 in June, which is down 6.7 percent from a year ago.

Existing condominium and co-op sales rose 1.7 percent to a seasonally adjusted annual rate of 590,000 units in June from 580,000 in May, but are 19.7 percent below the 735,000-unit level a year ago. The median existing condo price4 was $224,200 in June, which is 2.2 percent lower than June 2007.

Sales Up in the West

West: Regionally, existing-home sales in the West rose 1.0 percent in June to a pace of 1.03 million but are 6.4 percent lower than a year ago. The median price in the West was $288,400, which is 17.2 percent below June 2007.

South: In the South, existing-home sales fell 3.1 percent to an annual rate of 1.85 million in June, and are 18.1 percent below June 2007. The median price in the South was $185,300, down 2.4 percent from a year ago.

Midwest: Existing-home sales in the Midwest declined 3.4 percent to an annual pace of 1.12 million in June, and are 17.6 percent below a year ago. The median price in the Midwest was $175,300, up 2.8 percent from June 2007.

Northeast: In the Northeast, existing-home sales fell 6.6 percent to an annual rate of 850,000 in June, and are 15.8 percent below June 2007. The median price in the Northeast was $256,700, down 12.6 percent from June 2007.

Reprinted from REALTOR® Magazine [July, 2008] with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

How to Make Memories into Art
Personalize Your Home; Put Vacation Memories on Display

Now that summer is going out like the tides, gather your favorite vacation photos and souvenirs to display throughout your home. Scrapbooking is one way to display your memories but why not take them out of the album and put them on your walls?

"People shouldn’t shove their memories into a box and put them away. By framing them and turning them into art, not only are they personalizing their home, but they are preserving memories," says nationally recognized interior design consultant Barbara Schmidt, whose work has been featured on television and in countless publications including Architectural Digest, InStyle, Elle Décor and Metropolitan Home. "The key to showcasing memorabilia is keeping it sleek. People are focusing more on color and graphics when framing their precious memories to keep the presentation fresh and unique," says Schmidt.

Here are a few great ideas to consider when framing precious memories:

1. Pick an event like a favorite vacation to frame.
2. Choose a unique variety of memorable items from each event. For instance, ticket stubs from your favorite attractions, unique postcards, souvenirs and pictures are a great place to start.
3. Pick between one to three mat board colors that complement the pieces when they are pulled together.
4. Visit a professional custom framer to determine the right layout and frame. "People remember things for different reasons," Schmidt said. "By taking the time to save them instead of packing those items away, it will help the memories live on forever."

Jay Goltz, owner of Artists’ Frame Service in Chicago -- the largest custom framing facility in the country -- recommends using preservation quality mat board for conserving memorabilia like the RagMat brand by Crescent. "I love RagMat because it’s pure," says Goltz, referring to the fact that it’s made out of pure cotton and is naturally acid and lignin free. "RagMat mat board is the only mat board guaranteed safe next to any artwork and is preferred by museums and preservationists, which says a lot."

For more information about RagMat and custom framing, visit www.crescentcardboard.com or contact a professional framer in your area.

Courtesy of ARA Content

Cooking Corner

Frozen Strawberry Cheesecake
Courtesy FoodNetwork.com

1/2 gallon good-quality strawberry ice cream
1 1/2 cups fine graham cracker crumbs
6 tablespoons melted butter
1/4 cup plus 2 tablespoons sugar
1 store-bought cheesecake (8 or 9 inch), room temperature
1 pint strawberries, hulled and cut into pieces
1/2 lemon, juiced

Set the ice cream out at room temperature to soften for about 30 minutes. Meanwhile, use a fork to mix together the graham cracker crumbs, butter, and 1/4 cup sugar in a bowl. Press this mixture over the bottom and sides of a 9-inch springform pan with your fingers; then press all over with the flat bottom of a glass to get the crust really well pressed together and compact. Set aside.
When the ice cream has softened, cream it in a mixer with a paddle attachment (or by hand in a bowl with a wooden spoon) until soft and creamy, but not melted. Break the cheesecake into pieces and beat or fold it into the ice cream. Pour the mixture into the prepared springform pan and smooth the top. Put that in the freezer to set.
Now combine the strawberries, the remaining 2 tablespoons sugar, and the lemon juice in non-reactive saucepan and warm over medium heat just until the strawberries begin to break down and give off their juice, 3 to 5 minutes. Stick that into the refrigerator to chill.
When you're ready to serve, remove the sides of the springform pan and put the frozen cheesecake on a cake plate. Spoon the strawberries over the top and serve.

Hope you've enjoyed August’s Newsletter. Please call or send an e-mail if you have any questions about buying, selling, or investing in real estate.