Richard Sellers, Realtor DRE#01148405

Market Outlook
Wednesday, October 14, 2009 7:10 AM
Price Trend: Negative Price Volatility: High _________________________________________________________________
Current Conditions:
Today’s Economic Data (PST) Import Prices 5:30
Retail Sales 5:30 Inventories 7:00 FOMC Minutes 11:00
FNMA 4.5 GNMA 4.5 10yr Yield
100-31 (-5) 101-16 (-5) 3.384
_________________________________________________________________
Commentary:
Bonds are down this morning after the data released showed a recovering consumer and lower inventories. Headline retail sales were reported better than expected, but a revision to the previous month’s number effectively brings the reading in line with expectations. The decrease was due, once again, to the end of the cash for clunkers program. The “ex-autos” number was more than double expectations, though, which shows that the consumer is beginning to find the will to spend again. The transition from an economy supported by government spending to one supported by consumer spending is important and the recent increases in retail sales appear to support that transition. Business inventories were reported lower than expected which is consistent with the retail sales report.
Later this morning the minutes from the last FOMC meeting will be released. Traders will be looking for further clarification on when the Fed might start raising rates again.

Gov. Schwarzenegger signed a bill into law over the weekend mandating that buyers of foreclosed homes be allowed to choose which title and escrow companies they hire.

Authored by Assemblywoman Cathleen Galgiani, D-Livingston, the Buyer's Choice Act will take effect next week. Legislators approved it last month.

Galgiani introduced the bill in February in response to complaints that small title and escrow firms increasingly have been squeezed out of the market by national competitors. She worked with the Escrow Institute of California, a trade association, to draft a bill that she says will help homebuyers and local businesses.

As banks have become overloaded with foreclosures, many have chosen to close deals with major title and escrow companies because it's easier for them to work with one large firm instead of several small ones.

That's created what the Escrow Institute has called an "anti-competitive monopoly." It's also led to higher fees for buyers, according to real estate agents.

In a statement issued Monday, Galgiani said homebuyers often are better served by local firms, especially in today's market.

"Local escrow businesses can expedite the transfer of foreclosed properties to homeowners at lower cost," she said. "It also promotes competition for services and protects local jobs and our local economy."

The new law will require that buyers be told that they can choose their title and escrow companies. It also will prohibit banks from vetoing firms chosen by buyers unless they can show good cause.

Unless it's renewed, the legislation will expire in 2015.

Buyers already have a choice under federal law, but to date there's been little enforcement. The Buyer's Choice Act includes a provision that allows for fines of up to three times the cost of the escrow and title service if buyers aren't told they can pick their firms.

Their 2009 Auction will be held on November 7th at the Lake Arrowhead Country Club

It's a wonderful event with great auction items so please come help make a difference. Here are some of the great charities they support:

America's Heroes Foundation

Arrowhead Arts Assoc.

http://www.arrowheadarts.org/

AYSO - American Youth Soccer Organization

http://soccer.org/home.aspx

Boy Scouts

http://www.scouting.org/

Boys and Girls Club

http://www.bgca.org/

Camp Paivika

http://www.abilityfirst.org/programs/programs_camppaivika.asp

Choices - MPH

http://www.choices.org/

Christmas in April/Rebuilding Together

http://www.rebuildingtogether.org/

Citizens on Patrol

http://www.rebuildingtogether.org/

Dictionary Project

ww.DictionaryProject.org

Fire Explorers Program

http://www.sbcfire.org/programs/fire_explorer.asp

Foster Children's Program

http://www.nonprofitdata.com/92317/arrowhead-foster-family-agency-inc.phtml?&cmd=330950303

Friends of the Library

Girl Scouts

Hospice

International Service - MAF

Lake Arrowhead Elem. School

Lake Arrowhead Film Festival

www.lakearrowheadfilmfestival.com

Mountain Meals-on-Wheels

Mountain Fife and Drum

Mountain Literacy

Mountains Community Hospital

ttp://www.mchcares.com/

Odoworo Village, Uganda

Project IRAQ

Rebuilding Mountain Hearts and Lives

http://www.heartsandlives.org/

Rim HS ASB/Athletics/Clubs

Rim HS Awesome Learners

Rim HS Band Booster

http://www.rimband.com/

Rim HS Interact Club

Rim of the World Historical Society

http://www.rimoftheworldhistory.com/

Rim of the World Search and Rescue

http://www.sbmountainsar.org/links/

Rotary Youth Leadership Awards (RYLA)

http://www.rotary.org/en/StudentsAndYouth/YouthPrograms/RotaryYouthLeadershipAwards(RYLA)/Pages/ridefault.aspx

San Bernardino Sheriffs Department

http://www.co.san-bernardino.ca.us/sheriff/

Scholarships-Rim HS

Scholarships-Mountain HS

Scholarships-Music Camp

STARS - Disaster Relief Projects

Touch of Home for the Military

http://www.touchofhomeformilitary.com/

List of Donations to be auctioned:

Check out thier web page for full details@ http://mountainsunriserotaryauction.org

Free Admission!
Saturday, October 10th 2009
10:00am - 4:30pm
in Twin Peaks
at
Mountain Community Senior Center & Rotary Centennial Park

Free Entertainment! Food! Fun! Contest! Games!

The San Bernardino mountain range is a unique mountain range in that it runs east to west and is located in a Mediterranean climate. Because the mountain range runs east to west, sunshine gives rise to a variety of plants . We have eight different native Pine trees in our area. Also there are a variety of cedar and firs and junipers that have cones and are conifers but are not a true pine cone.
Lake Arrowhead is home to 2 of the biggest pine cones in the world!
	THE COULTER PINE is the heaviest pine cone in the world!!! They can weigh up to 10 pounds or more (where is the biggest one)? These cones can be deadly if they fall on your head. Old time loggers called them "widow makers" because they killed loggers when cones fell. The Indians also ate the pine nuts.
	THE SUGAR PINE is the longest pine cone in the world!!! Up to 24" or maybe more (where is the longest?) They got their name from their sweet sap. The Indians used the sap like glue as well as chewed it like gum. The nuts are also edible. The tree is the tallest of all pines in the world. The sugar pine can be up to 280 feet!!
	KNOBCONE PINE is known as the hardest pine cone in the world. Knob cone is a closed cone that relies on the heat of a wildfire to open them up so the seeds drop. This cone can become embedded in the branches.
	PINYON PINE was prized by local Indians who not only enjoyed the large brown nuts but used parts of the tree for a variety of medicinal purposes. Placing cones near a fire opens the scales so nuts can be easily removed. This is the only one needle pine in the world. Most pines have 3-5 needle sheaths.
	LODEPOLE PINE has a small cone about 2 inches long. Used a lot in decorations, they are fairly open and easy to work with. The tree gets its name from its trunks that are so straight they made great poles for the Indians' teepees. The tallest Lodge pole Pine in the world is located in the San Bernardino Mountains.
	JEFFREY PINE also known as "gentle Jeffrey", the prickles on the end of its scales are turned inward so it does't hurt when you handle it. The Jeffrey and the Ponderosa look alike but feel different. The Jeffrey isn't't prickly like the Ponderosa. Cones are typical in form and are 4-6 inches in length.You can also identify this tree by its bark that smells like vanilla.
	PONDEROSA PINE looks a lot like the Jeffrey, but its scales stick out and make this pine cone "prickly." Its nickname is "Prickly Ponderosa." It is typically smaller than the Jeffrey Pine. The Ponderosa is the most widely distributed pine tree in North America. Frequently when Ponderosa and Jeffrey pines inhabit the same location, they will cross breed.
	LIMBER PINE cones are thick, often curved and are between 3-8 inches in length. The tree is sturdy and stout and grows at the higher elevations. Its small branches are so flexible they can be tied in knots.