Duane Hosek

During the month of August, 2009 there were 4 new residential listings in and around the Hill City/Central Hills area. The total # of homes for sale is 51. And 6 homes have sold or were under contract. Avg. price of a home in the Black Hills since last month is $186,095 compared with $172,676 with an average of 83 days on the market compared to 83 last month. Sellers have been receiving 96.66% of their asking price as compared to 97.66% last month.

During the month of August, 2009 there were 11 new residential listings in and around the Ellsworth AFB/Box Elder area compared to 11 last month. The total # of homes for sale is 62 compared to 65 last month, which reflects single family homes only. And 14 homes have sold or are under contract compared to 9 last month. Avg. price of a home in the Black Hills is $186,095 compared with $172,676 last month with an average of 83 days on the market compared to 83 last month. Sellers have been receiving 96.66% of their asking price compared with 97.66% last month.

During the month of August, 2009 there were 13 new residential listings in and around the Black Hawk and Piedmont area compared to 27 last month. The total # of homes for sale is 84 compared to 102 last month. 12 homes have sold or are under contract compared to 8 last month. Avg. price of a single family home in the Black Hills is $186,095 down from $172,676 last month, with an average of 83 days on the market which is down from 83 days last month. Sellers have been receiving 96.66% of their asking price which is down from 97.66% last month.

As an experienced Realtor, I am qualified in guiding you with buying or selling a house, land or business for sale. My goal is to search and find the property you want at a price you can afford or help you to sell your home, land or business at the price you want. Black Hills Real Estate is a great investment.

I believe in using my experience in finance, contracts, negotiating, and marketing to your best advantage. Combining my extensive knowledge and expertise in Black Hills Real Estate will produce results for you. My commitment is to my clients, I want to help you achieve your dreams by finding the home or property you are looking for.

Enjoy your time in the Black Hills of SD looking for real estate, or visiting the many attractions we offer, like Mt. Rushmore, Crazy Horse Monument, Hot Springs Evans Plunge and Mammoth Site, Custer State Park, Hill City 1880 Train, Rapid City shopping, Sturgis Bike Rally, Deadwood gambling, or the ski slopes and snowmobile tracks near Spearfish as well as the 100 mile Mickelson Trail.

Please take a few minutes to look through my site, click on the map and contact me anytime. You will enjoy viewing all the homes for sale, land for sale and great businesses for sale. Be sure to take advantage of the features offered to you. You have rights as a buyer or seller and I will protect those rights for you. From my listings to information about the community, I would like to share with you valuable information about buying and selling your home. If there is any way that I can assist you further in buying or selling Black Hills Real Estate, please contact me.

...I have been serving the needs and protecting the property rights of buyers and sellers in the Black Hills area of South Dakota since 1999. I will provide you with free information on homes, land or commercial real estate property in the Rapid City, Ellsworth or Western South Dakota area. Please check out this web site, see what's for sale, find your ideal home, search for a map and click on the contact me tab if I can help you in anyway. You will truly enjoy what the Black Hills of SD has to offer you.

Thank you for visiting my site. Feel free to click on my website anytime. I hope to be hearing from you soon.

Sincerely,


Duane Hosek - Making Real Estate - Real Easy.

Over the weekend, we as a nation experienced a few more bank failures, including the 10th largest in bank failure in US History, Texas Guarantee Bank. This is greatly pushing the seams of the FDIC since 1992. We have had 81 bank failures this year. Seventeen of them were from this month alone. With this current crisis, The FDIC has been exploring and working with banks to share in these losses. The failure of Texas Guarantee Bank will cost the FDIC over $3 Billion dollars.
Just last year we experienced the FDIC dealing with other things. For instance, the collapses WAMU($307 Billion) and IndyMac, which was just under $31 Billion.
In an effort to attract more buyers for the failed banks, it has been reported and is expected they will relax restrictions on the Private Equity Firms buying the collapse firms. It has been said they are working out the details behind closed doors.
How does the FDIC plan on replenishing those lost funds? According to sources for CNBC, the talk is they are looking at special assessments similar to what they did in the S&L crisis. It is also being discussed that during good times perhaps the assessment should be more in an effort to help increase the FDIC fund. Keep in mind the FDIC insures over 8200 banks......Nationally, these banks are doing the every day-to-day business of opening new loans, doing business and waiting out the recession just like the rest of us.
Richard Bove stated on Monday, he felt there would be 150-200 more banks failing. He said no bank is too big to fail. For those who do not know who Bove is, he entered the securities arena in 1965. Zachs ranked him as the top bank analyst for 2008. Bove stresses that the cost of covering the failed banks is going to be very costly. Banks may end up putting upwards to 25% of next year's earnings towards this alone. This will conversely show on the balance sheets as a decrease in earnings. See where we are going with this? Who ultimately is going to buy the failed banks? We have exhausted several domestic resources....so quite possibly private equity firms and foreign banks look like the most logical answer.
Typically financial mingling with industrial is a bad mix......but we are in dire times and you know what that will result in.....dire means. FDIC will need to get qualified buyers involved....give them some latitude in the control issue. This is going to be a tough situation here. There needs to be compromise and foresight.
The FDIC has to keep their funding at a satisfactory level or we will have a consumer panic. Consumer confidence and housing are connected. If the consumer is feeling good about the economy, they will more likely venture into a new home and beginnings...instead of just waiting out the recession. This is a delicate fulcrum the Banking Industry and FDIC are teetering on.....
It was also reported today that the Standard & Poor's/Case-Shiller U.S. National Home Price Index rose 1.4 percent in the second quarter from the January-March period. Good news about this is it is the first quarterly rise in 3 years. However one must also consider in this statistic the first time home buyer credit. This may or may not be extended. If it is extended the thought process has been to modify this to possibly include non first time home buyers as well.
All this sounds great.... I know I for one will have ears open to Wednesday's meeting of the FDIC and how they are going to tackle this problem. And most importantly, how this will affect consumer confidence.

Today, we are anticipating the results of the FDIC meeting. They are also going to tell us how much is left in the fund IF we do not find private equity firms, or foreign monies to aid in this issue.