Print ArticleRISMEDIA, October 2, 2009By Kathleen Lynn(MCT)—Joseph Licari and Danielle Block had a simple goal when they started house-hunting. “We were looking for a bargain,” said Licari, a civil engineer. “And the bargains were in bank-owned and foreclosed homes.” They recently bought one of those properties, a small Cape Cod on a leafy street in New Milford, N.J., for $257,000, about 15% below its market value, based on its assessment and the prices of similar properties nearby.
Like Licari and Block, many buyers who hope to get a steal, or at least a deal, look at homes being sold by lenders who took possession after a foreclosure.
But bargain-hunters need to know that buying foreclosures—also called REOs, for “real estate owned” by a lender—can be different from buying other homes. The homes are frequently in bad shape, needing tens of thousands of dollars in renovations. They’re most often found in urban areas and are much less common in more desirable towns. And banks aren’t very patient—buyers must be ready to jump when they find the right property. Finally, while the price can be a real bargain, other times the discount isn’t very large.
REOs make up only a tiny percentage of the housing market in suburban towns. In Bergen County, New Jersey for example, according to the New Jersey Multiple Listing Service, only 2.4% of the single-family homes sold so far this year have been bank-owned. Similar statistics are not available for Passaic County, although real estate agents say the percentage of foreclosure sales is higher there, especially in Paterson and other urban areas, where distressed sales make up a larger share of the market.
North Jersey Realtors say they’ve seen REO pricing all over the map. Often, discounts range from 5% to as much as 30% off market values. But occasionally the house will actually be overpriced. “You’d better know your pricing,” said Jeff Adler, a RE/MAX agent in Mahwah, N.J. “Just because it’s bank-owned doesn’t mean it’s going to be a great value. It’s not a gravy train for buyers.”
Sal Poliandro of RE/MAX in Saddle River said some buyers expect to get the properties at half off market price. That’s unrealistic. “Nobody is ever going to give real estate away,” Poliandro said. He recently sold a bank-owned house in Wyckoff that was listed three years ago for $960,000. That was probably overpriced, he said; it might have been worth $800,000 then, and about $600,000 now—if it were in good condition. It’s not. The new owner will have to replace the kitchen and patch a lot of holes. But that might be a worthwhile trade-off, because the buyer paid only $395,000.
Jakki Price DeLuca, an agent with Mark DeLuca Realtors in Teaneck and Secaucus, recently sold a bank-owned condo in Secaucus for $305,000. Similar condos in the same complex have recently sold for around $360,000, but they have renovated kitchens and baths, unlike the bank-owned unit. The buyers, she said, “felt they were getting something affordable and that they were getting a good deal.”
Like these properties, most bank-owned properties are not in great shape. At the very least, they’ve likely been neglected by despairing homeowners who knew they were going to lose the homes. At worst, they’ve been vandalized by frustrated homeowners who punch holes in walls and rip out kitchen cabinets and plumbing. And they’re usually sold “as is,” said Tina Cernuda of RE/MAX Fortune in Englewood Cliffs, who has worked in the foreclosure market for about two decades. If an inspection turns up trouble, the banks generally don’t want to hear about it. That’s the buyer’s problem. For that reason, Cernuda said, contractors or very handy homeowners might be the best buyers for REOs.
Block and Licari were braced for the worst after seeing a number of distressed properties. “You could tell the people stopped caring about their houses,” Block said. They saw homes with filthy carpets, missing appliances, holes in the wall—even one with a large hole in the foundation. Licari said that when they got to the New Milford house, “we expected a bank-owned house that had passed through foreclosure to be pretty bad.”
“But it wasn’t at all,” said Block, a kindergarten teacher. The house had clean hardwood floors, walls painted a neutral off-white, and relatively new kitchen cabinets and counters. The bathroom, however, was an eyesore, with outdated pink tiles and a non-functioning toilet. Licari ripped out the walls, toilet, sink and tub, and is renovating the room. And the entryways to the kitchen, living room and hall rose to a triangular arch that Licari hated. He tore out plaster to square off the tops. “You just kind of learn as you go,” said Licari, who grew up in Teaneck. Aside from the bathroom renovation, the biggest jobs have been trimming overgrown shrubs in the front yard and painting the walls in vibrant colors like burnt orange, gold, sage green and cranberry. The couple also had to add a stairway handrail, as well as smoke and carbon monoxide detectors, which were required before the town would issue a certificate of occupancy.
By doing much of the work themselves—with help from family and friends—Licari and Block hope to keep their renovation costs below $4,000. Because the bank sold the house as is, there were no price adjustments for the work that was needed. Licari and Block’s agent, Barbara Ostroth of Coldwell Banker in Oradell, said the couple had to be patient, because the bank required more approvals and paperwork than usual.
Most bank-owned properties are listed by real estate agents and placed on the multiple listing service, which is how Licari and Block found theirs. Other buyers work with real estate agents specializing in bank-owned properties.
When Poliandro has a listing that is owned by a bank, he’s sure to mention that in his ads, because “I know people are looking for that. That’s what keeps my phone ringing.”
Banks have websites that list their properties for sale, along with the name of the listing agent the bank uses. To find such listings, buyers can plug a bank or mortgage lender name into a search engine, along with the word “foreclosure.”
When these properties are priced well, buyers may find there’s a lot of competition
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Record Streak Continues for Pending Home Sales
RISMEDIA, October 3, 2009—Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August 2009, rose 6.4% to 103.8 from a reading of 97.6 in July, and is 12.4% above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.
Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”
The Pending Home Sales Index in the Northeast jumped 8.2% to 85.3 in August and is 12.0% higher than August 2008. In the Midwest the index rose 3.1% to 90.8 in August and is 7.6% above a year ago. In the South, pending home sales increased 0.8% to an index of 104.6 and is 8.2% above August 2008. In the West the index surged 16.0% to 130.5 and is 22.3% above a year ago.
“There is likely to be some double counting over a span of several months because some buyers whose contracts were cancelled have found another home and signed a new contract to buy,” Yun explained. “Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being cancelled? Without historic precedents, it’s challenging to assess.”
Yun also noted that the data sample coverage for pending sales is smaller than the measurement for closed existing-home sales, so the two series will never match one for one.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said first-time buyers need to act now. “Potential first-time buyers must make a contract offer very soon to have a reasonable chance of qualifying for the tax credit,” he said. “Congress needs to extend and expand this program because it’s stimulating the economy and reducing inventory close to price stabilization points.”
McMillan said a sizable number of homebuyers already in the pipeline could be let down because of the tight deadline. “We know there is a pent-up demand because sales are below normal levels for the size of our population. The faster we absorb excess inventory, the sooner we’ll turn the corner on home prices, prevent additional families from becoming upside-down in their mortgages, and give Wall Street the confidence to extend credit to other sectors,” he said. “Each home sale pumps an additional $63,000 into the economy through related goods and services, so the benefits of extending and expanding the tax credit far outweigh the costs.”
Yun said the forecast for home sales and prices depends very much on whether a tax credit is extended. “All we can say for certain is sales will decline when the tax credit expires because we are not yet on a self-sustaining recovery path. It also raises a risk of a double-dip recession,” he said. “Extending and expanding the tax credit is the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit.”
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RISMEDIA, October 2, 2009—According to a recent survey of real estate agents, the first-time homebuyer tax credit has been extremely successful in stimulating the housing market and the overall economy. However, the overwhelming majority of agents polled, see challenges for real estate if the tax credit is allowed to expire on Nov. 30, 2009.
Of the nearly 1,000 agents surveyed in a study conducted by Weichert, one of the nation’s largest independently-owned real estate companies, 71% reported that the $8,000 tax credit was the single largest factor motivating the buyers they have worked with in 2009 far surpassing affordable home prices (20%) and low interest rates (8%).
While the tax credit has helped stimulate the market since being passed by Congress in February, it appears real estate agents feel more support is needed. The vast majority of respondents (92%) think the market will decline if the tax credit is allowed to expire this year. Given that expectation, it’s not surprising that 97% favor extending the tax credit with the majority wanting to continue the credit until Dec. 31, 2010.
“The tax credit is working to restore confidence and stimulating the overall economy but we still have a long way to go before we return to a normal market,” said James M. Weichert, president and founder of Weichert, Realtors. “As this survey shows, many in our industry are concerned that we will lose much of the ground that has been made toward a recovery if the tax credit is not extended.”
The survey further revealed that agents think expanding the tax credit to include current homeowners would help expedite the recovery for higher-priced homes–something that has yet to happen as a result of the first-time buyer tax credit. Respondents felt nearly nine times more confident in saying that we are very likely to see a recovery in mid- to high-priced homes in the next one to two years if existing homeowners could also receive the tax credit (61% to 7%).
Beyond aiding the housing market, the tax credit appears to have had a stimulating impact on other sectors of the economy as intended. Agents reported that 39% of buyers used the money they received from the tax credit for renovations and remodeling while another 20% purchased household items such as electronics, appliances and furniture with the financial incentive they received for purchasing a home.
The survey also revealed that agents feel the tax credit is vital to stabilizing the national economy. Of those polled, 84% felt extending and/or expanding the credit is very important in the ongoing recovery effort.
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First-Time Homebuyers Buoy Real Estate Market
RISMEDIA, October 2, 2009By David Bracken—(MCT)—The housing market is getting a much-needed boost as first-time homebuyers rush to take advantage of an $8,000 federal tax credit that is set to expire Nov. 30, 2009.
The incentive is helping to slow the decline in home sales. In August, sales were down 1% over the comparable period last year, the smallest year-over-year decline in any month since late 2007. As Congress considers extending the credit, real-estate agents and home builders worry sales could slump again if it’s allowed to expire.
A full accounting of the program’s popularity won’t be available for several months, but brokers say first-time buyers have been driving much of the activity in the market in recent months, especially for cheaper homes.
Kelly Cobb, a broker with Fonville Morisey Realty in Cary, North Carolina, said four of the six listings her office put under contract in the last month involved first-time buyers. Cobb said that as the deadline gets closer, she’s seeing more lower-end homes with multiple offers on them. “It has really, really fueled our market,” she said. “I think anybody who waited until now is going to pay top dollar.”
In order to qualify for the tax credit, a buyer must close on their property by Nov. 30. Brokers say in most cases that gives potential buyers about five more weeks to begin the closing process. The tax credit has been available since the start of the year, and for many families it has been too good to pass up. Terri Hutter and her husband, Fred Neumann, had been repaying credit-card debt and trying to build up savings in recent years. Hutter said the couple originally planned to continue renting for a year or two longer. “With that deadline I’m like, ‘Oh, let’s do it,’” said Hutter, who runs the culinary job training program for the Inter-Faith Food Shuttle. Hutter and Neumann expect to close Oct. 9 on a 1,360-square-foot home in Durham, N.C. The couple paid the listing price of $145,000 for the house and got a 30-year mortgage at a 4.875% interest rate.
Albert Blackmon and his fiancee, Rachel Blair also expected to wait a few years before buying a home. But Blackmon, who works as a Web developer in Apex, N.C., said the tax credit put buying a home within reach. The couple got a U.S. Department of Agriculture Rural Development loan with a 5% interest rate that required no money down. They paid $134,500 for a 1,250-square-foot home in Clayton, N.C. “We’re basically borrowing some money from some family members interest free, and when the credit comes back, we’re going to pay them right back and we have some instant equity in the house,” Blackmon said.
Those hoping to take advantage of the tax credit will need to have their financial house in order, as skittish lenders are closely scrutinizing a potential borrower’s credit and income history.
Tom Simon and his fiancee Tera Caldwell recently used the tax credit to purchase a home near downtown Raleigh. Simon admitted that getting financing was a long process, but he said that made him more confident that the couple could realistically afford the $193,000 house they ended up buying. Simon said the tax credit was not the deciding factor in the couple’s buying a home, but it did make them start seriously looking for a house sooner than they would have otherwise.
There’s still a chance that Congress could extend the tax credit in its current form or amend it. Some lawmakers worry about the program’s cost, which may hit an estimated $15 billion, more than double the amount projected in February’s economic stimulus bill, according to the Associated Press. Critics of the program also say it is artificially inflating demand at the expense of the taxpayer. “I would argue that it has the same effect of manipulating the real estate market that we’ve had with some other problems,” said Dallas Woodhouse, state director for the conservative group Americans for Prosperity. “There will be a day of reckoning for that.”
If the program is allowed to expire, real estate professionals will be watching closely to see what happens to home sales after it’s gone. George Pittman, CEO of Ammons Pittman GMAC Real Estate in Raleigh, said increased sales of lower-priced homes have not translated into more sales at the higher prices. Pittman said he would normally expect those selling $150,000 homes to then buy more expensive homes. “The thing we’re trying to figure out is why it is not snowballing up,” Pittman said. “It’s had some impact, but the upper end is still a bit soft right now.”
The tax credits have already had an effect on new home construction. As the inventory of modestly priced homes shrinks, builders are able to convince lenders that there is a need to replace them. The average cost of homes built in Wake County, N.C., was $165,000 in July, down from $195,000 during the same month a year ago, according the Home Builders Association of Raleigh-Wake County. There’s also been a spike in the number of building permits issued in Wake County in recent months. Tom Anhut, a division president in Raleigh for Toll Brothers home builders, said he believes the increase is a result of builders rushing to get homes finished by the end of November. “I think that there is a demonstrable increase in construction activity at the lower end right now because of that,” he said.
Tim Minton, executive vice president of the Home Builders Association of Raleigh-Wake County, said there’s no question the credit has helped stabilize a volatile market. “The question is, from a long-term standpoint, at some point that spigot does have to be turned off,” he said.
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Luke Mullins, USNews.comOct 1st, 2009As the historic housing crash continues to hammer real estate prices from coast to coast, many homeowners probably can't remember the last time their property's value actually increased. But even with home prices still falling at the national level, a number of hard-hit housing markets are gearing up for a rebound. (Get free instant home values and see comparable home valuations in the Home Values Center.)
To pinpoint the cities most likely to go from slump to bump, we turned to Moody's Economy.com. Using S&P/Case-Shiller home price data, Moody's identified a handful of cities that took it on the chin during the crash-with property values dropping by more than 25 percent from peak to projected trough--but are expected to see strong home price appreciation in the relatively near future.
Celia Chen, the senior director of housing economics at Moody's Economy.com, says home prices in many of these slump-to-bump cities became overvalued during the first half of the decade but have since fallen, or are in the process of falling, to extremely affordable levels. "That will encourage buyers back into the market and lift prices up," she says. Here is a look at 10 hard-hit housing markets that are ready for a rebound:
1. Tacoma, Wash.: With about 200,000 residents, Tacoma is the second-largest city in Washington's lovely Puget Sound region. The city's abundance of government jobs, bountiful outdoor activities, and proximity to Seattle--just 32 miles away--helped drive home prices higher during the first half of the decade. But as the national housing crash picked up steam, Tacoma saw its real estate market decline sharply. Home prices in Tacoma dropped 24 percent from their peaks through the first quarter of 2009. Still, Moody's Economy.com expects the market to bounce back strongly, with home prices increasing 22 percent by the first quarter of 2012 and 41 percent by the first quarter of 2014. David Graybill, president and chief executive of the Tacoma-Pierce County Chamber of Commerce, says the area's large military presence and diversified economy will help to support rising home prices going forward. "We also have one of the nation's busiest ports, the Port of Tacoma, which is an international deep-water port," Graybill says. "And although most international trade is down currently, the long-term outlook is good."
2. San Diego: Sunny San Diego was on the leading edge of the housing market's dramatic boom and bust. Residential real estate "prices started running up in San Diego faster than many other places in the nation," Chen says. But the market has since crashed, with home prices plummeting nearly 42 percent from their peaks through the first quarter of 2009. Still, San Diego's high-tech and hospitality industries will spark economic strength and rekindle home price appreciation in the coming years, Chen says. Moody's Economy.com projects home prices in San Diego will rise about 13 percent by the first quarter of 2012, and 25 percent by the first quarter of 2014. "Technology is really what will drive the economy once the recession is over," Chen says. "There are a lot of high value-added jobs that are in the metro area."
3. San Francisco: Home prices in this city are expected to bounce back solidly as well. Real estate values in San Francisco had fallen 29 percent from their peaks through the first quarter of 2009. Chen says that San Francisco will pull out of the recession sooner than most other parts of the nation, and she expects future job and population growth to support rising home values. "The types of jobs [in San Francisco] generally tend to be higher paid, and personal income growth is going to accelerate [there] quicker," Chen says. "Personal income growth really does drive home prices." Moody's Economy.com projects that home prices in San Francisco will rise about 12 percent by the first quarter of 2012 and 26 percent by the first quarter of 2014.
4. Memphis: Home prices in Memphis fell 23 percent from their peaks through the first quarter of 2009. John Moore, the president and chief executive of the Greater Memphis Chamber, says that the area's exposure to subprime loans--although limited to several specific areas--played a key role in this decline. More recently, however, foreclosures linked to subprime mortgages have dropped, and investors have scooped up distressed properties at steep discounts, he says. In addition to its pleasant quality of life, Memphis's position as an important transportation hub will keep its economy humming and housing demand strong, Moore says. "We have the largest cargo airport in the world," he says. "We are the third-largest trucking corridor, fourth-largest inland port, and on top of that we are one of only three cities in the [United States] that is served by the five class-one railroads." In addition, Moore says that Memphis's low cost of living and strong healthcare system have made it a popular destination for retirees. Moody's Economy.com projects that home prices in Memphis will rise about 9 percent by the first quarter of 2012 and 24 percent by the first quarter of 2014.
5. Worcester, Mass.: Worcester, which has about 180,000 residents, saw its home prices fall by roughly 23 percent from their peaks through the first quarter of 2009. But Timothy Warren, CEO of the Warren Group, a New England real estate information and data provider, points to two key industries that can help drive home price appreciation. With a number of colleges and universities located there--such as the College of the Holy Cross and Clark University--higher education is an important component of Worcester's local economy. And its university-linked healthcare sector is another key provider of jobs. "Because of the medical schools, there are teaching hospitals out there as well and a lot of research that gets done," Warren says. Moody's Economy.com projects that home prices in Worcester will rise about 6 percent by the first quarter of 2012 and 21 percent by the first quarter of 2014.
6. Warren, Mich.: Like nearby Detroit, Warren's economy has been hammered by the auto industry's woes, Chen says. Home prices in Warren fell 37 percent from their peaks through the first quarter of 2009. But going forward, Moody's Economy.com projects that home prices in Warren will rise about 5 percent by the first quarter of 2012 and 21 percent by the first quarter of 2014. These rates of appreciation may look encouraging, but they aren't exactly what they seem, says Chen. Warren, like the rest of the country, will indeed see some job growth as the economy pulls out of the recession, she says. And home prices will eventually fall far enough to attract buyers. But Moody's projection for healthy home price appreciation says more about the depth of Warren's real estate decline than anything else, Chen says. "Because prices are going to pick up off of such a low base, even a small increase in the actual dollar value of homes will look like a very strong growth rate," Chen says. Warren's long-term economic outlook remains unfavorable, she adds.
7. Boston: Home prices in Boston fell 18 percent from their peaks through the first quarter of 2009. But Timothy Warren says the city's robust higher education and healthcare sectors should help support higher home prices in the future. In addition, "the financial services sector has been hit hard recently, but it is still a strength of the Boston area," he says. "They have been hit [harder] than other industries, but I think they will probably come back." Moody's Economy.com projects home prices in Boston will rise about 3 percent by the first quarter of 2012 and 18 percent by the first quarter of 2014.
8. Lansing, Mich.: Like Warren's, Lansing's economy is struggling. Home prices there fell 28 percent from their peaks through the first quarter of 2009. Moody's Economy.com projects that home prices in Lansing will rise about 2 percent by the first quarter of 2012 and 15 percent by the first quarter of 2014. However, these increases are largely attributable to the extremely low base that real estate prices will come off of, Chen says.
9. Chicago: Home prices in Chicago fell 28 percent from their peaks through the first quarter of 2009. But David Hanna, president of the Chicago Association of Realtors, says the city's diverse economy and pleasant quality of life can help drive property values higher in the future. "The city is clean [and] it's functional," Hanna says. "The last two decades of revitalization here has spread out not only through the city but into many of the other surrounding communities." Moody's Economy.com projects that home prices in Chicago will rise about 2 percent by the first quarter of 2012 and 16 percent by the first quarter of 2014.
10. Minneapolis: Home prices in Minneapolis fell 35 percent from their peaks through the first quarter of 2009. Moody's Economy.com projects home prices there will rise about 2 percent by the first quarter of 2012 and 16 percent by the first quarter of 2014.
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If you are a 1st time Home Buyer, Real Estate Investor or just need to prepare your home to sell quickly please allow me to help you through your Real Estate transaction.Visit www.SanDiegoHomeSold.com
You will find me to be a careful listener, a prudent advisor, a shrewd negotiator and very familiar with what is currently happening in the real estate market in the San Diego area. I approach each transaction with dedication, integrity and a sense of humor. I work in partnership with each client to ensure his or her success.
I have lived and worked in San Diego for over 25+ years. I currently live in Carmel Valley ,CA and hava an office on Prospect Street in La Jolla. Keller Williams Realty office locations in La Jolla, UTC, Carmel Valley, Rancho Bernardo, Escondido, Carlsbad , Mission Hills, El Cajon & La Mesa. As a local area expert with knowledge of the communities, my objective is to work diligently to assist you in meeting your real estate goals. I'm a standing member with these real estate organizations:
Not only have I learned to work smart in this business I'm not afraid of working hard to achieve my Goals!
San Diego encompasses a large area with many communities. I live in Camel Valley but I do sell homes in these other San Diego County Beach communities: La Costa, Carmel Valley , Cardiff ,Del Mar, Torrey Pines, Rancho Santa Fe, Solana Beach, La Jolla, Fairbanks Ranch all the way up to Carlsbad. My home is right off the highway 56 so I also cover these Golf communities of Rancho Bernardo, Carmel Mountain Ranch, Poway & Rancho Penasquitos. My office is on 848 Prospect in La Jolla. Although I do sell high-end homes I have been currently working with investors and 1st time home buyers to help them buy pre-foreclosure propertys, fixers and Short Sale homes in San Diego County. Some of these investors turn the properties for profit others keep them for the rental income.
Most of my business is by referral so If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call or e-mail me
"Donna and I really enjoyed working with Gary Giffin. He made us feel at ease knowing that the sale of our home was in good hands with a qualified real estate expert. Keller Williams and Gary took care of everything, advertising, holding open houses, displaying the proper "For Sale" signs, following up with prospective buyers and of course selling our home. Escrow was a breeze because Gary handled it all! I would highly recommend Gary Giffin and Keller Williams for the sale of your home."
Mike & Donna Krytek ~ 2221 Vita Rodeo, El Cajon CA ~ Sellers
THE ENGLISH RESIDENCE
THIRTY-SIX O-FIVE-DASH-TEN SAN DIEGO, CA~ Buyers
GARY, JUST A FEW WORDS OF THANKS FOR THE WAY YOU TOOK CARE OF ALL MY NEEDS DURING THE PURCHASE OF MY HOME. YOU WERE ALWAYS READY TO HEAR WHAT I WANTEDAND LET ME CHOOSE THE HOME FROM THE ONES THAT YOU TOOK ME TO VIEW. I KNOWTHAT YOU TOOK CARE OF A HUGE AMOUNT OF THE BURDEN KNOWING THE LACK OF TIME IHAD TO COMMIT TO THE DETAILS. YOU HELPED MY BROKER GET THE HELP THAT HENEEDED TO GET THE LOAN APPROVED AND CLOSED. THE ADDED SURPRISE OF SPONSORINGA HOUSE WARMING RIGHT DOWN TO THE DECORATIONS WAS A TRUE EXAMPLE OF YOURPROFESSIONALISM. MY THANKS TO BOTH YOU & APRIL FOR YOUR COMMITMENT TO MYHOME LIFE AND I LOOK FORWARD TO OUR FUTURE AS FRIENDS AND ASSOCIATES.
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PATRICK ENGLISH
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