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Real estate broker, civil engineer and general contractor.

Several Festivities at the Draft Horse Classic Weekend

Meadowlake - Belgians
Meadowlake – Belgians

BOUNTY OF THE COUNTY” AND “CLASSIC BARBECUE COOK-OFF PART OF THE FESTIVITIES AT THE DRAFT HORSE CLASSIC WEEKEND

Bounty of the County” on Saturday, Sept. 21; “BBQ Cook-Off” on Sunday, Sept. 22

In between Draft Horse performances at the Nevada County Fairgrounds, September 19 – 22, take time to visit two tasty events happening on the grounds during the weekend – “Bounty of the County” and “Classic Barbecue Cook-Off.”
On Saturday, September 21, “Bounty of the County” takes place from 1 – 4 pm on The Green, near the Northern Mines Building. Bring your appetite to this fun and delicious event, hosted by Nevada County Grown. Bounty of the County is a pairing of fabulous local chefs with the finest produce and meats of Nevada County Grown farmers and ranchers. This is local, fresh, and delicious food at its best – and a feast for your palette. In addition to great food, there will be music, vendors, demonstrations, and children’s activities.

Tasting tickets – available at 2 tickets for $5 – will be sold at the event, and all proceeds are for the benefit of local agriculture. Additional details can be found at NevadaCountyGrown.org.

On Sunday, September 22, from 1:30 – 4 pm, watch as barbecue experts show off their cooking skills at the “Classic Barbecue Cook-Off.”  Once they’re done cooking, you get to taste the treats – ribs, chicken, pulled pork tacos, sandwiches, brisket and a variety of delicious barbecue. Tasting tickets will be available at the event at 5 for $10. Come taste the treats and listen to live music by one of Nevada County’s favorite bands, The Dyin’ Breed.

In addition to these two tasty events, the Harvest Fair is bustling with activities during the weekend, including musical entertainment on the Pine Tree stage, Art at the Classic, Treat Street goodies, a clogging jamboree, a Western Trade Show, and visits to the barns.

The Draft Horse Classic and Harvest Fair runs September 19 – 22 at the Nevada County Fairgrounds. There are six performances featuring the magnificent Draft Horses – Thursday and Friday at 6:30 pm, Saturday at 10 am and 6:30 pm, and Sunday at 10 am and 4 pm.

For tickets to the Draft Horse Classic performances, or for details about the Harvest Fair activities, visit NevadaCountyFair.com or call (530) 273-6217.

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John J. O’Dell Realtor® GRI
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Housing Bubbles?

 

Photo credit: http://www.desicolours.com/
Photo credit: http://www.desicolours.com/

DAILY REAL ESTATE NEWS | THURSDAY, SEPTEMBER 12, 2013

The National Association of REALTORS®‘ home price affordability index dropped below a long-term trend line, once again igniting fears of a housing bubble. But some experts say the worries are being blown out of proportion.

The latest reading of the index, which reflects July data, marked the lowest level of home affordability since July 2009 and the fourth month that the index has come in below trend. The index measures the household income needed to qualify for a traditional mortgage for a median-priced single-family home.

Higher mortgage rates and home prices are causing affordability to drop. Home prices have surged 13.4 percent compared to a year ago, and mortgage rates are at their highest averages since February 2012. Wages are rising — but not as fast as home prices.

The West has posted some of the biggest drops in affordability, as home prices have climbed 18.4 percent in the region in the last year.

NAR’s affordability index peaked in January at 210.7, and it has been falling ever since. It now stands at 157.8. An index reading above 100 indicates that median income is higher than needed to qualify for a mortgage. “A score of 157.8 officially indicates that a household earning the median income has 57.8 percent more income than needed to get a mortgage on a median-priced home,” CNBC reports.

But a recent paper by three economists from Robert Morris University in Pennsylvania suggests that when the index falls below trend for at least three months, it may be an indication of the beginning of a housing bubble. The economists point to the beginning of 2004, when home affordability fell below its long-term trend. Some say that marked the beginning of the last housing bubble. Housing affordability stayed below the long-term trend until December 2008, the economists note.

Housing affordability this year dropped below the long-term trend in April and has stayed there through July, CNBC reports. But even signs of a housing bubble don’t mean home prices are doomed to crash, analysts say.

NAR experts write at the Economists’ Outlook blog that housing affordability likely could strengthen in the coming months “as prices have decreased from a month ago and most likely reached their seasonal peak for the year. Even with rates increasing, certain metro areas have healthy inventory levels, and consumers can still look to purchase before those historically low rates are a thing of the past.”

Source:  “Latest Housing Affordability Data,” NAR’s Economists’ Outlook Blog (Sept. 6, 2013) and “Yep, it’s another housing bubble,” CNBC (Sept. 10, 2013)

 

 

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John J. O’Dell Realtor® GRI
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My House is Worth Money, Time for a Divorce

Photo credit: http://www.lolriot.com/
Photo credit: http://www.lolriot.com/

“So many couples have been living together and biding their time,” says Leigh Sigman, an Orlando lawyer. “I know many people who have coasted for years and touched base with me periodically — until they got equity in their homes.”

During the housing market crash, home prices fell dramatically in some areas, causing the home in a marriage to become one asset that no one wanted in a divorce because of the large amount of mortgage debt it carried, says Sigman.

But some metros are seeing that as home values rise, divorce rates are too.

“I have seen many of the deals we’re doing have involved a divorce — selling a house because of it or buying because of it,” says Robert Tenaglia, a real estate professional in Orlando. “When people don’t have equity and don’t have money, it dissuades them from going through the final step.”

Many couples may need the equity from the house sale to cover the costs of starting a new life and for a down payment on a new home or an apartment deposit, Tenaglia says.

Source: “Divorce and Home Values: Till Equity Do Us Part,” RISMedia (Sept. 6, 2013)

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John J. O’Dell Realtor® GRI
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Home Owners Equity Rising Above Water

Jenga Style Homes Photo courtesy of Pleated-jeans.com
Jenga Style Homes Photo courtesy of Pleated-jeans.com

In the next 15 months, 8.3 million home owners — about 18 percent of home owners who have a mortgage — are expected to gain enough equity to be in a better position to sell their homes, according to RealtyTrac’s September report on home equity.

“Steadily rising home prices are lifting all boats in this housing market and should spill over into more inventory of homes for sale in the coming months,” says Daren Blomquist, vice president at RealtyTrac. “Home owners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33 percent per month that they have since bottoming out in March 2012.

The 8.3 million of home owners have a range of 10 percent negative equity to 10 percent positive equity, according to RealtyTrac. Home owners with low equity may face challenges in selling a home due to the cost of the sale and having a down payment on a new home. As equity rises, more home owners are in the position to sell their home without having to resort such actions as a short sale.

The report also notes that one in four home owners in foreclosure also were found to have positive equity. Home owners with equity may have a better chance at selling their homes before letting the foreclosure process run its course, Blomquist says.

But that’s “assuming they realize they have equity and don’t miss the opportunity to leverage that equity,” Blomquist says. “Even home owners deeply underwater have reason for hope, with about 150,000 each month rising past the 25 percent negative equity milestone — although it will certainly take years rather than months before most of those homeowners have enough equity to sell other than via short sale.”

Source: National Association of Realtor©

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John J. O’Dell Realtor® GRI
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Grass Valley Chickens To Fly Out of Town

chicken-family

Operation Chicken Airlift began with a phone call last month from a California egg farmer to the Animal Place sanctuary in Grass Valley.

Thousands of “laying hens” that had outlived their usefulness were about to meet their demise, the farmer said. Was the animal group interested in saving them from death by carbon monoxide?

Thus began a unique rescue effort that will send 1,200 white Leghorn chickens on a $50,000, cross-country cargo flight this evening from Northern California to upstate New York. On the East Coast, the chickens will be ferried to sanctuaries where they will live outside of cages and roam the land without the expectation of producing breakfast for the egg-loving public.

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John J. O’Dell Realtor® GRI
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Enter Your Exhibits in the Harvest Fair at the Draft Horse Classic

 

It’s free and all exhibitors will receive free tickets to a Draft Horse Classic performance

Entry forms are now being accepted for exhibit entries in the Harvest Fair, which takes place during the Draft Horse Classic, September 19 – 22, at the Nevada County Fairgrounds. The deadline for Nevada County residents to turn in entry forms to enter exhibits is 4 pm on Friday, September 13. It’s free to enter, and all exhibitors will receive complimentary tickets to the Friday evening performance of the Draft Horse Classic.

Entry forms are now being accepted at the Fair Office and on-line at Nevada County Fair website.  There are more than 100 different categories to choose from, including fruits and vegetables, cobblers, harvest pies, scarecrows, a garden photo contest, jams, honey, cut flowers, produce characters, and birdhouses. There’s even a “Harrowingly Huge Harvest Haul” category for those extra big vegetables and fruit; and an Adult Artistic Corner for those interested in showing off arts and crafts. So many fun categories to choose from!

There’s a division for youth and teens, which includes categories like apple face dolls, decoupage, Halloween masks, painted pumpkins, wreaths, table settings, and ceramics. Plus, there’s a Special People’s division for those interested in showing off their talents at the Harvest Fair.

Exhibitors must either submit paper entry forms at the Fair office or enter online at Nevada County Fair website between now and Friday, September 13.  It’s free and it’s simple!

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Complete descriptions of all Harvest Fair divisions and categories are available online at Nevada County Fair website at the Fair’s Office on McCourtney Road, or by calling the Fairgrounds Office at (530) 273-6217.

The Draft Horse Classic and Harvest Fair runs September 19 – 22 at the Nevada County Fairgrounds. There are six performances featuring the beautiful Draft Horses – Thursday and Friday at 6:30 pm, Saturday at 10 am and 6:30 pm, and Sunday at 10 am and 4 pm.

In addition to the Draft Horse performances, the Harvest Fair is happening at the Fairgrounds throughout the event. Live entertainment, Art at the Classic, Treat Street goodies, a clogging jamboree, and visits to the barns make for a fun family day at the Harvest Fair.  Plus, we’ve got two tasty events happening – Bounty of the County on Saturday and a Classic BBQ Cook-Off on Sunday.

For Draft Horse performance tickets or information about entering a Harvest Fair exhibit, call the Fair Office at (530) 273-6217 or visit Nevada County Fair website

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John J. O’Dell Realtor® GRI
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Vernazza – the History, the Disaster and the Recovery Part 3

vernazza-painting-doors

The Recovery

Vernazza’s First Farmacia and Restaurant and Re-Open: On January 21, 2012 Vernazza’s Farmacia (Pharmacy) reopened. By Italian law, a pharmacy is allowed no more than 90 days closure before the proprietor loses his/her license. Therefore, the work to restore the pharmacy was rushed to completion. The walls were empty and there was only a table, chair and the pharmacist, but the pharmacy was open for business!

vernazza-farmacia

June 2012: Bars, restaurants and places to stay are open and doing business in Vernazza. Of the twenty-two restaurants, bars, pizzerias and gelaterias, only two are uncertain, or are not opening in 2012.  Of the twenty-three stores and banks only four are not open, and of the thirty-three places to stay only three are not open. Children play on the beaches again and people are shopping, eating and enjoying vacations in the town. Of course many things are still being repaired, but the pace is furious.

A blogger on the Travel Advisor Trail Updates on the Save Vernazza website said that she and her husband “hiked the 5 cities on June 25th and 26th. We did all 5 cities in one day. The hikes were beautiful. The only trail closed was between Manarola and Corniglia.”

July 2012:  Vernazza has accepted architect Richard Rogers’ generous donation to design and oversee the Project for the Reconstruction of Vernazza. Richard is with

Rogers Stirk Harbour + Partners (RSHP) which is an international architectural practice based in London. Over three decades, RSHP has attracted critical acclaim and awards with built projects across Europe, North America and Asia.

On his most recent visit to Vernazza, Rogers brought his friend Renzo Piano, an Italian architect born in Genoa and educated in Milan who leads a firm called Renzo Piano Building Workshop. Both architects have won the Pritzker Prize (the Nobel of Architecture) and are considered two of the world’s leading architects. Together they designed the Pompido Centre in Paris.

Rogers and Piano believe that Vernazza’s reconstruction should be elegant in its simplicity in order to preserve Vernazza’s unique character as an authentic Italian small town.

 

January 2012: The removal of a million square feet of mud and debris from the main part of Vernazza revealed extensive interior damage to dozens of buildings. Plumbing, electrical wiring, phone lines, floors, walls, windows, doors, fixtures — everything will need to be replaced. Workers and machines excavated the canal that once ran through the upper town, and rebuilt the main sewer line. Next, a network of landslide barriers was built in the hills surrounding the town. Vernazza was extremely vulnerable to more flooding until this job was completed.

The doorways of small businesses along main street, Via Roma, have been boarded up since the flooding and mud slides. But on the morning of January 6, 2012, over 50 artists showed up to breathe inspiration and life back into the desolate ghost town. Organized by painter Antonio Barrani, their mission was called “Un Arcobaleno di Solidarietà per Vernazza” — A Rainbow of Solidarity for Vernazza. Each painter took a lifeless, boarded-up doorway along Via Roma and transformed it into a work of art.

More than just decorating the Via Roma, this avenue of art was designed to inspire all who love Vernazza to play a role in her recovery.

Then on January 23, 2012 the restaurant Belforte re-opened. This restaurant was above water level, high along Vernazza’s waterfront, so there was no structural damage, although all services were lost. The military cooks that had provided meals for crews and volunteers were required to leave Vernazza on January 7, 2012. Now, workers again had a place to go for a hot meal and break from the work.

One Saturday in January, a train pulled up and some tourists got off, as they came down the stairs, their expressions told that they had no idea what had happened in Vernazza on October 25, 2011. Residents and workers put together on-the-spot, the first Save Vernazza Information Center.

March 2012: On March 9, 2012 Mayor Vincenzo Resasco, detailed Vernazza’s strategic plan for reconstruction, and updated the progress made thus far and the plans for Vernazza to reopen for the tourist season.

  • Sewage: completed
  • Canal: includes roadwork as well as enlargement of the canal itself (enabling the canal to withstand future storms such as that of October 25, estimated to occur once every 200 years)
  • Landslides: project focuses on securing the slides that directly impact the canal and reconstruction of the canal banks and bed in such a way as to decrease the velocity of the water.
  • Water: continuing on schedule, approximately 90% of all homes with running water
  • Aqueduct: continuing on schedule
  • Electricity: continuing on schedule
  • Via Roma: This week, temporary asphalting of Vernazza’s main street
  • Gas: By the end of June 2012, a temporary methane gas containment system will be in place to provide methane gas to Vernazza.

Residents and children are now playing in the square and some older residents are coming home to live. Tourists are walking the streets, restaurants are opening and on March 9 the weekly street market returned. Vernazza is moving forward…and forward with a new focus.

April 25, 2012: Travel guru and Cinque Terre promoter Rick Steves visited Vernazza and was shown the remarkable progress made in the past 6 months and the work still yet to do. All people who have read his Italian travel books know how much he loves the Cinque Tierra and Vernazza in particular. On seeing the Vernazza, he shed tears for her damage, and voiced hope for her recovery. His website has been providing continued support and coverage of Vernazza’s recovery efforts. Rick Steves has plans to return soon with his crew to film a new Cinque Terre travel special. To read about Rick’s day in Vernazza see his website 

Let us all hope that Vernazza will be brought back to full life and even greater beauty very soon.

Two important ways you can help:

1. Visit the Cinque Terre in 2013, or as soon as you can. This corner of Italy — especially Vernazza — needs travelers to keep their economy afloat. A family-run hotel or restaurant will not survive waiting a year or two for business to return. If you can’t make it in 2013, think of what you’d normally spend during a day in Vernazza and donate that amount to one of the groups listed below!

2. Donate to trusted local relief groups.

Save Vernazza is a very active and engaged Italian non-profit organized by three American women who have lived in Vernazza for years: http://savevernazza.com/. There are some fascinating before and after shots and many other updates on the home page of the website.       

Una pietra per Vernazza is a non-profit fund set up by the municipality of Vernazza:

3. Purchase from Save Vernazza Fundraising Partners who donate all or part of the proceeds of artwork, photos and music to the recovery effort.

4. Tell Others Save Vernazza has free posters you can download, print, post and distribute to your local community center, coffee shop, library, or Italian restaurant. http://savevernazza.com/donationflyers/

Authors Note:  The Cinque Tierra town of Monterosso was also damaged in the flooding of October 25, 2011, but not as severely as Vernazza.

Article by Judy J. Pinegar – Published in Corriere della Valle

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Vernazza – the History, the Disaster and the Recovery Part 2

vernazza-before-and-after-f

Before and after photos.

The Disaster:

On October 25, 2011, Vernazza was struck by torrential rains, massive flooding and mudslides that left the town buried in many meters of mud and debris, causing over 100 million euro worth of damage. Three long time residents were killed in the flooding and mudslides that occurred on October 25, 2011, their bodies were found on the shore near St. Tropez, France.

People caught in the lower levels of the town had to flee upward in apartment buildings and private houses to get away from the torrential mud and water, gas leaks also broke out in the town, making people fear from the chance of fire as well as drowning. To read many other heartbreaking and heartwarming stories by residents and tourists caught in Vernazza on that day go to: Save Vernazza

On October 26, the tourists and townspeople were forced to walk through Vernazza at the height of the second story windows, over 4 meters/13+ feet of mud and debris to be evacuated by sea. The town was in a state of emergency, although repair work began immediately.

December 3, 2011: This day’s posting on the Save Vernazza Website reads:

“The only thing ‘normal’ in Vernazza these days is the train schedule. She is a town without her people… Imagine Vernazza without a single soul in it. If she were a person I’d say she’s lonely. Feeling abandoned. And I often think of her this way. Like a living being she has a life, a soul, a vibrance, a presence like no other place I’ve been. I find myself feeling sorry for her a lot of the time. Is this strange? Somehow I don’t think I’m alone in my feelings.”

December 2012: On the day after the flood, Mayor Resasco promised that the whole town would celebrate the Feast of the Immaculate Conception in Vernazza. On the morning of December 8, with the “asado” barbeque slowly cooking over the coals in Piazza Marconi, the trains arrived from La Spezia and Levanto, filled with families, elderly couples and children. The elderly, many of whom had never previously lived anywhere else, walked around with tear-filled eyes, marveling at how much had been accomplished in such a short time and mourning what had been lost. The volunteers were filled with pride at their role in giving so much joy to this community. The day was filled with friendship, hugging, laughter, tears and sharing stories. Talk of hope filled the air, as people began to envision a renewed Vernazza.

Tomorrow: The Rebuilding

Article by Judy J. Pinegar – Published in Corriere della Valle

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Vernazza – the History, the Disaster and the Recovery Part 1

History

Vernazza is one of the five towns that make up the Cinque Terre region in Italy. Vernazza is the fourth town heading north, has no car traffic and remains one of the real “fishing villages” on the Italian Riviera, with the only proper harbor of the five towns. Vernazza was recognized as a fortified town dating back to the year 1080, and is located in the province of La Spezia, Liguria, northwestern Italy, the “Italian Riviera”.

Vernazza’s name is derived from the Latin adjective verna meaning “native” and the indigenous wine, “vernaccia” (“local” or “ours). Over the next two centuries Vernazza was ruled by the Republic of Genova, and was vital in Genova’s conquest of Liguria, providing port, fleet and soldiers to the battle.

httpv://youtu.be/-vA2-9VyMcY

Video taken by John O’Dell in a tour of Italy with Judy Pinegar

The first documented presence of a church dates back to 1251, with the parish of San Pietro sited in 1267. First reference to the Church of Santa Margherita d’Antiochia of Vernazza occurs in 1318. The church was expanded and renovated over the course of the 16th and 17th centuries, and thereafter the octagonal bell tower was erected.

In the 1800s, after a long period of stagnation, Vernazza improved wine production, enlarging and creating new terraced hillsides. The result was a revitalization of Vernazza’s commerce. Also at this time the construction of the Genova-La Spezia rail line began, putting an end to Vernazza’s isolation. Partially due to this transportation system, the population of the town increased by 60% in just a few years.

In 1997, the Cinque Terre was recognized as a World Heritage Site by UNESCO and in 1999 the National Park of the Cinque Terre was born. The main source of revenue for Vernazza is tourism, but wine and olive oil are also produced.

Tomorrow: The Disaster

Article by Judy J. Pinegar – Published in Corriere della Valle
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July Pending Sales and Distressed Sales Report

Equity home sales continue sharp upward trend as housing supply remains tight in distressed markets

LOS ANGELES (Aug. 22) – The share of equity home sales continued to grow in July, increasing on a monthly basis for 17 of the last 18 months, while distressed sales plunged by half compared to a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“The increase in the share of equity sales reflects a market that is fully transitioning from investor purchases of distressed homes to primary home purchases by households.  The market continues to improve as more previously underwater homes gain equity due to recent upward movement in prices,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “As a result, we’re seeing a significant decline in the supply of short sale and bank-owned properties.”

Distressed housing market data:

• The share of equity sales – or non-distressed property sales – has risen on a month-to- month basis for 17 of the last 18 months and now makes up more than four in five sales, the highest share since December 2007. The share of equity sales in July increased to 82.9 percent, up from 79.9 percent in June.  Equity sales made up three of five  (59.2 percent) sales in July 2012.

• The combined share of all distressed property sales continued to decline in July, dropping to 17.1 percent in July, down from 20.1 percent in June and down from 40.8 percent in July 2012. Twenty-five of the 38 reported counties showed a month-to-month decrease in the share of distressed sales, with San Mateo and Santa Clara each recording the smallest share at 4 percent for each county in July.

• Of the distressed properties, the share of short sales fell to the lowest point since April 2009 at 11.6 percent.  July’s figure was down from 12.9 percent in June and was about half of what it was a year ago, when short sales made up 22.7 percent of all sales.  The continuing decline in short sales indicates more previously underwater homes are moving into positive equity as home prices remain on an upward trend.

• The share of REO sales also continued to fall, dropping to single-digits for the fourth straight month.  REOs made up only 5 percent of all sales in July, down from 6.6 percent in June and from 17.7 percent in July 2012.  The July 2013 figure was the lowest since September 2007.

• The available supply of homes was essentially flat from June but remained tight.  The July Unsold Inventory Index for equity sales edged down from 3.1 months in June to 3 months in July.  The supply of REOs inched up from 1.8 months in June to 2.1 months in July, and the supply of short sales ticked upward from 2.4 months in June to 2.5 months in July.

Pending home sales data:

• California pending home sales were essentially flat in July, with the Pending Home Sales Index (PHSI)* dipping 0.2 percent in July to 114, down from 114.3 in June, based on signed contracts.  Pending sales were down 1.5 percent from the 115.8 index recorded in July 2012.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

Charts:

• Pending sales compared with closed sales.
• Historical trend in the share of equity sales compared with distressed sales.
• Closed housing sales in July by sales type (equity, distressed).
• Housing supply of REOs, short sales, and equity sales in July.
• A historical trend of REO, short sale, and equity sales housing supply.
• Year-to-year change in sales by property typ

For all your real estate needs
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John J. O’Dell Realtor® GRI
Civil Engineer
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