SALES STILL STRONG

Cedar Rapids Iowa is still seeing very strong sales, in fact YTD company volume is higher than last year. It still comes down to price, condition and location with buyers in competing offer situations this past week. As you hear the gloom and doom across the country we seem to find a safe haven in our market. Homes priced below 120k are selling very well with multiple offers in some situations, and if priced right we see offers very close to list price. Upper price ranges have also had a lot of activity with more sales this year than over the past 2 years.

FHA and VA financing is becoming the B/C loans of the future with very little or know money down needed in lots of situations. Credit scores below 600 have been able to get financing with FHA which was not possible in the past.

We have not seen any issues with Appraisals at this point but would expect to see some come in short in the near term. Some of the relocations sales have pushed prices lower and other sellers have had to reduce based on some of the competition.

Dan