Yes, it was worth the wait -- and then some.

"For more than two hours, the vocalist-keyboardist rolled through the years and relived many of his greatest triumphs. That meant such '60s era Motown nuggets as "Signed, Sealed, Delivered, I'm Yours," classic '70s cuts like "Superstition" and even a few '80s hits, notably "Part-Time Lover" and "I Just Called to Say I Love You." - Jim Harrington of the Contra Costa Times. Read his entire review HERE.

"He just seemed so full of life, bursting with the same spirit that has colored so much of his recorded work, and his enthusiasm was as contagious as the first cold of the season at kindergarten."

An older Stevie Wonder - still a full-time performance.
Joel Selvin, Chronicle Senior Pop Music critic

"The entire show was an outpouring from Wonder. If he wasn't snapping off hit after hit, starting the next song right on top of the last, he was talking aimlessly but enthusiastically to the capacity crowd in the balmy night air and under the almost full moon."

Such a joyous celebration, high energy, positive energy, engaging, and enjoyed by fans of all ages, Stevie as always, is so great to see live. I only hope that I have the opportunity to see him once again in my life time. Once a fan, always a fan.

Labels: Bay Area Jazz, Contra Costa Times, San Francisco Chronicle, Stevie Wonder

We've been bombarded by the news; housing inventory glut, price reductions, foreclosures, mortgage crunch, sub-prime lending woes. Some areas are worse than others. As with any real estate cycle, they have their peaks and valleys. This downward trend took it's roots in 2005, moving from one of the strongest seller's markets in history into a strong buyer's market for most areas. Interestingly enough, not all areas. There always seem to be a few areas that do well despite the existing market woes, (some parts of the Berkeley Hills, Albany, Kensington and the El cerrito Hills for example in the San Francisco East Bay Area). It always comes down to numbers, supply and demand.

Have prices hit bottom, or do they have further to go? How long will the housing recession last?

These real estate cycles typically last from two to five years. Most forcasters are pointing towards this winter to be the valley or low point of this down cycle with some relief coming sometime in 2008 or as late as 2009 depending on which source you listen to.

Lawrence Yun, NAR senior economist, said he isn’t looking for any notable changes in sales activity. "Mortgage disruptions will hold back sales over the short term, but long-term fundamentals are favorable. A modest upturn is projected for existing-home sales toward the end of the year, with broader improvement to include the new-home market by the middle of 2008."

"More buyers, and cutbacks in new construction, will eventually draw down the inventory levels and support future price appreciation, but general gains will be modest next year. Serious buyers today have a long-term view of housing as an investment – speculators have left the market."

View the U S Economic Outlook - August, 2007, from NAR, HERE.

"This isn't going to get better until this unsold inventory gets absorbed," said Standard Pacific's Delva, "And this isn't going to happen until the financing issues are resolved; the smart money has the slump ending in the latter half of next year or some time in 2009." Story by Robert Hollis, San Francisco Chronicle. View the full story Here.

Delva and other builders say a key turning point will be when potential buyers return to the market, convinced that the value of what they're buying won't continue to decline.

When that happens, "There's going to be a slew of buyers coming out of the woodwork," said KB Home's Burnstein.

Will this winter be one of the best buying opportunities that we've seen in years?

Interest rates, although much harder to obtain, are still at their lowest levels in decades. Rates on 30 year mortgages sank last week to their lowest point in two months, a dose of good news for people thinking about buying a home. "30-year rates lowest since the end of May.

"As of last week, the market for conforming mortgages was still operating smoothly, and if you qualify for one, you shouldn't have trouble getting a mortgage at a reasonable price." - Kathleen Pender also of the Chronicle.

So far, borrowers with decent credit histories and the ability to document their income - "the majority of the home-buying public" - aren't being shut out from getting a loan. - CNN, "Six Questions Consumers Are Asking About The Mortgage Market," By Amy Hoak

"Sellers can no longer be reluctant to accept offers or reduce prices. Tightening credit and diminishing mortgage products will continue to reduce the pool of qualified buyers. This, along with the increase in national housing inventories, means now is not the time to hold out for the best price possible." - Alexandra Saunders, BGS Financial.

The median price of American homes is expected to fall this year for the first time since federal housing agencies began keeping statistics in 1950.

Should I wait or buy now?

Alexandra goes onto say; "Potential borrowers cannot wait any longer. For those who are considering buying a home, be aware that the volatile credit market can change overnight, leaving fewer options available to borrowers attempting to qualify for a mortgage. With decreases in home values and fewer available mortgage instruments, delaying any longer could get significantly more expensive."

This isn't fully realized until you weigh in the effect of waiting for prices to drop while interest rates continue to increase. So, you have to ask yourself, in the coming months, do I expect interest rates to increase? If so, how much more must home prices drop to counter the effect of rising interest rates?

The buying season typically slows after the summer months with a drammatic drop-off by mid October. With so much inventory and uncertainty in the mortgage & real estate markets, there should be plenty of "bargains" this winter.

"The key theme is that while it may be a different mortgage landscape, it still can be a good market in which to buy - as long as people are buying for the right reasons and are paired with loans that ensure they will be able to keep the home in the future." - CNN

Labels: Bay Area Real Estate, CNN, Housing Inventory, Housing Market, Interest Rate, Real Estate Cycles, San Francisco Chronicle

In today's SFGATE/96 Hours, weekly entertainment guide, I came accross Tim Sullivan's humorous list and wanted to share it. Here's the full list;

1. People have sex because it feels good
Later studies showed:
We eat because we're hungry.
We sleep because we're tired.
We dress because we need pockets.

2. Gambling is addictive
We're willing to bet the studies are wrong, but first:
Can we borrow some money?
Can we borrow a little more?
OK ... just a little bit more?

3. People want more public services but don't want to pay for them
Follow-up studies confirmed that people also want:
A bigger piece of the pie.
To have their cake and eat it too.
To live the good life.

4. People like to complain about traffic
Further studies revealed that Americans:
Drive large vehicles.
Make oil companies rich.
Don't realize nobody can hear them when they scream inside their cars.

5. Men talk as much as women
Additional studies suggested that:
Men and women disagree with this assessment.
Men and women disagree that they disagree.
Men and women disagree on a good time to discuss this disagreement.

6. Venting of problems can depress girls further
Further studies alluded to the fact that:
Further venting leads to further depression about venting.
Further depression leads to further venting about depression.
It depresses guys further too, but only if they listen.

7. Sex trafficking is spreading HIV
Further studies indicated that STDs:
Are transmitted.
Are transmitted via sex.
Are diseases.

8. A happy workplace leads to more productivity
Too bad:
There's no such thing.
Now stop reading this and ...
Get back to work.

9. There's too much celebrity coverage
Yet:
Celebrity coverage continues to be popular.
Celebrities are covered because they're celebrities.
They're celebrities because they're covered.

10. The word gullibility is not in the dictionary
I checked:
It wasn't.
See?
Exactly.

11. Studies show many things
Further studies:
Verified this.
Contradicted this.
Clearly demonstrated that further studies will be needed.

This article appeared on page G - 3 of the San Francisco Chronicle

Labels: Humor, San Francisco Chronicle, Studies

Money Supply Drying Up - jumbo loan rates soar, even for buyers with excellent credit.

"Need a mortgage this month? It's going to be harder - and more expensive - to get one. In the past week, turmoil in the mortgage markets has caused increasing problems for home buyers in the Bay Area and around the nation." Read the Full Story, by Carolyn Said & Kelly Zito, in today's San Francisco Chronicle.

Fannie Mae's Berson said the tightening mortgage situation is likely to hurt the already troubled housing market.

"There are people who could have qualified for a mortgage a month ago who can no longer get that mortgage," he said. "That means there will be fewer home sales or else people will have to buy less expensive homes. The practical impact is that some people will choose not to buy now. This is an additional negative factor on housing demand. It means home sales are likely to be weaker than we thought they would be just a few months ago."

Labels: Bay Area Real Estate, Interest Rate, Jumbo Loans, Ken Rosen, Mortgage Lenders, Real Estate Cycles, San Francisco Chronicle, Subprime Loans

"By rushing into the mortgage business big-time, homebuilders helped fuel the housing crisis. Now they're hurting—and so is Wall Street." by Mara Der Hovanesian, BusinessWeek. Go to the Story.

"Traditional mortgage companies and banks unleashed a barrage of loans, many to borrowers with iffy credit histories who didn't bother to read the fine print about upwardly mobile interest rates. Wall Street egged on the often-reckless underwriting by buying vast quantities of home loans for repackaging as securities. Now that the boom has fizzled and foreclosure rates are rising, the important role of large homebuilders as lenders is also coming into sharper focus."

"Even as the housing supply began to exceed demand last year, builders kept sales brisk by pushing adjustable-rate, interest-only, and other risky loans."

STEALING FROM THE FUTURE
Now it's payback time. It is likely to take two to three years, by various estimates, for the excess supply to be soaked up. The boom stole sales from the future as people bought houses earlier than they might have a few years ago. From the same issue of BusinessWeek, by Peter Coy. Go to the Full Story.

Labels: Bay Area Real Estate, BusinessWeek, Foreclosure, Home Builders, Interest Rate, Mortgage Lenders, Real Estate Cycles, Subprime Loans, Wall Street

"Stevie Wonder will go on his first U.S. tour in more than a decade, starting next month in San Diego."

What a pleasant surprise. I have to admit, one of the best concerts that I've ever been to was Stevie Wonder at the Mid State Fair in Paso Robles, August of 1988. It was 3 hours of high energy, great music, audience participation, humor, and just an all around good time. I'd love to hear from anyone else who was fortunate to be there to tap into their memories about it. Please leave me a comment. Thanks.

Stephen Holden, of the NY Times wrote in his review that year;

"Stevie Wonder is a pop creator whose concerts are more than just musical events. The concentrated power of his musical personality and his integration of a sweeping variety of idioms into an indelible style, along with his charisma and enthusiasm, combine to make his concerts communal celebrations at which divisions of race, class and nationality melt away."

He's scheduled to play at Concord's Sleep Train Pavilion on August 26th and the Mountain Winery in Saratoga on September 4th. Tickets for both shows go on sale at 10:00 am, beginning August 6th. Call (925) 685-8497 or visit www.ticketmaster.com or www.livenation.com.

Biography by Steve Huey, AMG - All Music Guide
Stevie Wonder is a much-beloved American icon and an indisputable genius not only of R&B but popular music in general.

"Songs in the Key of Life" an all time favorite of mine.

Stevie Wonder's website; www.steviewonder.net

Labels: Bay Area Jazz, Concord Sleep Train Pavilion, Jazz, Mountain Winery in Saratoga, R and B, San Francisco Jazz, Stevie Wonder