As July approaches in Paso Wine Country it's time to start thinking about the California Mid State Fair.  The Mid State Fair is one of the largest fairs in California and is well know for it's entertainment lineup.  This year looks to be a star studded event with some very major entertainment names past and present.  Such as Carrie Underwood; Journey & Heart; Kelly Clarkson; Styx & REO Speedwagon; Tim McGraw, Kiss; and Black Eyed Peas to name a few.  

In addition to the great entertainment, the fair is a time to enjoy the sights, sounds and smells that make a Fair.  The Ferris wheel, Livestock, Cotton Candy, Hot Dogs, and all the people watching.  It is an experience that brings back memories for all.

What can be considered a highlight of the fair for the Wine lover is the "Wine and Jazz Concert".  Always on a Friday night, There is no better way to enjoy good wine and great music with a few thousand of your closest friends.   Home and Vineyard Real .Estate will have a Table and hope to see you there!

Most people have left a bottle of wine open for a period of time.  So the question is,  What happens to wine when it is left open for an extended period of time?

	a)	Sherry
	b)	Vinegar
	c)	Just Sour Wine
	d)	All of the Above

(Please visit http://www.pasostyleliving.com for the answer)

Earlier this year I wrote that we would see a return or a more normal Real Estate market when the inventory levels are under control.  That is now starting to happen across the state.  This state wide chart indicates the drastic reduction of housing inventory for moderate to lower priced homes.  The trend is definitely toward lower housing inventory levels locally as well.  My opinion, prices are flattening out.  Lower priced homes are actually selling higher now then 6 months ago.  Now, for those people out there who expect prices to return to what they were in 2005, don't hold your breath. 

Although things are looking much more positive, the key factor driving all pricing is the REO (Bank Owned Property) market.  Industry rumors indicate a large backlog of Foreclosures is looming in the near future.  Foreclosures which were backlogged while the workout procedures were being developed between the government and financial institutions.  This wave of REO properties has been rumored for a couple of months now and has not materialized yet.  Can the market absorb a large influx of REOs now?  I'm not sure anyone has the answer, but with the overall decreased inventory levels and development of REO market processes if there is a large REO backlog I think it will have minimal impact on the overall market.

I wanted to close with some additional comments on "Short Sales" and REO transactions.  Short Sales are not always as they appear on the surface and may not be a "Short Sale" at all.  Many lenders are NOT giving loan forgiveness in their short sale agreements.  Lenders are releasing the lien against the property, but either inserting language into the Short Sale agreements requiring the repayment or potential repayment in the future of the short amount or actually requiring the signature on personal promissory notes.  You must be careful of these agreements. 

You must be very careful with REO purchases also.  Almost all REO sales either do not use the standard California agreements or require an addendum which override most of the buyer safeguards written into the standard CAR agreements.  The REO agreements protect the Seller and and may require that you give up certain Buyer's rights.  Make sure you use a knowledgeable professional Realtor who know the agreements and can properly advise you.  Preferably a Licensed Broker.  It takes greater skill and knowledge than just filling in the boxes. 

● Most Expensive Single Family Residential Property

The above properties are listed in the Central Coast MLS and may or may not be listed by  Home and Vineyard Real Estate Brokerage.  The presentation of this information is not meant to imply any advertisement of these properties. 

$299,000