It is definitely ‘Summer in the Desert’ with daily temperatures in triple digits and some humidity thrown in every now and then. The one advantage that summer brings is that there are fewer people here, and it’s very easy to get dinner reservations!

With everything that is going on in the national & worldwide economies, as well as national & worldwide politics, there hasn’t been much interest in desert real estate so far this summer. We are still seeing some Canadian buyers brave the heat and making good long term investments here in the desert.

And, across the country I am hearing about foreigners buying US real estate. Florida attracts the European buyer, Southern California attracts worldwide buyers, while here in the desert, Canadians are currently the largest group of foreign buyers. So, even with all of the bad news in the United States, there are still many who believe in the long term value of USA real estate.

I am hopeful that after the summer months, some of the current economic issues will get resolved, and we will see more real estate sales activity in the upcoming seasonal period. There is no doubt that in the long run, the desert area is a safe bet for owning real estate.

This month I have compiled the following items that you might find interesting:

•	You have probably already heard about T. Boone Pickens and his new drive for renewable energy. He is spending over $50 million of his own money to bring this issue to the forefront.
•	Where else are foreign buyers investing in US real estate? This Forbes.com article says New York City, LA, Seattle & San Francisco are among the most popular areas.
•	The Feds closed down IndyMac Bank last Friday, the largest bank failure this year. More fallout from the sub-prime mortgage problems.
•	The 10 Most Expensive Desert Homes Sold in June 2008, according to the Desert Area MLS (there are actually 12 listed this month because there was a 3-way tie for the 10th spot): Bighorn again has Top Honors with a home sold for $6.3 million, plus one sold for $4.5 million. The Reserve, The Hideaway, PGA West and Andalusia are the other Clubs, while homes in the Clancy Lane Area, Tamarisk Ridge and The Artisan in Rancho Mirage and a 2.5-acre estate home in Palm Springs made the list.
•	Mortgage Interest Rates as of 7/15/08.

If you have any real estate related needs or questions, please don’t hesitate to give me a call or email at bruce@bruceblomgren.com. I would love to talk with you. And, if you know of anyone else who might enjoy receiving my monthly e-newsletter, please let me know.

Sincerely,
Bruce