Now that we have reached 'mid-August' in the Coachella Valley desert, I can almost feel the fall weather ahead! Yes, it is still very hot on a daily basis, and we are getting the monsoon thunderstorms and humidity, but the days are getting shorter and it won't be that long until November!

The Olympics have taken some of the sting out of the over abundance of national media reports on the weakness of the housing market. What a fantastic Opening Ceremony and the American athletes are performing well. Those new Speedo swimming suits are helping with the setting of many new world records!

The real estate activity here in the Coachella Valley is in normal summer mode. Not many people come to the desert looking for 2nd or 3rd homes when it is so hot here, while it is so nice almost everywhere else. Activity will probably start to pick up in September, and I expect to see the seasonal activity increase after the November elections.

Included this month are several items you might find interesting:

•	Architectural Digest and Sotheby's International Realty have released a survey of affluent consumers that shows a high level of confidence in high end real estate.
•	Many of you are involved in 1031 Tax Deferring Exchanges, and this is an interesting article on how some 1031 companies have stolen investors' funds.
•	The International Factor: This Wall Street Journal article tells of the surprising number of wealthy Russians buying real estate in the US.
•	This LA Times article explains how the newly passed Housing and Economic Recovery Act will affect the potential tax free sale of vacation homes.
•	The 10 Most Expensive Desert Homes Sold in July 2008, according to the Desert Area MLS (there are 11 this month, as there was a tie for 10th spot).The Reserve in Indian Wells takes the top spot with a home that sold for $8,100,000. Bighorn has 4 homes on the list, The Estancias in La Quinta has 3 homes on the list, The Hideaway has 2 and a home in the Old Las Palmas area of Palm Springs made the list. I also closed a home at Toscana Country Club at $2,255,000 that just missed the Top 10!
•	Mortgage Interest Rates as of 8/15/08.

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