We have entered 2008 with a much lower inventory of properties than 2007. Third quarter appreciation was up 2.39% and it is expected that the 4th quarter stats were similar. Appreciation for the state last year was 4.3% and Oklahoma City was between 6% and 7% depending on the sector Because of sub-prime mortgage meltdowns and economic disruption in many major states, appreciation is gone, and depreciation will accelerate in these markets like California, Florida, Michigan, Ohio, Arizona, and Georgia. Oklahoma City has not been directly affected the the sub-prime mortgage problem and foreclosures are relatively low with Oklahoma City ranking only 64th out of the 100 largest cities. In 2007 foreclosures dropped 15.4% from 2006, and 2008 is showing an even greater drop. However, we are indirectly affected with the change in loan requirements getting more conservative, and the psychology of the market is negative, despite the large economic gains our city has experienced. This caused a temporary price decrease of homes and an adjustment back to lower  to normal historic inventory levels. Higher rates of appreciation are being achieved in the suburbs. Taking the still low interest rates and combining that with the low prices on new construction, keeps the boom in housing  continuing unabated. The job market in Oklahoma City has been on the rise due to increased hiring in our energy companies, as well as the significant future expansions planned at the Dell Computer campus, and Tinker Air Force Base. Dell currently has two buildings with a third building to be constructed soon. The expansion calls for four more buildings with a sales and service work force equal to Austin or Nashville. Dell spokesmen have announced that with current increases in hiring, the number of workers expanded to 2350 at the end of 2006. Tinker has two separate projects. First, the seventeen new hangars specifically for around 6000 private contractors, and the on base hangars for upward to 10,000 people. This will phase in over the next ten years. Devon Energy who headquarters here owns the third largest reserves of natural gas in the world, and is a part of the oil find in the Gulf of Mexico, one of the largest finds in recent history. Oklahoma City is on it's way up! 

NEWS FLASH! We have some special pricing on investment property. We have new single family 4 bedroom homes in Mustang that are selling to the public at $129,000 with rent guaranteed for 8 months. For my investors or owner-occupants they are putting in 2 inch blinds, garage door openers, and ceiling fans in all bedrooms, and not increasing the price. Each home you buy you receive 8 months guaranteed rent of $1000 per month and the builder is paying 2 discount points. We have $250K duplexes that if you buy two we include washer, dryer, and refrigerator, and they have guaranteed rent of one year. Call me for details. With the uncertainty in the stock market, people are increasingly turning to real estate for a good portion of their investment portfolio. Low rates on investor loans coupled with positive cash flow in the Oklahoma City market make this one of the safest real estate investment areas of the United States. Both out of state and out of country buyers are finding the prices here irresistible. Also, Oklahoma City is an emerging market that has experienced a surge in appreciation. The large amount of raw land, low cost of living, and increasing numbers of people relocating have positioned Oklahoma City for continued growth. Many investors are turning to new construction for rental property. The elimination of deferred maintenance, modern floor plans, energy efficiency, and increasing demand is fueling the increase. Please ask us for a list of homes, town homes, duplexes, and high rise residential condo conversions in the $140K to $500K price spread. We currently have construction going on over 200 homes, 44 town homes, 40 duplexes, and 130 high rise units in 12 different schools districts to choose from.

Oklahoma City just keeps getting better. In the last year we voted for 250 million dollars more for Oklahoma City schools, 835.5 million for infrastructure spending, and 120 million to upgrade the 20,000 seat Ford Center in downtown OKC to be NBA ready for the relocation of the Seattle Sonics and Storm which was purchased by two Oklahoma City businessmen. Not only are we leading the nation in income growth, it was recently announced that we are the No. 5 city in the United States for the percentage increase of technology jobs. In the last two years we have lost two significant manufacturers in GM and Dayton Tire. However, we actually gained more manufacturing jobs than we lost. We are also starting to see a large increase medical research and bio-tech jobs. A recent report from a Florida research firm put us in the top 10 for job increases in this category. Obviously, the energy companies are making a major contribution to growth. Current statistics for home sales in Oklahoma City show that from January 2007 through December 2007, Oklahoma City suburbs have set records for sales volume and number of units sold. The foreclosure rate is around the national average. Sub Prime lending is not affecting us. In contrast to many overheated markets like California, Florida, Arizona, Nevada, and others, our steady growth and affordable housing, coupled to a low cost of living makes this one of the more stable markets in the United States. A June Forbes report named us as one of the 11 "bust free" markets in the United States, and Money Magazine using NAR statistics had us as the number two city in the United States for the largest increase on the price of a median priced home sale.