Good Morning!

Here's hoping you had a great weekend!

Below you'll find the market pulse reflecting last week's activity. The market continues to fluctuate from week to week and we saw a slight drop in all categories last week. Hopefully we will see these numbers improve over the next week as tourist activity picks up due to the holiday weekend.

In mortgage news: 30 year mortgage rates remained steady at 6.375% with no points or origination fees, while 5 year adjustable rates saw some improvement. Rates on jumbo 5 year notes dropped to 6.5% from 6.75% and the conforming 5 year rate dropped to 6.25% from 6.5%. (Thanks to Matt Webster at Wachovia for this mortgage update!)

Enjoy these latest numbers, have a great week, and have a happy and safe Independence Day!

Below is the MLS report for all listings on Hilton Head Island and Bluffton for the week of June 27, 2008. Please review the following and let us know if you have any questions on the statistics.
Active (New listings): 172 (Down 7% from last week)
Homes: 103
Villa: 39
Lots: 30

Pending (Accepted contracts, but not yet closed): 59 (Down 15% from last week)
Homes: 38
Villa: 17
Lots: 4

Sold (Closed contracts):48 (Down 2% from last week)
Homes: 36
Villa: 10
Lots: 2

Price Reductions: 228 (Down 14% from last week)
Homes: 146
Villa: 50
Lots: 32