Good Morning!

Here's hoping you had a great weekend!

Below you'll find the market pulse reflecting last week's activity. The increased activity on the Island due to the Independence Day holiday parlayed into a nearly across the board spike in activity with the number of new properties going under contract increasing nearly 50%! Hopefully this great trend will continue through Labor Day!

In mortgage news, bond prices rose and interest rates dropped last week amid fears that Fannie Mae and Freddy Mac could possibly collapse. Speculation diminished on Friday as government officials assured the market that the mortgage giants are properly capitalized and that a government intervention will not be needed. Rates started off the week at 6.375% and dropped to 6.25%, but then returned to 6.375%. (Thanks to Matt Webster at Wachovia for this update!)

Enjoy these latest numbers and have a great week!
Below is the MLS report for all listings on Hilton Head Island and Bluffton for the week of July 12, 2008. Please review the following and let us know if you have any questions on the statistics.

Active (New listings): 179 (Up 32% from last week)
Homes: 113
Villa: 28
Lots: 38

Pending (Accepted contracts, but not yet closed): 74 (Up 48% from last week)
Homes: 38
Villa: 21
Lots: 15

Sold (Closed contracts): 51 (Down 27% from last week)
Homes: 29
Villa: 17
Lots: 5

Price Reductions: 250 (Up 187% from last week)
Homes: 144
Villa: 64
Lots: 42