Home Front

A blog about the economy and the Sacramento-area real estate market.

November 30, 2009
Shades of gray on Black Friday (and Cyber Monday)

We're plowing through Cyber Monday - the day when online retailers push their biggest deals of the holiday season - so what better time to assess the retailing results so far?

The early returns suggest it's going to be a so-so season. Although the shoppers came out in healthy numbers last Friday, the actual spending wasn't so terrific. Which is about what you might expect as the nation just begins to claw its way out of a terrible recession.

The AP offers this report on how the retailing season is shaping up.

And, in case you missed it, here's The Bee's story from last Saturday's paper on the shopping scene in the Sacramento area: http://www.sacbee.com/business/story/2354384.html


November 28, 2009
Government turning toward Plan B as banks stall modifications
Sources tell The New York Times that the federal government is leaning toward more pressure on banks to lower the principal on loans they service and own. Consensus is growing that President Obama's Making Home Affordable program isn't really working very well.

"The banks are not doing a good enough job," Michael S. Barr, Treasury's assistant secretary for financial institutions, said in an interview Friday. "Some of the firms ought to be embarrassed, and they will be."

Here's more sources from Google Finance:

Obama to push banks on mortgages
Administration plan aims to addresses emerging problem: Only a handful of homeowners are receiving permanent loan modifications. By Tami Luhby, CNNMoney.
UPDATE 1-US Treasury wants more lender leeway on loans  
Lenders to get push to help homeowners  

November 27, 2009
What meltdown? People will spend for toys

50742161-27102824.jpgFor all the talk about how rough things are, for all the uncertainty and fear, people apparently have no problem whatsoever rationalizing the purchase of big-screen TV's and other adult "toys."

I had the privilege again today to watch Black Friday shoppers in the pre-dawn hours. I don't know exactly what it says about the economy, but I have never seen so many people buy TV's in my life. Carts lined up for 40 yards to the checkout register: each with a TV inside. Many had two TVs. I saw two guys whizz by in the parking lot at 5:30 a.m. with THREE TVs!

Nearly all were Emersons and Sonys - 32-inch LCD specials in the range of $248 to $378. I think I talked with four or five buyers - asking them if this was to go under the Christmas Tree. Every one of them looked at me sheepishly - and said no. Five hours later now I am guessing all those TV's are operational already. They were buying them for themselves.

I guess the lesson retailers know is this:  No matter how strapped you are for money in your life, however big your student loan or house payment a good flat-screen TV is indispensable.
As is a cell phone. And a digital camera. And lately, a GPS system for your car. The toys we enjoy as adults just keep getting better and more irresistable.

I don't know about the rest of  America, but in the West Sacramento Wal-Mart Supercenter at 5:30 a.m. today it was sure easy to think: Meltdown? WHAT economic meltdown?

Photo: Los Angeles Times

November 27, 2009
News on the foreclosure front
Credit here to California's Rough & Tumble Blog for the following two newspaper stories related to California's continuing foreclosure crisis:

Few mortgages have been permanently modified -- Lenders have temporarily restructured hundreds of thousands of loans, but long-term changes have proved elusive, raising the specter of a new wave of foreclosures. E. Scott Reckard in the Los Angeles Times.
 -- 11/26/09

State considers foreclosure mediation program -- Californians facing rising home loan payments or foreclosures could get some help from the state Capitol, where lawmakers are considering the creation of a mediation program similar to those adopted in more than a dozen other states. Marisa Lagos in the San Francisco Chronicle -- 11/26/09

November 25, 2009
There's No Place Like Home

 Be it an apartment with friends or grandma's house with all the relatives, Thanksgiving is that day when the kitchen shines with warm holiday stardom and the notion of "home" is at its most powerful. Today is a huge traveling day when the kids come back to their childhood homes and parents fly or drive to their kids' new homes and apartments.

   Many will be hosting their first Thanksgivings in a newly-owned house. Others will spend it in the same home they've owned for years. And many more will gather in apartments with friends.

   It's a great day for eating, gathering, hard work in the kitchen, small talk and catching up. It's not always easy; whole movies have been made about the difficulties of being family together for the holidays. But it's one of those best days when houses everywhere come alive, when, truly, whether you're young, old or in between, there's no place like home.

  From us on the Home Front, Happy Thanksgiving.

November 24, 2009
Housing starts rise in region as they fall statewide
As the region's housing slump enters a fourth year, capital-area homebuilders reported starting 199 new houses during October in El Dorado, Placer, Sacramento and Yolo counties, the California Building Industry Association said in a news release today.

Breakouts by metro areas across California, including Sacramento and Yuba/Sutter, are here.

The capital region's tally was up 31 percent from September's 152 starts, the CBIA said.

Construction starts rose across the region even as they fell statewide by 5.5 percent from September to October. California builders took out 2,815 building permits for single-family homes, apartments, townhouses and condos.

Regionally, as well as statewide, builders are starting far fewer houses than last year. Capital-area homebuilders have started 2,387 dwellings in the first 10 months of 2009. That's 51 percent fewer than the same period last year.

Statewide, builders started 29,901 new residences from January through October, and expect to finish the year at about 36,000, the CBIA said. Like last year, that would be the lowest tally since the state started keeping records in 1954.

Builders in Yuba and Sutter counties started 10 homes in October, compared to 20 in September. They started 136 dwellings the first 10 months of 2009, compared to 233 the same time last year, the CBIA reported.

November 24, 2009
FHA's newest look at U.S. home prices across metro areas
The Federal Housing Finance Agency just released its third quarter Home Price Index, showing that - finally - Sacramento has dropped out of the top 20 U.S. metro areas for the biggest price declines. (That's because we've gotten so much of it done already).

The government HPI shows that the Sacramento-Arden Arcade-Roseville metropolitan statistical area (El Dorado, Placer, Sacramento and Yolo counties combined) has seen collective sales prices fall by 8.19 percent from the third quarter of 2008 through the 3rd quarter of 2009. It says the four-county region's collective prices have fallen 22.2 percent across the past five years.

Metros still in the top 20 regionally for lowest rates of appreciation (as in still falling) are Merced, Reno, Visalia, Modesto, Fresno, Madera and Vallejo-Fairfield.

Las Vegas is still the biggest loser (in terms of home values).
It's a long complicated report, but if you're game it's at this link.

November 23, 2009
That long, slow fall in capital-area home prices
Home Front took a question over the weekend from a reader of The Bee's recent October home sales story that said annual price declines have finally fallen into single digits.

Here was the question: How much have median sales prices fallen altogether since their peaks in 2005 and early 2006? We checked it out for eight area counties on charts sent over by La Jolla researcher MDA DataQuick. Here's the answer:

  • Amador, down 52.9 percent from $425,000.
  •  El Dorado, down 45.4 percent from $531,250.
  • Nevada, down 34.7 percent from $501,000.
  • Placer, down 43.3 percent from $525,500.
  • Sacramento, down 53.5 percent from $387,000.
  • Sutter, down 53.1 percent from $339,000.
  • Yolo, down 46.2 percent from $474,000.
  • Yuba, down 57.3 percent from $351,500.

November 20, 2009
Midtown in the rain
A big rain swept into Sacramento this morning mixing with the fall colors really starting to peak now in the older neighborhoods. A street scene at Midtown's 24th and S Streets:

November 20, 2009
A first serious prediction of rising values ahead in Sacramento

First American CoreLogic predicts that area home values (distressed homes included) will rise by 4.85 percent from Sept. 2009 to Sept. 2010. The forecast is for the collective Sacramento-Arden Arcade-Roseville metropolitan statistical area (El Dorado, Placer, Sacramento and Yolo counties).

 It's a small part of a larger report that sees the rate of decline in home values increasing through much of the nation - including here in the capital region. This is one of the first indicators from a large market tracker to show a market-wide appreciation in values starting to take root.

Read more  at this link.


November 20, 2009
Friday catch-up: A look at U.S. and California loan delinquencies

In the crush of yesterday's deadlines I wasn't able to get these news releases online detailing the wobbly state of the nation's - and California's - home loan delinquencies and foreclosures from the Mortgage Bankers Association.

So we go: first  a look at California. (This isn't pretty, but all I can say is be glad you don't live in Florida, where it's so much worse).

Secondly, here's a national view. (Much of the carnage remains in four states: Nevada, Florida, Arizona and California).

I sat in on the national conference call with reporters, a list that seems to be diminishing a little as the worst of the housing problem has shrunk to the Sunbelt.

Here's the podcast of that call.

Brinkman Podcast photo.jpg The main point by VP, and Chief Economist Jay Brinkmann is this: prime loans, including the safe 30-year fixed-rate benchmarks, have replaced subprime loans as the leading edge of delinquencies now as joblessness has moved up the ladder to reach the better-off borrowers.

"Clearly the results have been driven by the changes in employment" he said. "We've had about a 5.5 million increase in the number of unemployed the last year. That compares with an increase of about 2 million loans that are past due."

And it's harder to get out of trouble now when it finds you, Brinkmann said.

"We went into the recession with a weakened housing market. So the impact was when people lost their jobs they were less likely to recover by selling the house. There was less equity in it and that translated to more foreclosures. Unemployment went up and now both the jobless rate the foreclosure rate are both going up together."

For prime borrowers it's become an endurance contest, he said.

"Prime borrowers usually have reserves. They can hold out. But the longer the problem takes place the more will fall," he said. What he means is: for a lot of borrowers this is a race between their savings and when they can find another job. 

As for Florida?


- 12.7 percent of the state's mortgages are in the foreclosure pipeline between a notice of default and handing back the keys - and 25 percent more are at least 30 days late with payments.

 "It's going to take Florida well into the end of 2011 to clear out what's currently on the books," said Brinkmann about repo inventory. "And then the new ones are coming in. We may not see anything change there until well into 2012 and even into 2013."

Photo: Mortgage Bankers Association


November 20, 2009
Sayonara to that $10K state tax credit for new-home buyers
From this morning's Home Front Column:

Say goodbye, finally, to hopes of extending that $10,000 tax credit for buyers of new unoccupied homes in California. It's all but dead for this year, says one lobbyist who patrols the state Legislature on behalf of home builders.

  "We were disappointed neither of those bills panned out this year," said Allison Barnett  of the California Building Industry Association, a trade group for the residential construction industry. An Assembly Bill, AB765, extending the tax credit to 4,300 more buyers failed to pass in the state Senate. A similar Senate bill, SBX3 37 bill failed in the Assembly as lawmakers turned their focus to water bills.

"We're looking for options next year," Barnett said this week. One idea is to establish a tax credit that a buyer could collect only when a building permit is issued for his or her new house. Another is to seek an extension for a few more months. Said Barnett, "We're still looking at details."

Bottom line, buyers of new houses now approaching escrow or signing sales contracts are out of luck in the near term for a state credit. And though there's always next year, it may be a safe bet - considering a new estimated $21 billion hole in the state budget for the next year and a half - that buyers may have seen the last of this one for good.

 But check out the federal government's $8,000 first-time buyer tax credit, which has been extended to April 30.

More than 10,600 new-home buyers claimed the $10,000 state tax credit earlier this year.

November 20, 2009
State unemployment at 12.5 percent, but job growth returns

California unemployment increased to 12.5 percent last month, but the state actually added jobs for the first time in more than a year.

The Employment Development Department today said California payrolls grew by 25,700 in October, the first job growth the state has seen since April 2008. California was one of 28 states recording job growth, according to federal officials.

The unemployment rate grew three-tenths of a percent, to 12.5 percent.

It's not unusual for the payroll statistics and unemployment rate to provide mixed signals. Economists generally look at the payroll numbers, which are derived from a broader survey, as a more reliable indicator of the health of the job market.

In the Sacramento area, unemployment increased to 12.3 percent, a four-tenths of a percent increase from September. The region lost 3,600 jobs.

A key reason was the leisure and hospitality sector - everything from restaurants to hotels to theater companies - shedding 1,900 jobs. Normally that sector cuts back around 1,200 jobs in October.

State government added 600 jobs in the region as university instructors went back on payrolls. But normally the start of the school year translates into 1,300 more jobs.

Justin Wehner, a labor market consultant at EDD, said the Sacramento region is suffering worse than many other parts of California because of continued downsizing in construction. That sector has lost 12,700 jobs in the past year.

Unemployment in Sacramento is "the highest it's ever been since 1990 and it's still going higher," he said. "Definitely no daylight at this point."

There was disagreement about the significance of the gain in jobs statewide. Howard Roth, chief economist at the state Department of Finance, said "I think it's going to turn out to be the start of something."

Others noted, however, that the EDD job-loss figures for September were worse than originally believed. The new estimate is that California lost 66,400 that month, a loss of 27,100 additional jobs.

The two months taken together mean "we're going sideways right now," said Jeff Michael, director of business forecasting at the University of the Pacific. "I'm not sure this is the bottom quite yet, but I think we're getting close."

Stephen Levy, an economic consultant in Palo Alto, added, "I think this is a false signal to say this is the beginning of a sustained period of growth (but) we're nearing the end of the job losses." 

November 19, 2009
Some capital-area price declines back to single digits

FRIDAY UPDATE: The full, more detailed story is here in this morning's Bee.

To see how it looked in the neighborhood in October follow this link to sales and price data by ZIP Code.

In October - for the first time since June 2007 - year-over-year declines in median sales prices have fallen back to single digits. Much the same is true in Placer County. But in wealthier El Dorado County it appears that the speed of declines is growing again - as the upper end of the housing market suffers from fewer buyers and the necessity of cutting hard to win one.

We'll be digging deeper into this today for a story in tomorrow's Bee. In meantime, here is a first look online at October's sales and prices for the capital region. 

November 18, 2009
Wells Fargo in $1.4 billion settlement

Wells Fargo today agreed to a $1.4 billion settlement with state officials over a securities sale that was branded "false and deceptive" by Attorney General Jerry Brown.

Under the settlement, the big San Francisco bank will repurchase $1.4 billion in so-called auction-rate securities from thousands of customers. About half the money, or $700 million, will go to Californians.

According to Brown, Wells had marketed the securities as safe and highly liquid. When the market froze in early 2008, customers were unable to cash them in, he said. Brown sued Wells in April.

"Wells Fargo convinced thousands of investors to purchase auction-rate securities with promises of robust returns and liquidity, but when the market collapsed, investors were left out in the cold," he said in a press release today. "Based on misleading advice, investors bought these risky securities. Now, retail investors and small businesses are finally getting their money back."

There was some disagreement about the size of the settlement. The North American Securities Administrators Association said Wells Fargo is returning about $1.3 billion to investors.

The association said Wells made settlements six states besides California: Georgia, Missouri, Oregon, Texas, Utah and Washington state. It said the settlements stemmed from an investigation led by Washington state's Department of Financial Institutions.

Wells isn't the first institution to refund money over the collapse of the auction-rate securities market. UBS, Citigroup and others have entered into settlements; the securities administrators association pegged the total settlements at more than $61 billion.

Wells didn't admit any wrongdoing in the settlement.

A spokesman for the bank couldn't be immediately reached for comment.


November 17, 2009
Orange, San Diego counties and Bay Area see annual price gains

MDA DataQuick has issued its

October sales and price report for Southern California - showing that median prices rose sligthly from Oct. 2008 - first time in three years.

Orange County did it for a second straight month.

The Bay Area saw its first year over year gains in two years.

Sales numbers were also higher in Los Angeles, Orange, Ventura, San Bernardino, Riverside and San Diego counties than the same time last year - for the 16th month in a row.

It's part of a slow continuing thaw in California's real estate deep freeze.

We should get San Francisco Bay Area and Sacramento numbers this week, too.
November 16, 2009
Down so far that a "lackluster market" is a good thing

That's the analysis from the Sacramento Association of Realtors, which is pointing out that "In the last six months the median sales prices has remained between $180,000 and $190,000." That's considered a positive in its new October sales report - a salute to "market stability."

 I think sellers and homeowners who have endured a terrifying downhill slide in prices the past two years are probably ready to agree. After all, the median October sales price of $185,000 is only an amazing 5.2 percent below the same time last year.

All in all, SAR counted 1,716 closed escrows in October in Sacramento County and the city of West Sacramento - up a little from 1,631 in September. Repos were 41.6 percent of sales (still falling) and short sales were 20.7 percent (still rising). 

Here are the details:

The October news release.

The Summary Statistics.

A look at prices and sales in the neighborhoods, by Zip Code.

Lyon Real Estate's research arm, TrendGraphix, also predicts more  short sales than repos in the higher-end market  because expensive repos are too hard to sell. It's also seeing prices rise in teh $400,000 and under market.


November 9, 2009
Workers' comp - how high?

The twice-a-year dance over workers' compensation insurance premiums is under way again. Earlier today, Insurance Commissioner Steve Poizner rejected the industry's call for a 22.8 percent increase in premiums effective Jan. 1.

"Any increase in costs for employers will only make our already dire economic situation worse," he said in a press release. "Given these harsh economic realities, I refuse to rubber stamp double digit increases." He said insurers can do more to rein in costs.

The commissioner's findings are advisory. So is the 22.8 percent recommendation of the Workers' Compensation Insurance Rating Bureau, an industry-controlled group. If the past is any guide, most insurers will raise rates but not as much as the rating bureau recommends.


November 6, 2009
Mexican consulate steps in to do foreclosure prevention
 The Sacramento-based Consul General of Mexico has teamed with credit counseling agency ClearPoint for a week-long series of foreclosure prevention workshops and personal advice starting Monday, Nov. 9, in Sacramento and the northern San Joaquin Valley.

Events are free to the region's Latino community and will be conducted in Spanish and English. Here is the regional schedule as the consulate reaches out to "support the Mexican community in tough economic times."
Monday, Sacramento's Univision 19 will host a television program from 5 p.m. to 7 p.m. featuring ClearPoint and other volunteers taking foreclosure-related calls.

Tuesday, Nov. 10, a foreclosure prevention workshop is scheduled from 7 p.m. to 9 p.m. at Our Lady of Guadalupe Catholic Church, 711 T Street, Sacramento. ClearPoint representatives will analyze individual cases for those struggling with mortgages and where applicable, make appointments to offer personal advice.

 Those individualized sessions will be scheduled at the Consul General's offices at 1010 8th St. in Sacramento from 9 a.m. to 2 p.m. on Monday, Nov. 16, and Friday, Nov. 20.

Another workshop is scheduled Thursday, Nov. 12, from 6:30 p.m. to 8:30 p.m. at St. Stanislaus Catholic Church, 709 J Street, Modesto.

The last workshop is set for Friday, Nov. 13, from 7 p.m. to 9 p.m. at St. Mary of the Assumption Catholic Church, 203 E. Washington St., Stockton.

November 6, 2009
Explaining that federal homebuyer tax credit
Thanks to Mike Lyon, head of Sacramento's Lyon Real Estate, for clarifying a critical ingredient of the homebuyer tax credit extension and expansion that has passed Congress and is expected to be signed today by President Obama:

I understood the extension of the $8,000 credit easy enough. First-time buyers get another six months of eligibility now.That should prevent an acute winter slowdown in sales.

What I could not get my head around based on reading press reports was the $6,500 credit for people who have lived in their homes for at least five years.It sounded for the life of me that anyone who has lived in a home that long would get one just for being alive.

Not so, said an amused Lyon.You have to buy another house to get the credit, he said.

The aim there is to break up the huge excess of supply in the middle of the market.

There is plenty of competition for lower- end homes, but the middle of the market is extremely lethargic, he said. This credit may spur older people to move out of big houses into smaller ones or to retirement communities. It may spur people who are divorced to sell and buy elsewhere. It may spur people who have outgrown their existing home to move up.

So bottom line: there is no free lunch. You get the $6,500 tax credit for existing homeowners if you move up or down - or sideways. It's designed to get a whole new class of people off the fence and into the market.

Incidentally, here an analysis of what might happen now
from Stan Humphries, chief economist at Zillow.com

November 6, 2009
Sac-area new home sales will reach 1999 levels again in 2016
For that vast swath of humanity beyond the 200 building industry representatives who attended Thursday's 2009 regional housing forecast presented by the North State Building Industry - here is the Powerpoint presentation by Greg Paquin of the Folsom-based Gregory Group. All the charts and graphs you could ever want to see.

Among the most spectacular predictions:his belief that it may take another seven years for capital-area home builders to get back to what they were building here in 1999.

That would be in 2016 - when he projects sales of 10,921 new houses in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties.

 As for this year: Paquin predicts 3,048 sales in the six-county region. The good news, he told builders who know pretty much nothing but bad news, is that 2009 should be the absolute bottom of sales levels.

Builders in 2004 did almost 18,000 sales in the region.

Paquin called the current situation in the region "an economic recession and a housing depression."

One of the most interesting observations, however, was the consultant's reference to a massive "brain drain" from the Sacramento region's residential construction industy. Economists say the sector has shed 26,300 jobs. Said Paquin: they've all left the business, left the area, retired or moved onto new businesses.

Yet as a result Paquin foresees "an industry that will become younger and more sophisticated." That will be especially important as the entire home building business goes green, he said. Make no mistake about it, he told the crowd about the implications of California legislation and global warming initiatives to reduce energy use. Homes will be green.

"That train has left the station," he said.

November 6, 2009
World's finest new buildings

The Urban Land Insititute, a progressive arm of the real estate industry, has been meeting this week in San Francisco - and just released its awards for the world's finest new designs.

The list is here and includes the California Academy of Sciences in San Francisco's Golden Gate Park.

Here's the academy: photo courtesy of propertysolutions.com



November 5, 2009
"This is probably the last extension"
Congress has finally extended the $8,000 homebuyer tax credit and added a couple other sweeteners. The real estate industry is rejoicing.

Still no word in California about extending a $10,000 tax credit for buyers of new homes. The Legislature is awash in water bills. Builders say they're still trying.

November 5, 2009
Survey says commercial loan defaults fall

FRIDAY UPDATE: We got this response today from Dustin Hobbs, spokesman for the CMBA, adding some context to how they do their survey. It's an important distinction in reference to my earlier remark about the lending industry pretending and extending:

 "You raise an interesting question about why the ratio is so low.  Many other DQ surveys show a 4% or so rate, while ours has stayed remarkably low.  The main reason is that most surveys look at CMBS loans - securitized loans, versus ours, which is heavily focused on life insurance-backed portfolio loans - much more conservatively originated.  From what I gather from our folks, that is the main difference - life companies did not see the boom that the rest of the commercial real estate industry saw over the past few years.  The pool of capital from life companies did not increase substantially, indicating their conservative nature.  Bottom line - I'm not so sure is as much 'pretend and extend' as they were just sound loans from the start."


The California Mortgage Bankers Association says commercial loan defaults have been falling. That's a sure surprise given the frequent worries that this is the next sector to endure a wave of foreclosures. Apparently the "pretend and extend" movement by commercial lenders is the real deal.

"Pretend and Extend?" That means lenders and borrowers pretending everything is OK.

The news release is


November 5, 2009
CRL: California foreclosures threaten to derail recovery

The Center for Responsible Lending weighs in today with this  summary and nine-page economic report saying that the foreclosure crisis will get worse, not better - a major threat to  any notion of economic recovery.

It's a new call for lenders to reduce principal to keep people in their homes.

So far, lenders have been very reluctant to go that route.

November 5, 2009
Red Hawk still struggling

The Red Hawk Casino at Shingle Springs continues to produce disappointing results.

The company that manages the casino, Lakes Entertainment Inc., said today that Red Hawk's revenue is still being hampered by the weak economy. The disclosure came as the company announced third quarter earnings.

Red Hawk's employment has been trimmed from 1,750 to fewer than 1,500 full-time equivalents since the casino opened last December.

"The uncertain economic environment in the California market continues to impact the Red Hawk Casino's ability to achieve strong opeating results," Lakes Chief Executive Lyle Berman said in a press release.

"We remain diligent in streamlining processes and making constructive changes at this property and we are cautiously optimistic that these enhancements as well as potential improvements in the general economic environment will positively influence the long-term operating results of this property."

Lakes said it earned $2.3 million, or 9 cents a share, during the quarter. That compared with a loss of $5.7 million, or 23 cents. Revenue fell to $6.6 million from $8.4 million.

The company's shares were up 67 cents, to $3.51, in morning trading on the Nasdaq market.


November 3, 2009
Midtown's Sutter Brownstones recognized as model infill

04.jpgCongratulations to Sutter Brownstones for winning a merit award for infill development in Builder Magazine's 2009 Builder's Choice Awards. The 28-unit project on N Street, between 26th and 27th streets, opened in April 2008 and sold out in 16 months.

Overall, California did very well in the national design contest, called one of the largest and most prestigious in the U.S. housing industry.

Here is the award link to Sutter Brownstones, and an overall award announcement by Builder Magazine based in Washington, D.C.

Sutter Brownstones was developed by Sacramento partnership LoftWorks and designed by Sacramento-based architects LPAS. Individual units sold at prices between $370,000 and $625,000.

Photo courtesy of hellerpacific.com

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