Mike Drutar REALTOR (S) e-PRO

Aloha,

I want to give you the results of the 2^nd quarter sales numbers and the July sales numbers.  I’ll also go into some detail about foreclosure sales, short sales, and the home loan modification program.  Hopefully this information will be helpful to you or someone you know.

2nd Quarter Data

We saw a spike in sales with North Kona residential sales hitting 79 units.  This is up from 41 in the first quarter of the year.  We also saw condos go from 32 to 40 sales in North Kona.  The median residential price fell to $433,000.  That's a decrease of 3.1% from the first quarter and a decrease of 16.8% from the same period last year.  The median price for condos was $292,000 for a 13.4% decrease from a year ago.

South Kohala saw residential sales fall from 38 to 34 units, but condos gained significantly going from 12 units in the first quarter to 29 sales in the second quarter.  The median residential price dropped to $386,750 for a decrease of 20% in a year.

July Sales Data

North Kona residential units sold were up to 27 from 14 in July 2008.  Condos were up to 15 units sold compared to 14 in July 2008.  The median residential price was $435,000 for a 16.7% decrease from July 2008.  The median condo price was $200,000 for a 33% drop.

South Kohala units sold were up to 15 from 13 in the same period last year.  Condos saw 12 units sold for no change from a year ago.  The median residential price was $370,000 down from $400,000 in July of 2008.  The median condo price was $632,500.  As I always mention, the median price of condos in South Kohala will vary greatly due to sales of high end luxury condos in the resort areas.  In the last year median prices there have been as low as $400,000 and as high as $2,850,000.

Summary and Opinion

Prices are down, but we are seeing more units sold.  The general feeling is that we may have turned the corner on this market, in the sense that things are not in free-fall anymore.  That is not to say that we will see the market get hot.   We are not anywhere near a seller’s market, and I don't expect to see prices climbing fast anytime in the foreseeable future.  Basically, things are getting more in balance.  The properties which are selling fast (properties in escrow in less than 30 days) are lower prices houses and condos which are being sold by the banks.  These foreclosures, when properly priced, will get multiple offers.  Traditionally, foreclosure properties have usually been in bad condition.  While we still see that a lot, we also see some foreclosure properties in good condition, ready to move in.  I also expect to see more of the resort condos on the foreclosure market.  Many of these properties are second and vacation homes.  The owners tend to not pay the mortgage on these properties as a first step in difficult financial times.  As a result, we are starting to see them on the market, and I know more are on the way.  The prices in these areas are dropping pretty fast.  High monthly fees have made them less attractive to potential buyers when the prices are already high.  It is not unusual for identical units to be for sale with a price difference of $200,000.  A general rule for any type of property is to have all your ducks in a row (have your pre-qualification letter from a lender and the money ready for a deposit) and be ready to move fast on a property.  With the foreclosures being so much lower in price than other properties in the area, buyers have found the type of property they want (in a particular complex or neighborhood), and these buyers are just waiting for the next low priced listing to hit the market.  These people are your competition if you are a buyer.

Foreclosures, Short Sales, and  Home Loan Modifications

Foreclosure sales (aka REO or bank sales) are different now than they were a few years ago.  In the past there would be an auction at the courthouse steps and the highest bidder won.  The banks realized that they were leaving tens of thousands of dollars on the table with this situation, since only a very few buyers have the cash on hand to make such a purchase.  Now the banks have a representative make the first bid for the amount owed on the property.  This is usually more than the property is worth (after all, if the owners owed less than it was worth, the owners would just sell it).  As a result, the bank always wins the auction.  You can of course outbid the bank, and they will happily let you win, and collect their money from you, which will be more money than it is worth.  I still get calls from people wanting to know about auctions, thinking that they will be able to buy a $500,000 house in Hawaii for only $100,000.  Those days are long gone.

What the bank does now is get an agent to list the property just like any other house.  The bank does want to sell it and sell it fast.  They usually try to make it one of the lowest priced properties in its market segment, if not the lowest priced property.  Often there will be a lower priced "short sale"...but we'll get into that in a few minutes.  From the banks point of view, this system allows them to open the property up to more potential buyers.  Buyers do not have to have a cashiers check and the buyers can get a traditional mortgage.  This allows the banks to get more for the property and minimize their losses.  This is a good thing for all of us since if the banks have huge losses, they eventually go under, taking the money which customers have deposited with them (yes these deposits are Federally insured, but in the end all of us tax-payers would ultimately have to pay ourselves back).  These sales are driving the market now.

Short Sales are when the owner tries to sell the house for less than they owe, and instead of bringing a check for the difference to the closing, they ask the bank to forgive the difference or "short" amount.  The banks may do this, but they do not have to.  It is up to them.  A short sale is a very long process.  First the owner tries to sell the property.  Once they get an offer, the bank has to sign off on it, agreeing to the short sale amount.  For the bank, they have to decide if the sales price in the offer is as good as they can expect on the market if they sell it themselves.  For example, if the owners owe $500,000 and have an offer for $300,000, the bank needs to decide if the house is really worth $300,000, or is it worth a lot more.  If it is worth more, the bank will not sign off on the sale.  This process, simply deciding if the short sale amount is acceptable to the bank takes 60-90 days.  From there the escrow process can start if the bank signed off on the sale price.

The banks take a while for this process because they need to do their due diligence.  Some short sellers have decided to list the property incredibly low, far below what it is worth.  From the seller’s point of view, they don't care if the house sells for $100,000 or $400,000, either way they will not make any money on the sale and they just want out of the situation.  Some of the more amazingly low listings you see are these sellers.  The bank always figures this out, and they will go back to the seller and buyer and let them know the price which does work for the bank.  The buyers can accept it or walk away.  Oftentimes, the buyers will have already cancelled the contract; the 2-3 months of not knowing can be stressful and if they find a property they can put in escrow and know they will close on, they will usually do it.  In the end, the sellers are still helped by this process since they at the very least know what price the banks want for the property.  Now they can adjust their price, and the next offer will not have to wait the 2-3 months for the bank to decide.

An important note on short sales; the bank usually will not just "forgive" the short sale amount.  Usually they will file a default judgment against the sellers.  Also, they may take a look at the seller’s finances.  If the seller has money in non-retirement investments (things besides IRA's and 401k's) the banks want the sellers to use that to pay them back.  If they see that the sellers have a loan for a Cadillac Escalade or other luxury item, they will not be very willing to just write off $100,000 that the sellers do not want to pay. 

Most of us know about home loan modifications or "The Obama Plan" to keep people in their homes.  Most likely, all of the readers of this will know someone who has been adversely affected by the economics of the last few years.  Currently, the government and the banks are working harder than at any time in our history to keep people in their homes.  This is good for the banks and this is good for families.  Most people in difficult circumstances already know about this program, but some don't.  If you know of someone having trouble with the mortgage, do them a favor and make sure they know about this program.  I know it can be a difficult subject to bring up, and that it can be rude to talk finances in polite company; however, I believe this is one of the most helpful and important programs to help families stabilize their situation in these very tough times.  The modifications are not open to everyone, if the owner is not working, no amount of modification will help until they have income.  If the owner makes too much money, they will not qualify.  Second homes and investment properties will not qualify.  The banks use 2 things to help out; a lower interest rate and a loan extension, up to a 40 year note.  There is a 3 payment "probation period" to make sure the new loan will work for the owners.  Usually, once they make that, the modification is finalized, if they don't make all the payments, foreclosure will not be very far off.  I have a few friends who have used this and their mortgage payment dropped by over 40%.  For an owner to see if they qualify, the simply need to call bank with the loan, and ask about the home loan modification program.  They will need old tax returns available. 

I hope this was helpful to everyone.  As always, feel free to call or email me at any time.

Mike Drutar R(S)

Accredited Buyers Representative, e-PRO

Century 21 Paradise International-Kailua-Kona

Mike@MyKonaAgent.com

www.MyKonaAgent.com

Mobile: 808-895-3067

NEW YORK (Reuters)

"They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted... as five or 10 individual privately held units," which the government would eventually auction off to private investors, Greenspan said in an interview with the Journal.

In a high-profile rescue orchestrated in mid-July, the federal government offered to buttress Freddie and Fannie, the two largest providers of U.S. home mortgage funding, with billions of dollars of capital if the companies were on the verge of collapse.

Greenspan acknowledged that a government backstop for the shareholder-owned government-sponsored enterprises, or GSEs, was unavoidable, the paper said.

Not only are the they crucial to the ailing mortgage market now, but the Fed-financed takeover of investment bank Bear Stearns Cos also made government backing of Fannie and Freddie debt "inevitable," he said.

As private finance has retreated from the mortgage sector, the importance of Fannie and Freddie has grown, and they own or guarantee almost half the country's $12 trillion in outstanding home mortgage debt.

"There's no credible argument for bailing out Bear Stearns and not the GSEs," Greenspan told the Journal in an interview, which was reported on Thursday.

Fear that financial markets would react poorly if the U.S. government nationalized the companies and assumed their nearly $5 trillion debt is unfounded, Greenspan said.

"The law that stipulates that GSEs are not backed by the full faith and credit of the U.S. government is disbelieved. The market believes the government guarantee is there. Foreigners believe the guarantee is there. The only fiscal change is for someone to change the bookkeeping," he told the Journal.

Last month, Congress approved a massive housing market rescue bill, offering emergency financing to the GSEs, and setting up a $300 billion fund to help hundreds of thousands of troubled homeowners.

Greenspan also offered a novel suggestion to bolster the housing market -- increase the number of potential home buyers by admitting more skilled immigrants.

"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said.

But Greenspan cautioned that even at a bottom "prices could continue to drift lower through 2009 and beyond."

An end to the decline in house prices, he explained, matters not only to American homeowners but is a necessary condition for an end to the current global financial crisis.

"Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world's mortgage-backed securities," he said. "We won't really know the market value of the asset side of the banking system's balance sheet -- and hence banks' capital -- until then," he said.

Greenspan's forecast rests on two pillars of data.

One is the supply of vacant, single-family homes for sale, both newly completed homes and existing homes owned by investors and lenders. He sees that "excess supply" -- roughly 800,000 units above normal -- diminishing soon.

The other pillar is a comparison of the current price of houses -- he prefers the quarterly S&P Case-Shiller National Home Price Index because it includes both urban and rural areas -- with the government's estimate of what it costs to rent a single-family house.

As other economists do, Greenspan essentially seeks to gauge when it is rational to own a house and when it is rational to sell the house, invest the money elsewhere and rent an identical house next door.

In the past, Greenspan's crystal ball has been, at best, cloudy, the Wall Street Journal noted. He didn't foresee the sharp national decline in home prices. But recently released transcripts of Fed meetings do record him warning in November 2002: "It's hard to escape the conclusion that at some point our extraordinary housing boom...cannot continue indefinitely into the future."

Greenspan is currently promoting his book, the paperback version of which is to be issued next month with an epilogue.

Copied from RISMEDIA

RISMEDIA, July 22, 2008-Nearly half of all home buyers (44%) believe the housing market will improve once the new President takes office in January, 2009, according to a new survey recently released conducted by Harris Interactive® and commissioned by Move, Inc., operator of Realtor.com®.Forty-eight percent of women and 41 percent of men who plan to buy a home in the current market said they think the housing market will get better once the new President is in office.

At the same time, 81% of home buyers are still nervous about the current housing market and report the existence of barriers between them and homeownership. Today’s home buyers perceive the cost of a down payment (28%), their annual income level (20%), lack of confidence in the economy (26%) and high home prices (31%), especially in the Western states (39%) as barriers to buying a home.

Despite these reservations, the survey indicates underlying demand for homeownership is healthy. While nearly half (41%) of current homeowners do plan to purchase a home again, 80% of all renters plan to purchase a home someday with 47% planning to purchase a home within the next five years. More people who plan to move will do so for space-related (26%) and life-stage change reasons (17%), such as having children (2%) or downsizing to a smaller residence (9%), not financial ones including an increase in rent (2%) or an expensive mortgage (less than 1/2%).

Most home buyers (78%) are also willing to make sacrifices to save and earn extra income for down payments and will compromise on neighborhood features and residential amenities in order to buy a home in the current market. Many of their choices may reflect changing values, including a growing concern over the environment, the importance of community features and the rising cost of fuel.

“These findings show that despite the difficulties home buyers face in the wake of the subprime crisis and their concerns about economic uncertainty, underlying demand appears relatively strong. Consumers see better times coming,” said Lorna Borenstein, president of Move, Inc. “This is great news to us and our colleagues in the real estate industry. As the leader in online real estate, we pay close attention to consumer perceptions and behaviors. This important feedback enables us to identify ways in which we can enhance the search experience so it meets the needs of today’s consumers who will become the homebuyers of tomorrow.”

Buyers Face Barriers to Homeownership

While about four out of five home buyers (81%) say they face barriers to buying a home in the current market, the greatest single barrier to homeownership today is high home prices (31%), a concern that was much higher in the West (39%), than in the South (27%) or Midwest (26%).

The second greatest barrier keeping buyers out of the current market is coming up with the money for a down payment (28%), with lack of confidence in the economy (26%) ranking third. Financial concerns generally are higher among people in the West (45%) compared to the South (33%) and about one-third of those ages 18 - 34 said lack of money (38%) or poor credit (18%) is a concern compared to only 11% and 5% (respectively) of those 55+.

Four out of five adults (84%) say there is something about buying a home that is intimidating, and one out of three (34%) say money-related issues being a concern. Finding the right home is the most intimidating part of the home-buying process for about one out of five (19%). About two thirds of adults (62%) have visited an online real estate web site and once on the site, 23 percent are looking to purchase and 52 percent are looking at what’s on the market.

“This survey surfaced important feedback that Realtor.com addresses by delivering the largest and freshest collection of listings and new features like Find a Neighborhood and Find Home Values to empower consumers,” said Realtor.com President Errol Samuelson. “We want to help remove uncertainties from the home buying process by making it as transparent and as consumer-friendly as possible. Providing the most comprehensive information, relevant tools and connections to local Realtors are only a few of the many resources consumers will find at Realtor.com to help make the process of buying and selling a home easier and less stressful.”

Trade-offs Favor Community, Environment

Today, adults rank crime rates (56%), proximity to daily conveniences (47%) and property taxes (46%) as the top three factors in choosing a neighborhood. Home buyers are more willing to sacrifice cultural and recreational amenities (18%) than green features (16%) like solar heating and energy-saving appliances, or forego proximity to work (7%) and daily conveniences (11%) to buy a house in today’s real estate market.

Concern over the cost of gasoline and the importance of community is evident in the importance buyers place on accessibility. Only seven percent of home buyers would be willing to sacrifice proximity to work and six percent, proximity to shopping. Only three percent would give up proximity to public transportation in order to buy a home in today’s real estate market.

About half of adults (49%) say green features like solar panels, energy saving appliances and low usage water heaters are “important” features. More care about green features (49%) than luxury amenities (31%), yet some would give up green features (9%) before storage (7%), luxury amenities (7%) or numbers of bedrooms or bathrooms (6%). Women rate green features higher than men (52% to 46%) and consumers aged 18 - 34 years of age rate green features the lowest (40%).

Kitchens (67%) and the number of bedrooms (69%) are the most important features today’s buyers are looking for in a home. Storage space (66%) and the number of bathrooms (62%) rank three and four on their list of priorities.

Mortgages Are a Mystery

Understanding mortgages and the financing process during these times of change in the credit industry is a major issue with a large number of buyers. Eighty-one percent of today’s home buyers and three quarters of adults (78%) say they wish the process of taking out a mortgage was easier to understand. In fact, some say that either understanding financing (9%) or the uncertainty of the mortgage process (6%) is the most intimidating part of buying a home.

For many buyers, changes in the amount of a down payment required for a mortgage is a significant issue. The lack of cash for a down payment is keeping about one quarter (28%) of buyers out of homes–more than those who have poor credit (15%), low household income (20%) or those who lack of confidence in the economy (26%).

Seventy-eight percent of home buyers are willing to make sacrifices to save money or earn extra income in order to be able to buy a home in the current real estate market. First to go would be spending (65%) on items such as personal luxuries (46%) and clothes, shoes and accessories (43%). Next, home buyers would go out less often (52%). Nearly half would clip coupons (47%) and 27% would cancel a vacation.

June house sales in North Kona were down 38% versus June of 2007, with 19 sales.  This number was also down from May where we saw 28 sales.  The median sales price for single family homes also fell.  The June median sales price was $505,000, compared to $558,230 in June of 2007, and $559,036 in May.

Condo sales in North Kona remained mostly unchanged from last year, June saw 17 sales compared to 19 in June 2007 and 21 in May.  For the third consecutive month, there was an increase in the median sales price of North Kona condos.  The $420,500 median sales price was 5.65% higher than a year ago, and a significant 18% higher than just last month.

South Kohala single family homes continued their large sales decline.  There were 12 sales in June compared to 22 last year (-45%) and 15 last month.  The median sales price for June was $491,305, down from $572,077 in 2007, but up from the $485,000 in May.

There are two things to note from these numbers.  First, prices in South Kohala are holding in spite of the low number of sales.  This may lead one to conclude that current owners have reached the point where they can not lower prices much more.  Secondly, we continue to see people moving to the condo market in Kona, driving up prices.  Eventually these buyers will reach the price point where single family homes in North Kona look like a value.

 Feel free to call or email me at any time if you have questions about the market.

By Beth Braverman, CNNMoney.com

The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise.

When will things be better?

A new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," finds the country poised to see an increase in housing demand over the next decade.

"The good news is that we still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."

Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds. In addition, a long-term net increase in potential home buyers will be driven by demographic factors: the aging of "echo boomers" into adulthood, an increased life expectancy for baby boomers and projected annual immigration of 1.2 million.

From 2010 to 2020, the number of households in the United States will grow by an average of more than 1.4 million per year, the study finds.

Unsold homes block growth

Still, before the housing market can turn around, it must first work off the record numbers of unsold homes on the market. From 2005 to 2007, the number of new and existing vacant homes for sale rose 46% to 2.12 million.

The nationwide glut of unsold homes has hit the real estate market hard, forcing down sale prices, stemming new construction and leaving millions of homeowners with properties worth less than the value of their mortgage.

In early 2008, the nation had an 11-month supply of unsold new homes and a 10.7-month supply of existing single-family homes, according to the Harvard study. A six-month supply of existing homes is considered a buyers' market. Reducing the current supply will require price declines, a decrease in interest rates, employment growth, a return of consumer confidence and the revival of accessible mortgage credit.

A reduction in new home construction is another key to decreasing inventory, Retsinas said. Privately owned housing starts fell 3.3% to a seasonally adjusted annual rate of 975,000 in May from 1 million in April, according to the Commerce Department.

A sharp drop-off in housing starts has precipitated housing turnarounds in previous bubble-bust cycles, said Karl Case, a Wellesley College economics professor and a co-founder of real estate consulting firm Fiserv CSW. Case also sees long-term growth in the housing market and agrees that immigration and other demographic trends will help fuel a long-term recovery.

"If household formation continues at pace, prices will recover and starts will rise again," Case said.

In the housing bust of the early 1990s, cities with big immigrant populations, like Los Angeles, recovered more quickly than other metropolitan areas, like Boston, with lower foreign-born, said Case.

"Not all immigrants buy houses, but many immigrants buy houses," Case said. "That has a positive effect on the prices in a market."

Regional recoveries

Retsinas said parts of the country, such as the Northeast, with fewer vacant homes could see signs of a recovery in spring 2009. He was less sanguine about markets like the Southwest, where excessive overbuilding at the height of the market means it could take two years or more to sell off excess inventory.

Recovery in the Midwest represents that biggest challenge, because the housing downturn there stems from regional economic problems beyond overbuilding.

"They're not reacting to an overheated housing market there," Retsinas said. "They live in an economy that is shedding jobs."

Big Island home sales continued their decline in May, with 35% fewer single family home and condominium units sold than in May of 2007.  The median price of single family homes for the entire island fell from $439,500 in May 2007 to $390,000 in May of 2008, for an 11.26% decrease.

North Kona reported in with single family home and condominium sales down over 24%.  The median price for a single family home fell from $680,000 to $549,072 for a decrease of over 19%.  For the second consecutive month, the median price of condominiums actually rose.  After April saw a 2.6% increase, May had a 4.54% increase, to $355,450.  However, a close look inside the condominium numbers reveals that while May was up when compared to 2007, the median price for May was $40,000 lower than just one month before.

Buyers should pay close attention to the next few months’ numbers.  In the past, we have seen condo prices rise, with buyers viewing condos as a value compared to single family homes.  Eventually, the gap closes to a level where the buyers decide that the value is in single family homes.  In short, buyers use the price of a single family home to justify buying a condo, and then after condo prices have gone up use the price of a condo to justify the value of a single family home.  If you are in the market for a condo, you want to make sure you buy your condo before the prices stall. 

South Kohala saw single family homes prices fall over 12% compared to last year for a median price of $485,000.  This is up from $447,450 reported in April.  What I mentioned in the previous paragraph about condo prices in North Kona rising until pushing up single family home prices, also holds true for single family homes in South Kohala pushing up single family home prices in North Kona.  Simply put, buyers tend to save money by not buying a house in Kona, and instead purchasing a condo in Kona, or a house in Waikoloa.  

In 2007 the National Association of Home Builders published a report to give consumers a guideline for the lifespan of components of their homes. 

Local weather conditions, use habits, regular maintenance -- or the lack of it -- can all affect the life expectancy of many components.

Personal tastes for contemporary upgrades, remodeling needs and other factors may also dictate replacing parts before their useful life time is up.

In any event based on a comprehensive telephone survey of manufacturers, trade associations and researchers NAHB developed information about the longevity of housing components.

From the foundation to the rooftop, here's a quick look at how long, on a national average, some of the most common home components are expected to last.

Foundations. Poured concrete block footings and slab foundations should last a lifetime, 80 to 100 years or more provided they were quality built. The foundation termite proofing, 12 years, provided the chemical barriers remain intact.

Properly installed waterproofing with bituminous coating should last 10 years.

Flooring. Natural wood flooring has a life expectancy of 100 years or more with proper care. Marble, slate, and granite, likewise, but again, only with proper maintenance. Vinyl floors wear out in 50 years, linoleum about 25 years, and carpet between 8 and 10 years, tops.

Electrical system. In the electrical system, copper plated wiring, copper clad aluminum, and bare copper wiring are expected to last a lifetime, whereas electrical accessories and lighting controls are expected to fail not much longer than 10 years.

Outside materials. Outside materials typically last a lifetime. Brick, vinyl, engineered wood, stone (both natural and manufactured), and fiber cement typically last as long the house exists. Exterior wood shutters get 20 years, well maintained gutters, 50 if they are copper, 20 years if they are aluminum. Copper downspouts last longest, 100 years or more, while aluminum ones give out after 30 years.

Doors. Exterior fiberglass, steel and wood doors will last as long as the house exists, while vinyl and screen doors have a life expectancy of 20 and 40 years, respectively. Closet doors are expected to last a lifetime, and French doors have an average life of 30 to 50 years.

Garages.  Garage door openers should last 10 to 15 years.

Windows. Wooden windows last longer than aluminum ones -- 30 years compared to only 15 or 20.

HVAC systems. Heating, ventilation, and air conditioning systems require a religious regimen of maintenance. Still, most components give up within 25 years. Furnaces break down in 15 to 20 years, heat pumps 16 years, and air conditioning units 10 to 15 years. Tankless water heaters can go for 20 years or more, but electric or gas water heaters only 10 years. Thermostats have a 35-year lifespan but are often replaced for more efficient models.

Paint.  Both interior and exterior paint should last 15 years or more, though owners usually choose to paint sooner.

Appliances.  Among major appliances, gas ranges live15 years, dryers, electric ranges and refrigerators die at 13, compactors, dishwashers and microwave ovens might last until they are 9 years. 

Faucets and Fixtures.  Most faucets last 15 years while tubs last 20 to 50 years.  Toilets should last a lifetime.

Roofing. The life of a roof is largely dependant upon local weather conditions, proper building and design, material quality, and adequate maintenance. Slate, copper, and clay/concrete roofs have the longest life expectancy, 50 years or more. Wood shake roofs, go for 30 years, fiber cement shingles last 25 years, asphalt shingles give up at 20.

Email me at Mike@MyKonaAgent.com if you would like the entire 15 page report sent to you in Adobe format.