Jesse Ibanez' Secret Stash

Talk About The Good News - Record-High Affordability

Good Morning,

What you think about you talk about, what you talk about you bring about - think and talk about this....

Record-High Affordability

The National Association of Realtors report the Housing Affordability Index rose 13.6 percentage points to 166.8, a new record high.

A value of 100 means that a family with the country's median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home. The higher the index, the better housing affordability is for buyers.

The reading shows the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.

"History suggests that home sales can rise even in times of job losses when housing affordability rises," said Yun, adding that he expects sales to turn around by the summer.

Stimulus Package in Senate? = PASSED!

The U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Late last week, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. The votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion.

On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in

California

experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.

The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009.  Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.

The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.

Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.

Keeping an Eye on California Trends

For a long time now we've been exposed to the news briefs and one liners, encouraging us to stay up until 11pm to find out just how bad the California Real Estate Market is.  Well to me it's no surprise and is barely newsworthy that home prices are down from this time last year.  Of course they are!  We all know that prices have been sliding for a while now.   

But the question I get more often is what's happening on a more micro time line.  To the buyers who have been sitting on the fence waiting for signs of what's to come, what happened last year is irrelevant.  More importantly, one might be concerned with what happened last month.  Well, it's not sensationalized so you probably wont see this on the evening news, but let's look at some of the more positive data that suggest a different kind of trend. 

According to the California Association of Realtors here are some Month To Month numbers that show a bit of a silver lining in the direction of our Market.  These are May to June 08 comparisons.

• Then number of Existing Homes that sold rose 15%
• Unsold Inventory Index (# of Homes for sale or Supply) down 20.6%
• Length of Time to sell was down 24%
• 30yr Mortgage Rate down .05% (Down .24% from last year)

One of the most striking numbers for me is the reduction in supply.  You'll remember from your economy classes that in a free market there is a direct relationship between Supply and Demand.  Furthermore, as Demand increases and Supply shrinks prices typically rise.  All the while rates are holding steady.

Bottom line is that if you have a number of signs that we have a strengthening housing market and if you are waiting to time the market, it might be a good idea to start getting together with your Mortgage Planner and Real Estate Consultant to figure out your best strategy.  Remember, the lending environment is ever-changing so you want to make sure you tackle those issues early. 

How To Find Your Market Bottom?

Sean from ForeclosureRadar.com makes a great post below with regard to "layering your valuations" using the Income Cap Rate.  Check it out:

I spend all day every day looking at, and working on, foreclosures. At times it can be downright depressing. Given that the primary cause of foreclosures is price declines, brought about by excess inventory, created in part by foreclosures, it is easy to see how the doomers argue that we are in a self-reinforcing death spiral with NO bottom.

In reality, nothing could be further from the truth. There is a bottom, Let me explain.

Nearly all residential appraisals are based on comparable sales—comps. Most commercial appraisals rely more on the cost basis approach to valuation, or on income capitalization. For those who think of homes as an investment, the income capitalization approach should make perfect sense. The idea here is that rents (income), minus expenses and divided by investment (sales price) equals the return on investment (capital). This return on capital is commonly referred to in the industry as the "cap rate", and should be considered analogous to the percentage return you'd receive on other investments like stocks or treasuries. So a commercial building with a cap rate of 6% on a $1 million dollar investment should be expected to generate a return of $60k per year.

If you look at cap rates for residential real estate by estimating realistic rental values it isn't hard to see we've had a problem the last few years. In my neighborhood houses that were selling for $850k at the peak rent for about $2k/mo. After deducting property taxes and insurance (assuming zero maintenance and zero vacancy), the cap rate is about 1.5%, or a "one and a half cap". Now let me ask you: How is this a good investment? You might want to answer "appreciation". But keep in mind that unless rents increase, rising prices only continue to lower the cap rate. Thus appreciation is fundamentally limited by the growth of rents or how bad of an investment one is willing to make.

You can quickly and easily estimate where the bottom might be in your market by looking at local rental rates, multiplied by twelve, subtracting taxes and insurance, and dividing by a reasonable cap rate. That, of course, begs the question of what a reasonable cap rate is. In my opinion it will vary according to the property. Perhaps as low as 2% for a trophy property in a fabulous location, to 12% or more in high crime rate areas where you fear for your life.

The one reform I'd really like to see before this mess is over is the death of the comparable sales appraisal approach. By tying lending limits to local rents, we can ensure that homes remain a great investment for everyone. In places like Stockton, where prices have fallen as much as 40%, cap rates are quickly becoming attractive. While inventories are still downright scary, agents are seeing a noticeable uptick in sales.

Perhaps a sign they are close to the bottom.

Foreclosures jump 57 percent in last 12 months

Foreclosures haven’t yet peaked despite a dramatic 57 percent increase in filings and a 129 percent increase in bank repossessions between March 2007 and March 2008, according to a report issued Tuesday by RealtyTrac.  Nevada, California and Florida, respectively, experienced the highest level of foreclosure activity for March 2008, the report said.

MAKING SENSE OF THE STORY FOR YOU

• One of every 538 single-family households in the U.S. experienced some form of foreclosure filing during March, the report said.  RealtyTrac officials predict record foreclosure activity in the third or fourth quarter of 2008 as subprime ARMs adjust upward.
• In most states, foreclosure occurs in three phases:  a Notice of Default is filed after payments are missed, a notice of scheduled auction is filed if steps aren’t taken to remedy the default, and an REO filing occurs when the lender repossesses the property after failure to sell it at auction.
• Nevada, California and Florida experienced the highest foreclosure rates.  In California, one in every 204 homes was subject to a foreclosure filing in March for a total of 64,711 properties.  March filings were up almost 21 percent from February and approximately 106 percent from a year ago March.

So, then, what happens when you imagine you doing something with this?
Do you remember where you were the last time you missed out on what turned out to be a great opportunity?
I love it when my friend, Dean Jackson, asks "When is best time to plant an oak tree? 10 years ago, right? Well then when is the next best time? NOW!"

What's important to you about actually having one thing in your portfolio that you can look back with a smile one day and say, "I finally bought low and sold high!"

We're on your team, helping one family at a time come up with a plan, clearly define their values, their goals - and map out a strategy of sustained, generational wealth.  Do you have a Mortgage Plan?

Get started here.

Jesse

Jumbo Loans: Upgrade To The House Of Your Dreams

With house prices cooling, it may be time to upgrade to that dream home which suddenly appears within reach in this buyer's market. But with more property comes more mortgage – as well as more options and more pitfalls. The difference between a "conforming" and a "jumbo" loan could directly affect your monthly mortgage payment. To shed light on how loans are priced and sold, we turn to Barry Habib, an expert in the mortgage-backed securities market and CEO of Mortgage Market Guide.

Hot Potato
Mortgages, says Habib, are a lot like hot potatoes: no single lender wants to hold on to one for very long. Lenders – much like homeowners – want to make a profit on the loan as quickly as possible. The aim is to leverage that profit in order to lend out more money to borrowers and start the cycle again. Understanding this cycle is the key to understanding how mortgages are funded, valued, and priced.

Let's take a closer look at this cycle illustrated below.

Step One: The cycle begins when a consumer secures a loan funded by a mortgage lender. The consumer is given a competitive interest rate based on a number of factors, including market conditions, the price of mortgage-backed securities, and the consumer's credit rating.

Step Two: Two of the biggest buyers of "conforming" loans – more on what that means in a second – are Fannie Mae and Freddie Mac. The lender takes its profit from the sale and then uses that money to make another loan, continuing the cycle. Fannie and Freddie, government-sponsored enterprises, pay a fee to the lender or other servicing company to collect the mortgage payments.

Each year Fannie and Freddie set a maximum loan amount they are willing to buy. Currently the conforming limit is $417,000 for most of the U.S. (but just to make matters more confusing, this limit may be changed temporarily this year in order to stimulate the economy.) Any loan exceeding this limit, even by one dollar, is considered a non-conforming or "jumbo" mortgage.

Step Three: The millions of loans purchased by Fannie and Freddie are bundled into investment instruments and sold to Wall Street investors. The Wall Street players securitize these bundles into mortgage-backed securities and then sell those securities to institutional and individual investors – including people like you and me who buy them in the form of money market funds, mutual funds, and pension funds. For every bundle sold and securitized there is a fee, which is absorbed by Fannie and Freddie and spread across each loan in the bundle. The more loans in a bundle the less the fee is felt by each loan.

Step Four: Investment fund managers and consumers buy and sell these securities based on their potential profits and losses, setting the market demand and the interest rates for the next home buyers who enter the cycle as well.

Now how about loans that aren't conforming?
Jumbo loans do not experience exactly the same cycle as conforming loans. These larger loans must be purchased by private investors, who don't buy in the same volume as Fannie or Freddie, so their bundles contain fewer loans overall. When they bring these bundles to Wall Street, they are hit with a fee just like Fannie and Freddie, but the fee must be spread among fewer loans.

Historically, jumbo loans are one-quarter to one-half a percentage point higher than the going rate for conforming loans. With the credit crunch and post-subprime mortgage market, however, it has become much more difficult to find an investor for jumbo loans. Therefore, the cost of these loans has recently increased one percentage point or more for conventional 30-year fixed rate mortgages.

What does this mean? Well, let's say you wanted to borrow $300,000 for a 30-year fixed–rate mortgage, you could pay 5.75% in today's market. Not bad, right? That's one of the lowest 30-year rates since 2005. However, increase the loan amount to $500,000 to $600,000 and your rate for the same 30-year fixed-rate mortgage could easily exceed 7.00% – and it doesn't matter if you have great credit or not because, with this type of loan, great credit is expected of you.

The first key to success in today's real estate market then is knowledge. While it's important that you understand at least the basics of this process, you must have a true mortgage specialist on your side to help you make the right decisions. This person should also have access to many suppliers of money. This may allow you to obtain a lower rate.

The second key to success is knowing and exploring all of your options. What about a piggyback loan: a HELOC, or closed-end second mortgage in conjunction with a conforming loan amount of $417,000? With short-term rates on the decline, you may be better off choosing to take a second mortgage with a higher rate than taking on a jumbo loan. Maybe a longer-term fixed-period ARM is right for you. These may offer you a lower – or at least a similar – rate to a jumbo loan. Ask your lender for a side-by-side comparison of loan options that show your total costs throughout the time you expect to have the loan in place.

Remember, what's right for others may not be right for you and vice versa, so anyone who offers cookie-cutter advice is not looking out for your best interest and is someone you shouldn't be working with. A professional loan officer should ask you some of the following questions before offering you anything. Without exploring this information with you, they cannot truly help you:

• Do you have the ability to document your income?  
• Do you have the ability to verify consistent liquid assets? In other words, can you document checking, savings, investment accounts, etc. for the most recent two-month period?  
• What is your FICO score?  
• (If you're refinancing) What is the value of your home? Remember, home values have fallen in many areas recently, so the price you paid may not be what your home will appraise for now.  
• (If you're purchasing) What is the sales contract price?  
• How long do you intend to have the mortgage in place?

The third key to upgrading to that house you always wanted is action. Don't wait until the market changes directions again. Home prices are down across the country and rates are near historic lows. Find out if there is any way to use the market downturn as a stepping stone to the house of your dreams. Pay attention to new legislation that could increase conforming loan limits. But most importantly, contact a professional today for specific advice as to your particular scenario. The worst thing that could happen is you find out your current mortgage is the best option you have.

UPDATE - Did you know that the conforming loan limits are being raised?  Ask us what this might mean to you!

Is It Home Buying Time? 5 Reasons to Buy/5 Reasons to Wait

5 REASONS TO BUY

1. Prices in the neighborhood you are interested in are relatively stable. Either they are holding their own or increasing, or the pace of decline is slowing significantly. If you have to move and don't like apartments, the small penalty you pay for missing the bottom may not mean much.

2. You plan to stay in the home for more than five years. If you can stick it out that long before selling, economists say you’ll probably ride out any downturn and come out ahead on price.

3. Your rent rivals a mortgage payment. If you can afford to buy, it can give you one bonus that renting can't: the mortgage-interest deduction on your taxes.

4. You've found the right house in the right area for you. The schools are great. You love the area and know it would be hard to find another house like the one you have your eye on. In a better market, you would most likely have much more competition for that home.

5. You've built equity in your house and are moving to a place where homes are cheaper. In your new market, your money will go a lot further.

5 REASONS TO HOLD OFF

1. You've lived in your house less than two years. Chances are you haven't had enough time to accumulate equity in your home. Indeed, you may have negative equity, if you live in many areas such as California, Florida, Arizona or Nevada.

2. Your job security is uncertain. If your company or business is in distress, it's probably better to stay put until the smoke clears.

3. You don't plan to stay in your next house at least five years. While it's not important to buy at the exact bottom of the market, it is important to stay long enough to ride it out completely.

4. You don't have good credit or a decent down payment. Do you have a job and income you can document? As a result of  the subprime lending crisis, lenders are much more careful about whom they're giving their money to.

5. You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking. In this climate, you're probably better off waiting out the storm.

Pending Home Sales Index, NAR Housing Market "Bottoms"

The National Association of Realtors Pending Home Sales Index has been released, and it is once again, an exercise in spin.

Stable Existing-Home Sales Expected in Early 2008, then Gradual Rise
Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 2.6 percent to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4. “Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range before trending up,” Yun said.

As we previously noted in December, the year-over-year data is what matters, not the monthly changes. This release revealed a 19.2% drop in the index from last year, forecasting not stabilization, but even greater slippage.

However, since the NAR insists on including their cheerful forecasts (i.e., spin) with each data release, why don't we review their prior prognostications about the Real Estate and housing markets, via Jim Stack's Investech. Jim writes:

"Most bear markets in stocks result in investors feeling as if they’re being sandpapered to death. Two steps down are followed by one step up... then another two steps down. Meanwhile, each and every step is accompanied by reassurances that a bottom is at hand and the outlook will soon improve.

This has been the same case for the 21⁄2 year-old bear market in housing. And perhaps there is no better source for tracking and understanding the psychological roller coaster of the housing bear market than the National Association of Realtors itself. As you step through these media headlines and NAR quotes of the past two years, it’s easy to recognize the path has been one of denial, unexpected downward revisions, and erroneous reassurances..."

As proof of this, check out the various quotes Jim gathered from the NAR themselves:

August 2005:

“All of the doom and gloom forecasts of a housing debacle are not only irresponsible, but also downright wrong.” –David Lereah, National Association of Realtors

April 3, 2006:

Feb pending home sales index down 0.8 pct: NAR
Pending sales of

U.S.

homes edged lower in February, but a big upward revision to the previous month’s data may suggest the housing market’s cool-off period is nearly over, [the National Association of Realtors] said on Monday. – Reuters

NAR: “We can expect a historically strong housing market moving forward, earmarked by generally balanced conditions across the country and fairly stable levels of home sales with some month-to-month fluctuations.”

June 27, 2006:

Sales of Existing Homes Fall in May
Sales of existing homes fell for the third time in the past five month in May, with the weakness led by a big drop in demand in the Northeast. The National Association of Realtors reported that sales of previously owned homes dropped by 1.2 percent in May to a seasonally adjusted annual rate of 6.67 million. – Yahoo! news

NAR: “Right now we are on course for a soft-landing in housing.”

October 25, 2006:

Homes sales, prices drop in September
The National Association of Realtors said sales of previously owned homes fell 1.9% in September to a seasonally adjusted sales pace of 6.18 million units, slowest sales rate since January 2004. – Associated Press

NAR: “The worst is behind us, as far as a market correction – this is likely the trough for sales. When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market.” 

December 4, 2006:

Pending Home Sales Tumble
The National Association of Realtors’ index for pending sales of existing homes decreased at a seasonally adjusted annual rate of 1.7% to 107.2 from September’s 109.1, the industry group said. Its index, based on signed contracts for used homes, was 13.2% below the level of October 2005. – Wall Street Journal

NAR: “It’s important to focus on where the housing market is now – it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high – they’ll stay that way through 2007.”

February 15, 2007:

Record home price slump 
The slump in home prices was both deeper and more widespread than ever in the fourth quarter, according to a trade group report Thursday. – CNN/Money.com

NAR: “At least the bottom appears to have already occurred. It looks like figures will be improving.”

June 6, 2007:

Home Sales, Prices to Slip Further in 2007: NAR Home sales and prices will fall at a faster pace in 2007 than originally expected, a leading

U.S.

real estate trade association said on Wednesday. – Reuters

NAR: “Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year.” 

August 8, 2007:

Existing-Home-Sales Forecast Lowered In its latest forecast for the real estate market, NAR on Wednesday projected that existing home sales will fall 6.8% this year to 6.04 million, compared with its previous forecast of a 5.6% decline. – Wall Street Journal

NAR: “Existing-home sales should be relatively stable over the next few months, holding in a modest range, with some pent-up demand growing from buyers who’ve been on the sidelines.” 

October 10, 2007:

Realtors group lowers sales forecast The decline in sales of existing homes this year will be steeper than previously anticipated, a trade group for real estate agents said Wednesday. The eighth straight downwardly revised forecast from the National Association of Realtors calls for

U.S.

existing home sales to be 10.8 percent lower than last year as housing market struggles persist. – Yahoo! news

NAR: “The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels...” 

November 15, 2007:

Realtors revise home sales forecast lower again The National Association of Realtors said Tuesday that sales of existing homes in the U.S. are expected to decline to a five-year low this year, and the outlook for 2008 is worsening. –

USA

Today

NAR: “It is possible for even higher home sales activity than we’re forecasting if buyers regain their confidence.” 

December 10, 2007:

Housing market is stabilizing, optimistic Realtors say Bucking conventional wisdom, a trade group for real estate agents said Monday that the battered housing market is on the verge of stabilizing and inched up its outlook for 2007 and 2008 home sales. The revised monthly forecast from the National Association of Realtors, which followed nine straight months of downward revisions, calls for

U.S.

existing home sales to fall 12.5% this year to 5.67 million – the lowest level since 2002. –

USA

Today

Jim adds that "the value in reading this chronology of missteps lies in maintaining one’s objectivity going forward. Based on building permits (at 14-year lows), housing starts (also near 14-year lows), and NAHB Builder Confidence (hitting 23-year lows), it is far too early to proclaim that a bottom is at hand or housing has stabilized."

Real Estate Is "On Sale" For 2 Groups Of People

The first group are First Time Home Owners.  Lets leave them alone, just this once, for a change.
The second group are people who already own, but bought at least 5 years ago, who are looking to move-up or scale-down.

Here's a thought or two around the often neglected, second group, for today:

Your Going To Want Me To Show You How Much You'd Be Saving
When you're selling and purchasing a less expensive property, calculate how much you would be saving each month by being in your new, smaller property. For example, if your mortgage will be reduced by $1,000 per month, that represents a $12,000 savings per year. Each month you don't sell costs you another $1,000.

Similarly, ask me to show you how much you'd gain by buying a trade-up property. If you're selling a $300,000 property and then purchasing a $500,000 home, we'd calculate how much your current market has declined. Assume the market has declined by 5 percent. While you'd reduce the price on your $300,000 home by $15,000, the same 5 percent reduction results in $25,000 on the $500,000 property. Thus, you'd stand to pick-up an additional $10,000 in leverage by purchasing the more expensive property.

On Your Team,
Jesse

Negotiate A Good Contract

News Headline From Monday:
Southern Cal Land Prices Plunge 50%+
More bad news for Southern California builders holding a large inventory of finished lots: Land prices have plunged by more than half in the region, dropping to levels not seen since 2002, according to a report by The Hoffman Co., a land brokerage firm based in Irvine, Calif.

***

As we see more of these headlines creep into our minds eye, we need to be diligent with our thoughts.  As most people run for the hills, great profits can be made by wisely approaching opportunity with "the long run" in sight.

Opportunity is coming in many forms right now; of the strongest plays are with the "Fire Sales" that struggling Builders are volleying up for would be homeowners to spike down.  But don't underestimate the power that Builders have over you, even when it seems like you can't go wrong.  Builders use lengthy contracts written expressly for them to protect themselves. In the boom years, the terms were set in stone, but not now. Review the contract with your agent or a real estate lawyer, who, for a few hundred dollars, can propose changes that will protect you. Issues to address include:

• Length of ownership. Wary of speculators, builders may require you to live in the home and not rent it out for some period of time. You don't want to be stuck if, despite your best intentions, your circumstances change. Negotiate this provision out of the contract.
• The sale of your previous home. Builders may be reluctant to tie up a property with a home-sale contingency. Pulte Homes won't accept one for a quick move-in, but it will if the new home is scheduled to close six or seven months hence.
• Financing. If you must accept builder financing to get the goodies -- and you really want them -- you may want to add a clause that says, in effect, "Within 60 days of closing, I can seek my own lender if your lender isn't competitive." You can also use a financing contingency to avoid having to ante up cash -- or else face the loss of your deposit or a lawsuit -- if your financing falls through at the last minute.
• Regular inspections. Pay your own home inspector to take a look at each critical juncture in construction, when you'll also typically have a "walk-through" with the builder.
• Satisfactory completion of the home. How will the builder handle the final to-do list after the municipality has issued its certificate of occupancy and you're otherwise ready to close and move in? Most builders will offer a homeowners warranty. (You're best off if it's backed by an independent source, in case the builder fails and can't support its own warranty.) But even if the warranty covers the cost, waiting for the work to get done can be a pain. Avoid that situation by asking the builder to agree to close within 15 to 30 days of your acceptance of the home's condition.

Always make certain you have YOUR team in place before considering any of these opportunities.  Rest assured that they have spared nothing to assemble the most equipped negotiators and sales techniques to hedge their losses.  So don't be too proud to do the same.  When you are buying, your Real Estate Team is free to you -- paid for by the seller.  So make sure you've got people on your side protecting your interests before you engage any potential purchases.

Isaac Lassitier, Owner of Cutting Edge Homes here in San Diego who specializes in Custom Pre-Fabricated Modular Homes, says to add "...(your own) home inspector, which are usually much more detailed than local building inspectors.  It would be good to have a clause in the contract where the builder is required to correct items brought up by a registered home inspector.  I can only tell you that when I moved into my house we would not still be dealing with many of the problems that we are now, 3 years later, if we had taken this step."  He goes on to say, "I would add that because most big builders are publicly traded, a client of yours should watch for their financial year end, when they are desperate to bring in revenues." 

That's a great tip.  If you are interested in which builders are on Isaac's Hot List of deal makers and when their respective year end financials are to be released, reply back to me by clicking here.

On Your Team.