Tomorrow, July 1 at 2:30 p.m. will be the free, reservations requested Garden Tours at the Ranchos.

A stroll through the Rancho gardens is always delightful, but why not take a garden tour and learn about key plants and the fascinating history of the main garden, orchard and courtyard? The site boasts many unique plants and features. Some trees date back to the 1840s when John Temple, owner of the 27,000-acre Rancho from 1844-1866, started the garden. In 1931, renowned landscape architect Ralph Cornell redesigned the gardens for Llewellyn Bixby, Sr. and added more exotic plants and fruit trees. A water tower, a cast iron tallow pot from the 1840s, and an adobe horno are additional features you will explore during your one-hour tour.

Business Week’s Maya Roney posted an article on how Americans are afraid to buy homes.

I agree with the title, a lot of buyers are cautious but are back in the game compared to 6 months ago. While sales were up 5.8% in the Northeast and 0.7% in the Midwest, the West was down 0.8% and the South down 3.4%. It’s easy to see our local market is taking its toll generally. However, as you dive deeper and deeper into local areas, everything changes. For instance, Long Beach is not as hard hit as San Diego, since it never appreciated the same. This explains why so many buyers looking into areas such as Pasadena and Orange County have been snatching homes in our city.

Pretty much old news when the report continues with: “NAR senior economist Lawrence Yun said “psychological factors” are currently the biggest drag on housing, with tighter credit for subprime borrowers coming in a close second. Rather than take the plunge into this uncertain market, “many people are doubling-up—they’re adding roommates or moving in with parents,” he said.”.

You bet we have a psychological factor on our hands. After being bombarded with pessimistic headlines in the news and over-optimistic NAR news a while back, buyers were a little worried.

And yes, I see people moving back with their parents. Sings of times but many just cannot afford started homes.

This time N.A.R. is blaming home builders for not being more disciplined, according to Calculated Risk.

In a Wall Street Journal article, for those of you who subscribe: “‘If builders can be disciplined and cut back on production, then overall inventory would begin to diminish,” Lawrence Yun, senior economist for the Realtors association.”. Hum, let’s hope N.A.R. is as discipline as they would like others to be.

But it’s true that the home builder market has acted strange. They are still building new homes. However, upon a closer look, those funds and concepts were taken when times were better and the sky was the limit. I don’t think too many could see what would happen despite plenty of warnings. Is that any different than Xerox when they took on IBM decades ago?

I would love to hear and read about better news but we’ll have to wait a little. Depending on which side of the fence you are, buyer or seller, the news is either good or bad.

C.A.R. announced a little while back: “…Home sales decreased 25% in May in California vs. May 2006. The median price of an existing home increased 4.8%… The May 2007 median price decreased 1.1% compared with April’s revised median price… C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2007 was 10.7 months, compared with 6 months (revised) for May 2006… The median number of days it took to sell a single-family home was 51.7 days in May 2007, compared with 44.5 days (revised) for May 2006.”

I have seen unsold inventory numbers as high as above 11 months. Can you imagine, 11 month of straight sales until there are no more homes on the market.

Unfortunately, more speculation when I read from the above mentioned report: “Concerns about subprime lending will be with us well into next year, but improving economic conditions should bolster consumer confidence in the economy as we move through the second half of this year,”. Subprime lending concerns with us does not mean most buyers. Buyers are mostly aware of the situation but I don’t see them concerned . However, “improving economic conditions should bolster consumer confidence in the economy”, we hear this all the time but I wonder which improvements are we talking about? The same we’ve been hearing for years? There needs to be better and clearer communication at this level.

Our neighbors in Orange County are not doing any better: “Orange County Home Prices And Sales (OC Register, June 22nd): “For the 22 business days ending June 12, sales for all types of Orange County home sales decreased 30.5%. The median sales price decreased .8%. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes, cause the median to change.”

Thank you Seeking Alpha.

The port wants you input on whether or not to expand a tank farm.

“The Port of Long Beach will hold two meetings to gather public comments on Chemoil’s proposal to add two storage tanks to its tank farm on Pier F and collect suggestions for the project’s environmental impact report. The first meeting will begin at 7 p.m. on June 26 at the Port of Long Beach Administration Building, 925 Harbor Plaza; the second meeting is scheduled for 7 p.m. on June 28 at Long Beach City Council Chambers, 333 W. Ocean Blvd.”

What strikes me as bizarre in this case is the hoopla in regards to the natural gas proposal a lot of people seem to have an allergic reaction to. When I look at how Europe has had little to no accidents with liquidified gas, it would make more sense to have natural gas stocked here than more petroleum. I’ve heard of more threats and problems with petroleum tanks than the other.

20 commuter flight slots are up for grabs at our airport, according to the Long Beach Business Journal.

“Long Beach Airport announced last Wednesday that it has slots available for 20 commuter flights. Last December, BAG Holdings acquired 17 of those slots and Horizon Air acquired three. However, both companies, which had the slots on a conditional basis, did not apply for permanent slot approval by the March deadline. They must now reapply, along with any other interested air carriers.”

Oh, please, bring back the Atlanta flights. It’s a pain when we need to go to Savannah and I don’t think I can take another Delta flight…

“Shtetl Menschen” perform tomorrow on Thursday, June 28 at 6 p.m. Gates to the backyard open after 5 p.m. for picnicking.

“Fiddler on the Roof.” Shtetl Menschen will perform joyful klezmer music that will have your toes tapping…. The distinctive, unique sounds of klezmer, which originated in the villages and ghettos of Eastern Europe, have universally inspired listeners since the early middle ages. The repertoire is largely dance songs for weddings and other celebrations. Lyrics are typically in Yiddish, with tunes performed on violins, clarinets and other instruments embracing both the ecstasy and the despair of human life. Pack your dinner, bring a lawn chair and invite your friends for a lively evening in the Rancho gardens!

Business Week had an interesting article here, where, according to a Boston Consulting Group, still 55% of home owners believe that their homes would sell for more money now than it would have a year ago.

Depending on where you live and what type of home you have, it might be true but half of the homes? That might be a stretch. I believe it might have been true until the very beginning of this year but things are shaping otherwise, if we look at the median price gauge.

Obviously, we all know, thanks Mark, that the median price is a very vague measure and is often being used to show where the market is heading. Manipulations? Maybe not but sure makes for grabby headlines.

“Wishful thinking. Prices nationally fell 1.4% from the first quarter of 2006 through the first quarter of 2007, according to the best measure of price trends, the Standard & Poor’s/Case-Shiller Home Price Index. The National Association of Realtors says that in April, sales prices of existing homes were down 0.8% from a year earlier. And the downtrend is continuing.”

One thing you can be sure of, reading government numbers and NAR numbers, you see they rarely agree. In this case, though, they point in a softening of prices.

Again, time will tell and keeping an eye on the general economy should provide precious hints.

The Council is delaying its decision to increase by 57 % the park fees, according to the Long Beach Business journal.

I read before that the State is trying to get businesses to cough up 7.5% of its payroll to insure people. Unless there is a change in trends, guess who will get hit by such a measure? The same people the State is trying to help. I wonder how small businesses will react to this? Many are financially stretched just to keep up with taxes and fees. I suspect, a few people will be laid off.

Tough times to increase fares, hikes and taxes.