Absolute Auction (or auction without reserve)
1. The property is sold to the highest bidder, regardless of the price.
2. Since a sale is guaranteed, buyer excitement and participation are heightened.
3. Generates maximum response from the market place.
4. Many sellers, including financial institutions and government agencies have begun to use this method more frequently.
Minimum Bid Auction
1. The auctioneer will accept bids at or above a published minimum price. This minimum price is always stated in the brochure and advertisements and is announced at the auction.
2. Reduced risk for seller as the sales price must be above a minimum acceptable level.
3. Buyers know they will be able to buy at or above the minimum.
4. The seller may, however, limit interest in the auction to only those buyers willing to pay the minimum bid price, and therefore it must be low enough to act as an inducement rather than a hindrance.
Reserve Auction ( an auction subject to Confirmation)
In this scenario, the high bid is reduced, in effect to an offer not a sale. A minimum bid is not published, and the seller reserves the right to accept or reject the highest bid within a specified time -- anywhere from immediately following the auction up to 72 hours after the auction concludes. Sellers predetermine the price at which the property will be sold and are not obligated to confirm a sale other than at a price that is entirely acceptable to them. The main disadvantage of a Reserve Auction is that prospective buyers may not invest the time and expense of due diligence when there is no certainty they will be able to buy the property even if they are the highest bidder.
Source: NAR Realtor.org
Monday, November 24, 2008
Friday, October 31, 2008
Pricing Tactics to Sell Your Home Faster
Setting the right price is as much about knowing how buyers think as it is about how much you think the property is worth.
If you're selling a house, make sure the price is right.
Americans are constantly buying. But most of us don't do a whole lot of selling -- which means we don't have much experience at setting prices.
Want to improve your odds of finding a buyer? As you try to sell your home, consider these pricing tactics:
Looking slim. We all know that $1.99 is barely less than $2. Yet retailers continue to use this trick, because there's ample evidence it works.
"When we look at prices, we make judgments in a fraction of a second," explains Manoj Thomas, a marketing professor at Cornell University. "We read from left to right. We anchor our judgment on the first thing we see."
For instance, if you're trying to sell your car that you think is worth $8,000, you might set the price at $7,999. Potential buyers will read the seven first -- and have a sense the car is cheaper than it really is.
Alternatively, you might start at $8,222 and then quickly drop the price to $8,111. One study of price comparisons found that, if the left digits are the same, buyers will focus on the right-hand numbers.
At that point, buyers perceive the discount to be larger if those right numbers are declining from, say, two to one rather than from nine to eight. Even though the decline is the same in dollar terms, "people think they're getting a better deal," says one of the study's co-authors, Robin Coulter, a marketing professor at the University of Connecticut.
Stacking up. As buyers look at your house, they'll have in mind a price they are willing to pay. Home buyers are looking at other properties that are in their price range. You may want to provide information regarding comparable homes that have recently sold in the area.
Sending messages. Imagine you're selling your house, which you figure might fetch a little less than $300,000. A round number, such as $295,000, will convey quality, while a precise number, such as $295,325, will indicate a bargain.
The reason: We associate precise numbers with lower-priced goods. A precise number also may signal that you have given a heap of thought to the price and are less inclined to negotiate.
Trying to settle on an asking price for your home? "If it's a new development and you're trying to give the impression of prestige, you would want to go for the round number," advises Vicki Morwitz, a marketing professor at New York University. "But if you're going for the quick sale and you want to give the impression of a bargain, you would want to go for the precise number."
Cutting prices. In today's housing market, many homeowners are struggling to find a buyer.
Thinking of dropping your asking price? Suppose that, as in the above example, you initially asked $295,325. If you lower the price to, say, $279,595, potential buyers may perceive the price drop as relatively modest.
"You want to make the computation as easy as possible," Cornell's Thomas says. "If you use digits that make computation difficult, it will lead to a perception of a small difference."
What to do? You might specify the dollar discount -- or, alternatively, lower the price from $295,325 to maybe $280,325 or $275,325. That way, it will be easy for buyers to calculate the price drop.
Blogger’s Comment: Bear in mind that the majority of home buyers utilize the Internet when searching for their next home. Most will shop within their price range. Many websites allow the user to search for property by a given price range. These price parameters vary. Consider lowering the asking price in order for your property to show up within the first few page views. In the above example, if you are asking $275,325 it will NOT appear to the home buyer if they set the search engine’s price parameter to search for homes priced from the $250,000-$275,000 price range.
Source: Wall Street Journal
If you're selling a house, make sure the price is right.
Americans are constantly buying. But most of us don't do a whole lot of selling -- which means we don't have much experience at setting prices.
Want to improve your odds of finding a buyer? As you try to sell your home, consider these pricing tactics:
Looking slim. We all know that $1.99 is barely less than $2. Yet retailers continue to use this trick, because there's ample evidence it works.
"When we look at prices, we make judgments in a fraction of a second," explains Manoj Thomas, a marketing professor at Cornell University. "We read from left to right. We anchor our judgment on the first thing we see."
For instance, if you're trying to sell your car that you think is worth $8,000, you might set the price at $7,999. Potential buyers will read the seven first -- and have a sense the car is cheaper than it really is.
Alternatively, you might start at $8,222 and then quickly drop the price to $8,111. One study of price comparisons found that, if the left digits are the same, buyers will focus on the right-hand numbers.
At that point, buyers perceive the discount to be larger if those right numbers are declining from, say, two to one rather than from nine to eight. Even though the decline is the same in dollar terms, "people think they're getting a better deal," says one of the study's co-authors, Robin Coulter, a marketing professor at the University of Connecticut.
Stacking up. As buyers look at your house, they'll have in mind a price they are willing to pay. Home buyers are looking at other properties that are in their price range. You may want to provide information regarding comparable homes that have recently sold in the area.
Sending messages. Imagine you're selling your house, which you figure might fetch a little less than $300,000. A round number, such as $295,000, will convey quality, while a precise number, such as $295,325, will indicate a bargain.
The reason: We associate precise numbers with lower-priced goods. A precise number also may signal that you have given a heap of thought to the price and are less inclined to negotiate.
Trying to settle on an asking price for your home? "If it's a new development and you're trying to give the impression of prestige, you would want to go for the round number," advises Vicki Morwitz, a marketing professor at New York University. "But if you're going for the quick sale and you want to give the impression of a bargain, you would want to go for the precise number."
Cutting prices. In today's housing market, many homeowners are struggling to find a buyer.
Thinking of dropping your asking price? Suppose that, as in the above example, you initially asked $295,325. If you lower the price to, say, $279,595, potential buyers may perceive the price drop as relatively modest.
"You want to make the computation as easy as possible," Cornell's Thomas says. "If you use digits that make computation difficult, it will lead to a perception of a small difference."
What to do? You might specify the dollar discount -- or, alternatively, lower the price from $295,325 to maybe $280,325 or $275,325. That way, it will be easy for buyers to calculate the price drop.
Blogger’s Comment: Bear in mind that the majority of home buyers utilize the Internet when searching for their next home. Most will shop within their price range. Many websites allow the user to search for property by a given price range. These price parameters vary. Consider lowering the asking price in order for your property to show up within the first few page views. In the above example, if you are asking $275,325 it will NOT appear to the home buyer if they set the search engine’s price parameter to search for homes priced from the $250,000-$275,000 price range.
Source: Wall Street Journal
Thursday, October 23, 2008
$7,500 Tax Credit Now Available to First-Time Home Buyers
The tax credit is not a gift or a grant but essentially a 15 year loan to the homebuyer and, while it is interest free, will require filing a tax return and will carry the same IRS penalties for non-payment as accrue to delinquent taxes.
Further information and the regulations regarding this tax credit are now available. If you have an interest in the program, here are some basic facts.
The credit is available only to first-time home buyers defined as buyers who have not owned a principal residence for three-years prior to the subject purchase. The ownership test applies to both partners in a marriage; i.e. if a husband has not owned a home in the past three years but the wife has, neither spouse qualifies for the first-time home buyer tax credit. (It appears that this would be the case even if the husband is purchasing the property only in his own name.) A buyer can still be eligible for the credit even if he owns a vacation home or rental property not used as a principal residence.
Single taxpayers with "modified adjusted gross income" up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Individuals and couples with incomes above the thresholds may still qualify for a lesser credit, however, taxpayers with adjusted gross income above $95,000/ $170,000 phase out of the program completely.
There is no need to fill out an application to qualify for the tax credit. First-time homebuyers merely claim the credit when filing the tax return for that year. No pre-approval is necessary, but if you are relying on this program to purchase a home you may want to check your eligibility. Your tax advisor may be able to help you with this.
The credit is available even to those with little or no federal income tax liability to offset. This usually means that the government will send a check for part or all of the credit. Otherwise the credit is used to offset any unpaid taxes or increase a refund.
The credit is available for homes purchased between April 9, 2008 and July 1, 2009 and applies to both new and existing homes whether attached or detached, condominiums, mobile homes, or houseboats. A homebuyer contracting for a custom built home can qualify for the credit as long as the home is first occupied between the April 2008/June 2009 dates. (For newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.)
The $7,500 credit represents 10 percent of the purchase price of a low cost home. Most who use the program will be able to claim this full amount, however, in the event a home is purchased for a lesser amount, the 10 percent cap will apply. That would mean that a $65,000 purchase would result in a $6,500 credit.
There are other refinements to the program. For example, if it is to his benefit, a taxpayer can apply for the credit in a different year than the home is purchased. There is also a possible forgiveness of debt for homeowners who sell the home before the loan is repaid and do not received sufficient gain from the sale to cover the loan balance. Information on these and other details of the program can be researched on a website maintained by the National Association of Homebuilders at www.federalhousingtaxcredit.com.
Source: Grande Financial Newsletter
c/o Jim Burrington
Further information and the regulations regarding this tax credit are now available. If you have an interest in the program, here are some basic facts.
The credit is available only to first-time home buyers defined as buyers who have not owned a principal residence for three-years prior to the subject purchase. The ownership test applies to both partners in a marriage; i.e. if a husband has not owned a home in the past three years but the wife has, neither spouse qualifies for the first-time home buyer tax credit. (It appears that this would be the case even if the husband is purchasing the property only in his own name.) A buyer can still be eligible for the credit even if he owns a vacation home or rental property not used as a principal residence.
Single taxpayers with "modified adjusted gross income" up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Individuals and couples with incomes above the thresholds may still qualify for a lesser credit, however, taxpayers with adjusted gross income above $95,000/ $170,000 phase out of the program completely.
There is no need to fill out an application to qualify for the tax credit. First-time homebuyers merely claim the credit when filing the tax return for that year. No pre-approval is necessary, but if you are relying on this program to purchase a home you may want to check your eligibility. Your tax advisor may be able to help you with this.
The credit is available even to those with little or no federal income tax liability to offset. This usually means that the government will send a check for part or all of the credit. Otherwise the credit is used to offset any unpaid taxes or increase a refund.
The credit is available for homes purchased between April 9, 2008 and July 1, 2009 and applies to both new and existing homes whether attached or detached, condominiums, mobile homes, or houseboats. A homebuyer contracting for a custom built home can qualify for the credit as long as the home is first occupied between the April 2008/June 2009 dates. (For newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.)
The $7,500 credit represents 10 percent of the purchase price of a low cost home. Most who use the program will be able to claim this full amount, however, in the event a home is purchased for a lesser amount, the 10 percent cap will apply. That would mean that a $65,000 purchase would result in a $6,500 credit.
There are other refinements to the program. For example, if it is to his benefit, a taxpayer can apply for the credit in a different year than the home is purchased. There is also a possible forgiveness of debt for homeowners who sell the home before the loan is repaid and do not received sufficient gain from the sale to cover the loan balance. Information on these and other details of the program can be researched on a website maintained by the National Association of Homebuilders at www.federalhousingtaxcredit.com.
Source: Grande Financial Newsletter
c/o Jim Burrington
Wednesday, September 24, 2008
Home loan documentation more vital than ever
Today, home buyers and homeowners are having a lot of trouble getting a home loan. Lenders are saying "no" even when buyers and owners have good credit scores and credit histories.
What has changed is how much risk some mortgage investors are willing to accept in the face of mounting real estate loan losses in the billions of dollars. Unfortunately, you can't kick start the real estate market until the panic in the credit markets has abated.
To apply successfully for a home loan, start by gathering together the following information:
-all W-2 forms for each person who will be a co-borrower on the loan. You'll also want to provide the contact information for the human resources manager or your direct bosses, so the mortgage lender can verify your income.
-copies of completed federal tax forms for the last two or three years, including any schedules or attachments. These will be required primarily of self-employed individuals or those who are claiming a history of rental income. Either way, you won't need your state returns.
-copies of one month's worth of pay stubs.
-copies of the last two or three bank statements for every bank account, IRA, 401(k), Keogh, other retirement account or brokerage account the co-borrowers own. Bring a copy of your most recent statement for any other assets you have.
-a copy of the back and front of your canceled earnest money check plus the escrow deposit receipt. If you don't get your canceled checks back, then access the electronic version on your account and print it out.
-a copy of the fully executed sales contract and all riders. You'll need both brokers' names, addresses and phone numbers (if you're using a broker or agent), and the same information for both your attorney and the sellers' attorney (if you're living in a state where real estate attorneys are used to close residential sales).
-If you're selling a residence at the same time you're buying it, you'll need a copy of the listing agreement and, if the home is under contract, a copy of the fully executed sales contract. (Be prepared to provide the contact information for the brokers and attorneys for your sale as well, if you're far enough down the line for that.) When the property closes, you may be asked to provide a copy of the actual disposition of funds from the escrow account.
-If gift or grant funds are involved, the giver (or grantor) must provide proof that he or she had that money to give, such as a copy of the giver's recent bank statement. If you're receiving a grant, the grantor should provide you with a letter outlining the grant and stating that the funds do not need to be repaid. Be prepared to show the paper trail for the money, including a deposit slip. The giver will have to fill out a gift letter affidavit, available from the loan officer, indicating that the funds were a gift and the gift giver does not expect repayment. In short, you'll need a copy of the check, deposit receipt and a bank statement verifying the deposit.
-copies of all divorce decrees and property settlement agreements.
-copies of a survey or title insurance commitment for the home you're buying, if available when you apply for the mortgage, or when it becomes available during the purchase process. In most states, the preliminary title report takes the place of a survey, lenders say. But a survey may be required in states like New Mexico.
-If you're self-employed, prepare complete copies of the last two years' federal business tax returns and a year-to-date profit-and-loss statement and balance sheet with the original signatures. Some lenders will agree to use a letter from your CPA stating that you are self-employed or a copy of your business license, but have your tax returns and profit-and-loss handy.
-a list of your addresses in the last two years.
-If you've made any large deposits ("large" means anything larger than your monthly salary) into your bank accounts in the last three months, be prepared to provide an explanation with proof as to where the funds came from.
-If you've opened a new bank account in the last six months, write a letter explaining where the money came from to open this new account.
-addresses and account numbers for every form of credit you have. Or alternatively, many lenders will use your credit history. Be sure to pull a copy from each of the credit reporting bureaus before you apply at AnnualCreditReport.com. Pay for a copy of your credit score while you're there (approximately $7) so you know what you're facing.
-documentation to verify additional information, such as Social Security, child support and alimony.
-If you've had a previous bankruptcy or foreclosure, make sure you have a complete copy of the proceedings, including all schedules, and a letter explaining the circumstances for the bankruptcy or foreclosure and the discharge certificate.
-For most loans these days, you'll need a photocopy of a picture ID (usually your driver's license or U.S. passport) and in some cases a copy of your Social Security card. Also, for VA loans you will need to bring proof of enlistment (your DD214) and Certificate of Eligibility for a VA loan (details for this are available at www.va.gov.)
-If you have any judgments against you that have been paid in full, bring a copy of the recorded satisfaction of judgment. But if you have a judgment against you or are involved in litigation, you will need copies of documents describing any lawsuits and may expect to have to settle and pay off any judgments prior to closing on the loan.
-If you are buying a new primary residence and turning your existing home into a rental property, you'll need to show a signed lease agreement as well as proof of receiving the security deposit from the new renter. You should also be prepared to prove that you have at least 30 percent equity in the existing property.
This seems like an incredibly long and detailed list, and your mortgage lender may not ask for everything on it or may ask for other documentation. But if you want your home loan application process to go smoothly, it pays to get your documentation in order, before you ever apply for a single loan.
Source:
Inman News, Ilyce Glink
What has changed is how much risk some mortgage investors are willing to accept in the face of mounting real estate loan losses in the billions of dollars. Unfortunately, you can't kick start the real estate market until the panic in the credit markets has abated.
To apply successfully for a home loan, start by gathering together the following information:
-all W-2 forms for each person who will be a co-borrower on the loan. You'll also want to provide the contact information for the human resources manager or your direct bosses, so the mortgage lender can verify your income.
-copies of completed federal tax forms for the last two or three years, including any schedules or attachments. These will be required primarily of self-employed individuals or those who are claiming a history of rental income. Either way, you won't need your state returns.
-copies of one month's worth of pay stubs.
-copies of the last two or three bank statements for every bank account, IRA, 401(k), Keogh, other retirement account or brokerage account the co-borrowers own. Bring a copy of your most recent statement for any other assets you have.
-a copy of the back and front of your canceled earnest money check plus the escrow deposit receipt. If you don't get your canceled checks back, then access the electronic version on your account and print it out.
-a copy of the fully executed sales contract and all riders. You'll need both brokers' names, addresses and phone numbers (if you're using a broker or agent), and the same information for both your attorney and the sellers' attorney (if you're living in a state where real estate attorneys are used to close residential sales).
-If you're selling a residence at the same time you're buying it, you'll need a copy of the listing agreement and, if the home is under contract, a copy of the fully executed sales contract. (Be prepared to provide the contact information for the brokers and attorneys for your sale as well, if you're far enough down the line for that.) When the property closes, you may be asked to provide a copy of the actual disposition of funds from the escrow account.
-If gift or grant funds are involved, the giver (or grantor) must provide proof that he or she had that money to give, such as a copy of the giver's recent bank statement. If you're receiving a grant, the grantor should provide you with a letter outlining the grant and stating that the funds do not need to be repaid. Be prepared to show the paper trail for the money, including a deposit slip. The giver will have to fill out a gift letter affidavit, available from the loan officer, indicating that the funds were a gift and the gift giver does not expect repayment. In short, you'll need a copy of the check, deposit receipt and a bank statement verifying the deposit.
-copies of all divorce decrees and property settlement agreements.
-copies of a survey or title insurance commitment for the home you're buying, if available when you apply for the mortgage, or when it becomes available during the purchase process. In most states, the preliminary title report takes the place of a survey, lenders say. But a survey may be required in states like New Mexico.
-If you're self-employed, prepare complete copies of the last two years' federal business tax returns and a year-to-date profit-and-loss statement and balance sheet with the original signatures. Some lenders will agree to use a letter from your CPA stating that you are self-employed or a copy of your business license, but have your tax returns and profit-and-loss handy.
-a list of your addresses in the last two years.
-If you've made any large deposits ("large" means anything larger than your monthly salary) into your bank accounts in the last three months, be prepared to provide an explanation with proof as to where the funds came from.
-If you've opened a new bank account in the last six months, write a letter explaining where the money came from to open this new account.
-addresses and account numbers for every form of credit you have. Or alternatively, many lenders will use your credit history. Be sure to pull a copy from each of the credit reporting bureaus before you apply at AnnualCreditReport.com. Pay for a copy of your credit score while you're there (approximately $7) so you know what you're facing.
-documentation to verify additional information, such as Social Security, child support and alimony.
-If you've had a previous bankruptcy or foreclosure, make sure you have a complete copy of the proceedings, including all schedules, and a letter explaining the circumstances for the bankruptcy or foreclosure and the discharge certificate.
-For most loans these days, you'll need a photocopy of a picture ID (usually your driver's license or U.S. passport) and in some cases a copy of your Social Security card. Also, for VA loans you will need to bring proof of enlistment (your DD214) and Certificate of Eligibility for a VA loan (details for this are available at www.va.gov.)
-If you have any judgments against you that have been paid in full, bring a copy of the recorded satisfaction of judgment. But if you have a judgment against you or are involved in litigation, you will need copies of documents describing any lawsuits and may expect to have to settle and pay off any judgments prior to closing on the loan.
-If you are buying a new primary residence and turning your existing home into a rental property, you'll need to show a signed lease agreement as well as proof of receiving the security deposit from the new renter. You should also be prepared to prove that you have at least 30 percent equity in the existing property.
This seems like an incredibly long and detailed list, and your mortgage lender may not ask for everything on it or may ask for other documentation. But if you want your home loan application process to go smoothly, it pays to get your documentation in order, before you ever apply for a single loan.
Source:
Inman News, Ilyce Glink
Friday, September 19, 2008
New Fannie Mae Guidelines Encourage Short Sales
Fannie Mae recently released updated underwriting guidelines for new mortgage loans that directly address individuals with various types of foreclosure history.
Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new funding, and are subject to additional credit and down payment requirements for 5 to 7 years
.
Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years.
Finally, the silver lining...Short Sales requires only a two year wait with no additional requirements. These new guidelines make short sales a more attractive option for distressed homeowners and future home ownership.
Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new funding, and are subject to additional credit and down payment requirements for 5 to 7 years
.
Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years.
Finally, the silver lining...Short Sales requires only a two year wait with no additional requirements. These new guidelines make short sales a more attractive option for distressed homeowners and future home ownership.
Wednesday, September 3, 2008
End in Sight for Seller-Funded Down Payments
Prospective homeowners have until Oct. 1, 2008, to use down payment assistance from a seller to purchase a house.
The Housing and Economic Recovery Act of 2008 signed into law in July bars such seller-funded aid on Federal Housing Administration-backed mortgages.
Lawmakers added the provision to the housing relief package because about 40 percent of FHA borrowers who went into foreclosure in the past year received down payment assistance from a seller.
However, some industry professionals are worried that the rule change will keep some buyers out of the market.
Scott Syphax, president of The Nehemiah Corp., which runs a privately funded down payment assistance program, cites a report by housing research firm Zelman & Associates.
The report found that 10 to 25 percent of potential home buyers will have no way of securing home ownership without seller-funded down payment assistance, and stated that the rule change will have far-reaching implications for the real estate industry at large.
Source: Augusta Chronicle (GA), Tim Rausch
The Housing and Economic Recovery Act of 2008 signed into law in July bars such seller-funded aid on Federal Housing Administration-backed mortgages.
Lawmakers added the provision to the housing relief package because about 40 percent of FHA borrowers who went into foreclosure in the past year received down payment assistance from a seller.
However, some industry professionals are worried that the rule change will keep some buyers out of the market.
Scott Syphax, president of The Nehemiah Corp., which runs a privately funded down payment assistance program, cites a report by housing research firm Zelman & Associates.
The report found that 10 to 25 percent of potential home buyers will have no way of securing home ownership without seller-funded down payment assistance, and stated that the rule change will have far-reaching implications for the real estate industry at large.
Source: Augusta Chronicle (GA), Tim Rausch
Monday, August 18, 2008
New Mortgage Law Has Buyers Scrambling
Housing industry observers expect that prospective buyers will scramble to take advantage of seller-funded down-payment assistance before a federal ban on such programs takes effect on Oct. 1.
The federal housing bill signed into law in July sews up a loophole that allows nonprofit organizations to gift mortgage down payments, and industry experts believe markets that have relied heavily on the programs could see new-home sales cut by as much as half.
Seller-funded downpayment assistance has served as a surrogate for subprime loans in some ways and has helped builders put first-time and low-income buyers into new homes.
"We will eventually go back to the mind-set of a society where you have to have 3 percent up-front to buy a home," says Phoenix real estate analyst Jim Belfiore.
Source: Poughkeepsie Journal (N.Y.) (08/18/08)
The federal housing bill signed into law in July sews up a loophole that allows nonprofit organizations to gift mortgage down payments, and industry experts believe markets that have relied heavily on the programs could see new-home sales cut by as much as half.
Seller-funded downpayment assistance has served as a surrogate for subprime loans in some ways and has helped builders put first-time and low-income buyers into new homes.
"We will eventually go back to the mind-set of a society where you have to have 3 percent up-front to buy a home," says Phoenix real estate analyst Jim Belfiore.
Source: Poughkeepsie Journal (N.Y.) (08/18/08)
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