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monitor aff sales including short-sales and foreclosure activity. Foreclosures and the resulting bank <br />RFO sales cans#i.tute a sigrrificant threat to some areas of the county and we con.tinue to adjust <br />values to reffect their influence. but do not use them in our valuation madels as compara.ble market <br />activity. We anticipate the gap between the median price of non-lender-mediated sales and the <br />price a� lender-mediated wifl continue to widen fn the coming year as markets stabilize, but also as <br />lenders continue to aggressi�ely price their REO properties to reduce inventory. <br />Recent Foreclosure Totals for Ramsev Countv <br />Jan `:Feb YearEy i'otal <br />zaas 104 99 �,498 <br />2007 169 159 2;346 <br />2008 302 238 3,023 <br />2009 207 216 423 (anty two monrhs) <br />2009 Assessment <br />The percentage changes in 20Q9 a��re�ate �alue (excluding new construction but inGluding landj <br />by property class, for the City of St: Paul and for #he suburbs taken #ogether and countywide are as <br />follows: <br />City o# Saini Paul <br />Suburban Ramsey <br />Countywide <br />Overall Resid.ential <br />-5.9 % -7.4% <br />-4:8% =6.2% <br />-5.3% -6J% <br />Median Vafues for 2009 are as follow: <br />Residential <br />City of Saint Paul $3.67;400 <br />Suburban Ramsey $210,SD0 <br />Countywide $191,600 <br />Commercial I ndustrial <br />-I.0% <br />-1.4% <br />-1.30 % <br />Commercial/industrial <br />$442,60Q <br />$829,�OQ <br />�569,500 <br />Apartmer�ts <br />-4.3% <br />+0:3 % <br />-2.5 % <br />Apartments <br />$500,DD0 <br />$881,400 <br />$549,800 <br />Taxpayer Re�iew Options <br />Th.e final qualiry-control step in the development and finalization of the 2009 assessment is the <br />review pracess triggered by the taxpayers after they receive their valuation notice. It is at this point <br />that the taxpayers bring to our att�ntion any propased vafuations that appear to be inaccurat.e. <br />-2- <br />