Yesterday, a clown held the door open for me. It was such a nice jester. On the flip side, it’s not nice being taken advantage of and lenders are feeling Thunderstruck about, as this Commentary has mentioned several times, credit costs being jacked (more below). On the inflation theme and a little more mainstream, for me and plenty of people who read this Commentary every day, is the egg price fixing that has been occurring. (Remember when prices were way up around Easter?) Although inflation has been slowing, we don’t need this stuff. And the price of the twelve gifts described in the classic song “The 12 Days of Christmas” is at a record high of $46,730, according to PNC’s 2023 Christmas Price Index. At the other end of the cost spectrum, how’d you like to live like Martha Stewart (for a night) for $11.23? Rent her place! (Today’s podcast can be found here, and this week’s is sponsored by MCT. MCT’s technology and know-ho
As if lenders and vendors don’t have enough other stuff to worry about, the budgetary standoff in the U.S. doesn't look like it will abate soon, raising the likelihood of the first government shutdown since 2019. Current funding for federal operations will end on October 1 unless a deal is reached or the proverbial can kicked down the road. Thousands of federal workers might be furloughed without pay. Sure it will be temporary, and its wider impact will likely be limited, but still even talking about it is lousy. According to Morgan Stanley, the last 20 government shutdowns that occurred since 1976 "appear to have had limited impact on the economy." As for bond prices, a shutdown may cause some "temporary instability", but this is not a given. There is talk of a short-term Continuing Resolution (CR) providing funding until later this year, but federal agencies, including HUD and Treasury, will cease to function normally. The National F
Okay, tomorrow is a holiday for many, but let’s not forget those veterans during the rest of the year. (Warning: tissues required.) Switching gears 180 degrees, say hello to Nevada’s new state Treasurer. (Warning: rated PG?) Moving back to mortgages and real estate, as reported in the commentary, not only was Redfin (parent of Bay Equity) downgraded, but it is shutting its home-flipping business and has cut 13% of its workforce. Yesterday the commentary noted that, “The retail portion of Angel Oak Home Loans rumored to be heading to Cross Country, who just supposedly laid off 100 people in Colorado.” The report of the layoff is erroneous, and apparently sprang from a disgruntled employee. “Money can’t buy happiness. But poverty can’t buy anything, so get to work!” It certainly takes money to buy a house, and there is more below on home buying, but only 16% of respondents said that now is a good time to buy a home per Octoberȁ
In the words of former Vice President Dan Quayle, “We are ready for any unforeseen event that may or may not occur.” Around the world, soaring borrowing costs are squeezing homebuyers and property owners alike. So, what does the public see in terms of headlines and the housing market? There was billionaire CEO of private equity company Starwood Capital Group, Barry Sternlicht, warning that the housing market is headed for a major crash. Moody’s Chief Economist Mark Zandi is more optimistic, saying that house prices will soon undergo a ‘correction, but not a ‘crash.’ Almost one-third of homes sold in July were paid for entirely with cash. Wealthy U.S. homebuyers are charging in with all-cash purchases even as the broader housing market is slowed by rising mortgage rates. One thing is certain for those financing or looking to finance their real estate. Households with loans are tightening their belts, while rising mortgage payments discourage wou
COO Jemma Pachiano of Mid America Mortgage honored with a 2021 Elite Women Award massachusettsnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from massachusettsnewswire.com Daily Mail and Mail on Sunday newspapers.