After a much needed sabbatical and many request for me to continue this Newsletter I plan to continue on a less frequent schedule with more Alerts to remain on top of what has proven to be the most volatile economic times in history.
So here goes—-.
Wow! The Dow is at 8918 as I write and there are plenty of “experts” that see it going lower. We don’t predict lows and We don’t predict highs. However, for those stock buying hounds, Warren Buffet has been buying American stocks. The good news is oil is about $70/barrel. Inflation seems to be in check for the moment as retail sales are down and producer pricing (fuel and food included) is down. The bad news is we are in recession and we will sink into a depression soon based on unemployment claims, shrinking companies and in spite of you, the tax payer, giving almost $1 trillion to bailout corporate America, President Bush warned that it may be a while before credit markets reopen.
The real estate and mortgage markets got a much needed boost this morning when housing starts were reported to be at their lowest levels in almost 30 years. This could mean that builders and developers have finally run out of material and land to continue adding supply to an already glutinous supply of homes on the market. We are hopeful that demand will return in earnest by the Spring of 2009 and mortgage rates will continue to remain low so that one large portion of the economic recovery engine will again be firing on all cylinders.
In spite of a slight overall increase in mortgage interest rates, a strong buyer’s market still exist in most housing markets throughout the country.
During these uncertain economic times it is imperative that our clients and colleagues keep their personal and professional finances in peak operating condition. Call the David M. Damare’ Team for a complete mortgage analysis and basic financial advice to ensure your short and long term goals are being met so as to secure your financial lifestyle.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you and your clients. David. 919.851.0999.