Yesterday the Fed finished their final Federal Reserve Open Market Committee meeting of the year and stunned markets with an unprecedented drop in key interest rates. They opted to reduce the Fed Funds Rate to a range for the first time in target setting history as opposed to a definite value. They also dropped them to their lowest point in history, between 0 and .25% Well, I think it's safe to say that they can't go any lower with federal interest rates. So, what happens when your first[...]
5.25% -- or 5.482% APR This is our 30 year fixed rate right now. Rates have gotten ridiculously low. The lowest we've seen in 3+ years, in fact. So what happened to make rates drop so suddenly, you ask? The government stepped in last week and said they would buy upwards of 500 billion dollars in mortgage-backed secuÂrities and would invest 100 billion in Fannie Mae and Freddie Mac. Essentially, they are putting the full faith and credit of the United States of America [...]
You know, I kinda figured I wasn't the only guy who was peeved at Hank Paulson's sudden decision to re-allocate the Troubled Asset Relief Program (lovingly known as the 700 billion dollar TARP). This week, Congress ran circles around Hank and Ben Bernanke and let the flaming arrows fly. As we expect, the fiery rhetoric accomplished dang-near nothing but satisfying the collective minds of the constituents that our loving Congressmen and Congresswomen represent. Chalk another one up to big[...]
The deed is done, as they say. America has spoken and chosen a new Commander-in-Chief for our fine nation. And whether you want a high-five or a shoulder to cry on in the wake of that decision, there is no doubt that a new era is upon us, like it or not. No one knows exactly what Obama's election will be an omen of, but everyone wants to tell you their opinion. The fact of the matter is that opinions are like...well, you know exactly what opinions are like. And everybody's [...]
This just in from our friends at CondoDomain: Deal or no deal? Well that all depends on who wins the election. At least for one New York condo buyer, who says if Obama doesn't win then he doesn't want the condo. It's in the contract. You've gotta love it. And you can't blame him. See the original article at Bloomberg.com.
Hooray! The bailout plan has made it through Senate and the House of Representatives and is now on its way to President Bush's desk to be signed into law! We're all saved! Champagne and cigars all around! Let the good times roll again! Or is it slightly too early to celebrate? Here's what we know: the non-passage of this bill trashed the stock market on Monday (down 777 points on the Dow). Passage of the bill did very little to help equity markets and it is highly [...]
6:30pm on a Wednesday night: An unlikely start time for an auction perhaps, but over 800 were seated by the time bidding began, and the total number of visitors over the course of the next four hours likely topped 1000 according to our estimates. The REDC auction of central Florida bank owned properties included million dollar mansions and mediocre condos - and some bargains were had with most properties selling for about 40% of their prior estimated worth (and although some of those [...]
Economic bulimia. Binging and purging. That's exactly what our country's financial markets are exÂperiencing. Over the course of ONE WEEK, we've seen the following happen: Lehman Brothers declares bankruptcy and Merrill Lynch narrowly dodges bankruptcy by being taken over by Bank of America, leaving only 2 of the original 5 major investment banks standing. Goldman Sachs and Morgan Stanley (the 2 remaining investment banks) saw their stocks get trashed as our investment community [...]
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