Elections Are Over (Almost)

Except for a couple of unresolved Senate races the elections are finally behind us, and now the tough calls begin. There is almost no hope that Congress has either the skill nor the will to do what is best for the country. There are favors to be called in and it's going to be very expensive for current and future taxpayers. The Unions have some debts to be paid (credits to be collected) and besides attempting to end secret ballots, a tremendously important worker right, the UAW is pushing frantically for a government bailout of the auto industry, billions of dollars to perpetuate a losing business model that permits benefits and wages to add approximately $1500 per vehicle to the big three products while foreign brands (built in this country by American workers) add only $150. It has to stop, and bankruptcy and restructuring are the only reasonable solutions. A bailout without restructure will only have to be repeated. Next to the unions in contributions are the financial companies, and they of course have already had billions and want more. Sensing a bunch of economically uneducated children posing as Congressmen all the world is now lining up for largess. No one seems to catch on to the fact that the only money the government has for handouts is money which has been taken from someone else, someone productive. Someone who saved it. Printing the stuff only devalues it, and produces the most insidious form of taxation there is, reducing the buying power of everyone. Those most affected are the very people that presumably are the intended beneficiaries of government intervention in economic and business matters. The fact that politicians are ignorant or indifferent to the consequences of their actions is frightening. The fact that the majority of us continue to place them in positions of power is more so. The likes of ACORN and similar rabble rousing groups building up an uniformed voter base to place in office those committed to perpetuate their existence will haunt us for a very long time to come. Neil Cavuto, an exemplary business journalist, suggested we're like a guy trying to give himself a transfusion. Actually it's worse than that. In this transfusion we're losing half of what we're taking out and soon we'll be dry.
This blog is supposed to about real estate and mortgages, although I suspect it's little read anyway, so some notes. In our market far too many of the listed properties are either REO's ( foreclosures), or short sales, those that sell for less than the existing mortgage balance. This means the market is difficult to read since it lacks the informed seller/informed buyer test of value. Certainly there are good opportunities for buyers and sellers alike. For mortgages. There are still mortgages available both residential and commercial for qualified buyers or refinances. Rates are volatile, but in a very narrow range, and still quite cheap. By cheap I don't mean Ditech cheap. I watch their commercials and don't know how they get away with them. If I advertised rates below my ability to deliver my license would disappear. Call if you want to know what is available for your circumstances. Love to hear from you.
As usual,
Thanks for visiting