“What concerns me today?”
This broad question could go three ways but I want to instead connect these three ways in a single meaningful way to the reader. For that reason I always like pictures.
This picture happens to be the story of mortgages, and homes. When rates on mortgages changed last June there was a plunge in new Mortgage Applications (MTG Apps), seen in the red line. While refinancing was a large portion of the applications, home buyer begin the application process generally to lock in the interest rate for the buyer with a window to execute. That window of buyers is now closing, quickly.
Jacque Howard has posted her Monday Real Estate Market Update for the Week of Nov 10th, and the change in our housing market is best summed in her words, “the number of homes listed DOUBLED from last week.” Her caps, not mine.
While the number of listings caught Jacque’s eye, mine tends to wander to the weekly trends where the red line clearly shows that people in Hudson are changing the price of their home in a race to the bottom of their equity. At the same time the blue line represents a spike in new homes on the market at the exact same time prices are falling.
This is a text book example of how the housing market is bursting, again, here in your back yard.
While most people are content to work through the day to day business of life dismissing the Federal Reserves direct impact on their life, I would like to share a final thought from someone far more important than me. Andrew Huszar was the guy who executed Quantitative Easing 1 (we now have QE Infinity), the Federal Reserve Bailout of the toxic mortgage backed securities that caused the 2008 collapse. Here is the opening salvo from his just printed letter, “Confessions of a Quantitative Easer.” <—Click these to see the full letter.
We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street.
I can only say: I’m sorry, America.
We are watching the housing bubble pop again and since it’s too late to get out you should join our meeting tonight. Tonight we are discussing our 2014 election strategy. This is a partisan event in case there were any questions. If you missed the meeting and want to join the movement send us an email at PSCLibertyValley@Gmail.com. Don’t forget to like us on Facebook and Twitter. and Subscribe to our YouTube Channel.
Libertarian Party Monthly Meeting
Carbones/Willow River Inn in Burkhardt, WI.
7 – 8:30 PM