December 5, 2008
December 5, 2008 by admin
The stock market dropped sharply following a report on the U.S. employment sector. The economy took another blow when the jobs report posted job losses in excess of 500,000 jobs for the month of November. The economy is teetering on the brink of a complete meltdown as the stock market continues to lose ground with falling consumer confidence.
Home foreclosures continue to skyrocket as the economy turns sour. The rate of new foreclosures hit a record pace last month and there is little doubt this figure will continue to grow larger as the economy goes sideways. Fixed rate mortgage loans are still trading in the low five percent range as home owners look to benefit from moves by the fed last week to bring liquidity to the secondary marketplace. The market still is not truly benefitting from the rapid change to the ten year bond price, which is now well below 2.7%. Long term fixed rate mortgage loans could continue to benefit from the uncertainty in the economy, but there are no guarantees that the rates will last for an extended period of time.
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One Response to “December 5, 2008”
I’ve been reading along for a while now. I just wanted to drop you a comment to say keep up the good work.