November 5, 2008
November 5, 2008 by admin
The market is taking some profits following the election. Democrats have gained a large number of House and Senate seats as well as having Senator Obama run away with the Presential Election. The country is looking to turn the page economically on a dramatic down turn with housing and a growing unemployment problem.
The market has sold off as investors are pulling out and taking some profits off the table in lieu of the pre election run up. Mortgage rates continue to hover in the six percent range as the ten year bond is around 3.72%. Homeowners are holding out with the hopes that the market will gain some stability through a government sponsored bailout program. There is growing speculation that a portion of the TARP money will be earmarked for helping home owners. Some of the countries largest banks including JP Morgan and Bank of America have stepped up there efforts to pro actively slow down the rate of bank foreclosures on their books.