Headline today: Not much impact from repeat buyer credit"

In a word-DUH! Check out this post on my other blog about this silly tax credit. What a waste of time...

Watch this demonstration of the rise in unemployment rates in the US!

This presentation is scary! Looks like an outbreak of the plague... The question for Washington DC is "can it be stopped?"

Dear President Obama:

This is what I emailed the President (on www.whitehouse.gov) today:

Mr. President, with all due respect I feel your focus on health care reform is not your top priority. Take a look at the consumer confidence numbers released today; your focus should be on the Economy (as it should have been all along). I am unsure where the 1.5-2MM jobs have been created, but we obviously need much more. Less governmental regulation would be helpful; either way the healthcare initiative (however important) can wait another day. Right now people need jobs first. As an aside, if more people had jobs, they could afford healthcare. Thanks for your time.

My 2 cents... Your thoughts?

How Interest Rates Move Video

Watch this video to learn "How Interest Rates Move". It's 7 minutes long but it gives you a great understanding of how rates work AND notes why rates will be jumping up soon AND why you want to get into the refinance process NOW or you'll be sorry! Don't delay, watch this as soon as possible! Cheers, Bo

Uh-oh... The Economy stumbles a bit...

Unemployment claims rose last week and inflation jumped more than forecast in January. Yes, there are still positive news items (manufacturing is up, cars are selling, new home permits up slightly and pricing stabilizing) but the core issue currently is the job situation (a reminder to those 'in charge'--it has ALWAYS been about jobs--NOT our health care). Why is this important? If inflation keeps rising, how does the Fed combat that? They raise interest rates! What will KILL home sales? Rising interest rates! (right Mr. Carter?) What else? Well, the Fed has been more or less buying loans (in simplistic terms). At the end of March, this will end, so we can see rates hike up based on the fact that it will be more difficult to obtain funds. This can also hurt home sales and refinances. I will expand on this soon, but suffice it to say that we are nearing a 'perfect storm' environment for home sales: the tax credit will expire soon (must be under contract by the end of March); the Fed will need to raise interest rates to combat inflation (prediction-by Summer); the Fed will stop shoring up the mortgage market at the end of March. bottom line-if you are on the fence, BUY OR REFI NOW!

As for health care, READ THIS from the AJC--I wish our politicians would....

What's really going on? Key word is 'underwater'.

This article from USA Today is spot-on. People would love to 'move up' but they can't get out of their old home! My old house in Smyrna is still rented (thank goodness!) but it may be worth less than my mortgages so it will be difficult to sell. Our current home is definitely underwater as the mortgages are easily $20,000-50,000 higher than the value (not that we're trying to sell/move). This is one of the main stories that every American should understand--and I wish Congress could understand it as well and try to stop regulating with silly new programs (HVCC anyone?) that have unintended consequences. Instead of the waste of time, money and resources on the health care debate, the focus should be on 2 things: jobs and housing. If you get those 2 areas sorted out, EVERYTHING will come together. I do feel that healthcare (like anything government regulates) needs to be reviewed and 'tweaked'. I am NOT in favor of governmental control and we need to see how both sides (Dems/Reps) can figure this out together--AFTER they sort out the economy! My 2 cents...

ATL job losses

Atlanta took a big hit with job losses, as did most large metropolitan areas. This press release from the US Bureau of Labor Statistics gives all the gory details. So out of the nation's 372 largest labor markets only ONE managed to squeak out a net increase in 2009--McAllen TX. ATL lost just over 105,000 jobs in 2009 and as you know our unemployment rate in Georgia is stagnant at just over 10%. Las Vegas lost over 7.4% of its workforce (they are "number 1" in the country, how proud they must feel) and we "only" lost 4.4%. However, if you look at year-end unemployment rates thirty-four of the top 100 markets ended 2009 with jobless rates of 10 percent or more (including ATL). Obviously, we have a long way to go and there may not be a 'silver bullet' for this problem. BUT there are additional signs that the economy is improving. Pending home sales are up, manufacturing activity is up and even car sales are up for many makers (GM, Ford and Nissan, for example, but not Chrysler, Honda or Toyota). Who knows, hoping that we start seeing some additional home sales soon (besides the people trying to get that last-minute tax credit). Keep praying for recovery! Take care, Bo