Real Estate and Market Report for November 11, 2011
It is the VETERAN, not the preacher, who has given us freedom of religion.
It is the VETERAN, not the reporter, who has given us freedom of the press.
It is the VETERAN, not the poet, who has given us freedom of speech.
It is the VETERAN, not the campus organizer, who has given us freedom to assemble.
It is the VETERAN, not the lawyer, who has given us the right to a fair trial.
It is the VETERAN, not the politician, who has given us the right to vote.
It is the VETERAN who salutes the Flag.It is the VETERAN who serves under the Flag.
The Europe Debt Crisis is a problem, no it’s not…yes it is…no it’s not...yes it is…
Never in my life have I seen the craziness of the media changing their story every single day. How is it possible that a financial crisis of the magnitude Europe can change on a daily basis? One day the stock market rallies because the media says the Euro crisis seems to be under control. The next day it seems like Italy is sure to default on their debt and the stock market plummets almost 400 points. Then the next day there is once again hope and the stock market goes up 275 points. Despite the stock market losing almost 400 point in one day, it finished the week up approximately 150 points. The improvement in the employment picture combined with, at least for the moment, the latest plan for saving the Euro, is giving cause for market optimism.
First Time Jobless Claims dropped 10,000 from the prior week down to 390,000. This is cause for optimism as this is this is the lowest we have seen claims since April. In addition, continuing claims have also been trending downward over the last few weeks. Let’s keep our fingers crossed that this trend continues.
Do you remember all the political wrangling that went on in regard to the debt ceiling? Do you remember that in order for the debt ceiling to be raised, Congress created this Super Committee that would have to come up with a debt plan by November 23rd otherwise massive Federal cuts would automatically be triggered? … All indications are that the Super Committee is most likely not going to come to an agreement. So what does this mean? Unfortunately, for the American people, absolutely nothing will happen to address this massive challenge our country faces other that kicking the can down the road! All American on both sides of the issue deserve better!
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Next week there are many economic reports that may have a significant impact on market movement:
- Tuesday November 15th – Producer Price Index and Retail Sales
- Wednesday November 16th - MBA Applications, Industrial Production, CPI and Housing Market Index
- Thursday November 10th - First Time Jobless Claims and Housing Starts
As your mortgage professional, it is my pleasure to be a resource to you for all of your mortgage financing and real estateneeds. Please feel free to contact me at any time with any questions you may have. I can always be reached at 661-505-4300.