Jason P. Bernabei, TriCastle Realty
DEL MAR, November 14 2012 -- Gooooooooooddd Monday morning San Diego!!! I hope you all were able to recover from the sting of Thursday’s Chargers’ demise at the hands of the dreaded Raiders in time to have a great Veteran’s Day Weekend. My hat goes off to the men and women of the United States Armed Forces who have served and continue to serve this great country of ours, here in San Diego and around the world.
Hey, speaking of around the world, it’s all those foreign markets that are causing me grief this Monday morning, and what a mess it is! Last week’s Monday Morning Market Watch touched on the economic crisis in Greece, and also the growing storm clouds surrounding the European Union. Bond-trading continues to trend in reaction to the on-goings of the European markets, rather than what is transpiring here on the home front. If ever there was a need to evidence the interconnectedness that is the Global Economy, these past few weeks are where it’s at. Bonds, including mortgage-backed securities sold off in spades in reaction to Greece’s appointment of a new Prime Minister, while concurrently, reports out of Italy forecast their Prime Minister’s impending resignation. While this tempered uncertainty to some degree, it spelled bad news for rates. They went up… again. And don’t even get me started on France.
On the home-front, we had a so-so 30 year Treasury auction and Initial Jobless Claims, and consumer Sentiment was better than could have been expected. Overall these factors sent mortgage backed securities even further downward, contributing to the rate-rise last week.
Thinking back to August, I remember a sense of restored confidence after the Chairman of the Federal Reserve Ben Bernanke made his historic speech, assuring all that rates would not only be lowered significantly, but ought stay low through 2013. It was a deliberate attempt to influence the market place in a positive manner and it worked to some degree. However, we are already seeing the impact of (what could be argued to have been) somewhat unforeseeable events taking place globally, forcing the hand of rates. One wonders what guarantees or prognostications from the Fed. (or from anyone for that matter) can hold true in such a wide world that is so interdependent on the multiple markets of countries too numerous to name. If you are waiting around to refinance or to buy a place thinking you have all the time in the world to take advantage of the “Great Rate Reduction of August,“ know this: summer is looooooong gone, and on this Monday morning, it’s time to wake up and smell the coffee…
Give me a holler today at jasonb@tricastle.com, and check me out each and every Monday here at www.tricastle.com for more, and tune in to “The Realty Insiders” on the tube this winter to see myself, and other local property rehabbers flip SD.
Jay’s Outlook: (akin to the Chargers play-off hopes)
Cloudy
Jason Bernabei, TriCastle Realty
Thinking back to August, I remember a sense of restored confidence after the Chairman of the Federal Reserve Ben Bernanke made his historic speech, assuring all that rates would not only be lowered significantly, but ought stay low through 2013. It was a deliberate attempt to influence the market place in a positive manner and it worked to some degree. However, we are already seeing the impact of (what could be argued to have been) somewhat unforeseeable events taking place globally, forcing the hand of rates. One wonders what guarantees or prognostications from the Fed. (or from anyone for that matter) can hold true in such a wide world that is so interdependent on the multiple markets of countries too numerous to name. If you are waiting around to refinance or to buy a place thinking you have all the time in the world to take advantage of the “Great Rate Reduction of August,“ know this: summer is looooooong gone, and on this Monday morning, it’s time to wake up and smell the coffee…
Give me a holler today at jasonb@tricastle.com, and check me out each and every Monday here at www.tricastle.com for more, and tune in to “The Realty Insiders” on the tube this winter to see myself, and other local property rehabbers flip SD.
Jay’s Outlook: (akin to the Chargers play-off hopes)
Cloudy
Jason Bernabei, TriCastle Realty
