Jason P. Bernabei, TriCastle Realty
DEL MAR, December 5 20 -- Goooood Monday morning SD! As you all gear up for Chargers Monday night football tonight, allow me for a moment to be the cynical wet blanket and ask you this: Are funerals entertainment? Well, they certainly can be. I’ve been to a few Irish funerals, and in that tradition of celebrating the life of the beloved deceased, the attendees had turned the event into an after-party before all was said and done. I was warned in advance of the tradition, though going in, I must admit I thought it to be a likely awkward thing to behold and to be part, mindful of the dark, sad funerals of my Italian Catholic upbringing. Yet after it was all over, instead of leaving somber and sullen, I left with three(or was it four?) drinks in me, thinking of all the good things and times with my old friend, and deciding that that is how I wanted to be sent off, with everybody celebrating like it’s 1999! While a funeral turned celebration may not be the case for the Chargers and their fleeting post-season hopes, and while I may not be Irish, it may just be an appropriate analogy for this economy; yes, THIS economy.
DEL MAR, December 5 20 -- Goooood Monday morning SD! As you all gear up for Chargers Monday night football tonight, allow me for a moment to be the cynical wet blanket and ask you this: Are funerals entertainment? Well, they certainly can be. I’ve been to a few Irish funerals, and in that tradition of celebrating the life of the beloved deceased, the attendees had turned the event into an after-party before all was said and done. I was warned in advance of the tradition, though going in, I must admit I thought it to be a likely awkward thing to behold and to be part, mindful of the dark, sad funerals of my Italian Catholic upbringing. Yet after it was all over, instead of leaving somber and sullen, I left with three(or was it four?) drinks in me, thinking of all the good things and times with my old friend, and deciding that that is how I wanted to be sent off, with everybody celebrating like it’s 1999! While a funeral turned celebration may not be the case for the Chargers and their fleeting post-season hopes, and while I may not be Irish, it may just be an appropriate analogy for this economy; yes, THIS economy.
I am beginning to come to grips with a growing optimism in regards to housing that I’ve not allowed myself to consider over the last half decade. In part, here’s why: As I’ve detailed on past Mondays, the time to buy low is as ripe as a low-hanging fruit in the summer time. The long, slow, ever-softening housing market that has defined the past few years after the initial big collapse has been like watching molasses dry in January, and yes, the housing market is still softening a bit. However, the positive strides, minimal as they may be, can not be overlooked. According to the National Association of Realtors, pending home sales jumped almost 10.5% from September to October nationally, spurred on very likely by Chairman of the Federal Reserve Ben Bernanke’s massive rate reduction in early August. That initial burst of consumer confidence here in America has leveled off over the past month or so, due in part to mortgage rates rising back up with all of the drama and lack of confidence in markets across the pond. However, rates have rebounded in the past week with new economic data available revealing unexpected growth in numerous key areas that have long defined our state of National economic misery. Automobile sales, Unemployment numbers, manufacturing, and yes, pending home sales, have all landed on the bright side of this Monday morning, up, up, and away from the gloomy consensus of initial widespread economic forecasts.
On Friday, largely in consideration of the aforementioned good news here stateside, as well as the ongoing economic downward spiral in Europe, traders began moving their monies out of Europe to the much prettier picture of the U.S. bond market. That’s right America! The MUCH PRETTIER U.S. bond market! J With mortgage backed securities making significant gains, mortgage rates moved back down, closer to where they were in early August! This is a GOOD thing for housing and suggests movement for buyers in December and January, akin to what transpired back in September. Here’s to hoping it holds, and that we can send this dying economy out with an Irish-funeral, instead of a whimper. Hey, if not, you can still join me and my fav bartender Jeff Anzalotti for Happy Hour at Kristy's Sports Bar off Sports Arena this weekend and at least come away with the drinks.
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| Actual likeness may vary ;-) |
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: sunny with scattered clouds
Jason P. Bernabei, TriCastle Realty
