FNMA 4.5% UP 6 bps...and trading at $100.78 Dow is UP 96 points...on better than expected earnings reports. We are STILL up over 10,000 and will stay there as long as such better than expected earnings reports keep coming in. Dollar weakness continues...pushing the price of oil into the $80 dollar range. FHA "Surprise"...the Condo changes that were going into effect on October 1st were postponed to November 2nd and NOW are postponed indefinitely. These changes were to remove "spot approvals" among other things. As far as I know...we are one of the few still offering condo spot approvals. Home builder Sentiment is down...which is expected with the end of first time home buyer incentive just around the corner. With fewer buyers on the market, inventory stacks up and prices again deteriorate. One of the execs from Prudential Real Estate made a statement today indicating that the continuation of the $8000 credit is crucial to the real estate market. In some respects, I agree. With the exception of the "cash for clunkers" program...and a few others we have not seen much of the direct stimulus from Uncle Sam getting any real traction. NOTE to self: Bailing out GM and others only seemed to bail out a few people in the long run...but when the money goes to the masses rewarding SPECIFIC economic activity...we seem to have a boon...even if temporary...hmmm. Have a great Monday!
Chad
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