Barry’s Blog: In the Beginning
Today is the first day of the rest of my blogging life. Every week I’ll send a short note on what’s going on in the lending industry, helpful hints on how we can help you, and trivia questions that can earn you cash and prizes!! So let’s get right to it.
If today’s media had covered my 1979 breakup with Karen Vallano, they’d tell you she dumped me (partly true). They’d tell you how I was so depressed I couldn’t go to school for a week (3 days). They’d tell you I sat in bed and didn’t eat a thing during that week (I ate Lucky Charms). You’d believe it all because they would continue to write about it without gathering all of the facts – focused on just writing about doom and gloom because that is what sells. Today’s media will try and make people believe homes are depreciating huge all over the country (just like they want us to believe that Marley and Me is a good movie) when in fact it’s only California, Florida, Arizona, and Nevada that are doing 98% of the damage. Of the 200+ refinances Dean Vlamis and I have closed since Thanksgiving, only a small number have been declined because of appraised values being too low. Some pockets of Chicagoland have depreciated, but for the most part have stayed stable or gone up in value. Think about that: In one of the lowest points in real estate history, the good old Midwest has held its own. Do yourself a favor today and for the rest of the year: don’t believe everything you read, hold your head high, and gear up for a great, profitable, and energetic 2009!
Still low. They change daily but the 30yr fixed has been hovering around 5.0% give or take. FYI – if your client is looking for a lower monthly payment, ARMs are no longer an option (for now). All ARM rates are currently higher than the 30yr fixed.
Happy Birthday Alice!
Its Alice Cooper’s birthday today. While everyone knows the story of Ozzie Osborne biting a head off of a bat on stage, our friend Alice also had an experience that would make him PETA Enemy number # 1. In 1969 an animal wandered onstage. Alice picked it up and threw it into the first few rows of the crowd occupied by disabled people in wheelchairs, who reportedly proceeded to tear the animal to pieces. Today’s trivia question is: What kind of animal was it? Correct answer will win a Barry Schwartz PERL Mortgage pen which retails for $39.95. Good luck to all.