Note to Squirrel…

BarrysBlog_FB…I Ran Over This Morning
I felt bad for you at first, but why would you wait until I got close to dart across the road?! I pray there are no roads in squirrel heaven…

Interest Rates
Rumor has it the Fed is running out of money to purchase bonds (which keeps rates low). Many think rates will start to rise in the first quarter of 2010, and I tend to agree. If you’re looking to buy or refinance a home – now is the time to do it – not when rates are rising faster than a balloon with the imaginary six-year old boy in it. As of today, a 30yr fixed is in the high 4s/ low 5s and a 5 year ARM is in the low 4s. Rates can fluctuate based on equity in the home, credit scores, and type of property.

Motivational Quote of the Day
“I don’t measure a man’s success by how high he climbs, but how high he bounces when he hits bottom.” – General George S Patton

Say What?
The worst may be behind us economically, but they are still abnormal. In a recent speech, Bill Dudley (head of the Federal Reserve Bank in NY) said of the economy, “It’s a bit better, but very far from best.” (ripping off that quote word-for-word that my 10th grade Spanish teacher said to my mom). He picked on banks that are reluctant to lend money – and he’s right. Three years ago if you had a pulse, or even pulled off a Weekend at Bernie’s, you could get a mortgage. Now? Underwriting has tightened to the point where even some qualified borrowers are getting denied loans. I think this abnormal/ unrealistic bar-setting by the underwriters will loosen, but not until the banks are back on secure ground. When will that be, Mortgage Fans? Well, loan losses probably won’t peak until late 2010 and banks are likely to keep failing until at least 2011 – so my best guess is that things will be back to semi-normal between 2012 and 2016 (when Rio fails miserably at the Olympics).

Motivational Quote of the Day 2
“I don’t want you to be the guy in the PG-13 movie everyone’s really hoping makes it happen. I want you to be like the guy in the rated R movie, you know, the guy you’re not sure whether or not you like yet. You’re not sure where he’s coming from, okay? You’re a bad man. You’re a bad man, Mikey.” – Trent (Vince Vaughn), Swingers (1996).

Timeout for Trivia
Congrats to those of you last week who correctly guessed Pulp Fiction (and to Nicole for once having John Travolta as her baby sitter). Since budget cuts are all around, I am now cutting back on the Starbucks – so here’s the deal: guess today’s Who Am I? question correctly and you will be entered in a raffle to win a $20.00 gift card. Good luck to all: “I turn 53 today. I am a novelist, actress, and princess. When I was two my dad left my famous mom (Debbie Reynolds) for Liz Taylor. I was once engaged to Dan Aykroyd, but left him for Paul Simon. I am the only known actress to star in movies with both Belushi brothers (Blues Brothers with John, The Man With One Red Shoe with Jim).

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