The Nut Behind The Wheel
Driving Quote of the Day: “If GM had kept up with technology like the computer industry has, we would all be driving $25 cars that got 1,000 MPG.” – Bill Gates
Didja Know…? Mortgages are a lot tougher to get now than they were back in the early 2000s, but let’s all just be thankful we aren’t buying homes in France. If you want to get a mortgage in France you will need all the paperwork, PLUS pass a physical examination. Yep, a full physical (and men over 40, this includes prostate check)! The government there wants to make sure that not only can you make the payment every month, but also that you will live to make the payment each month. If it weren’t for them giving us the Statue of Liberty I would say France is really uncool. (Actually…let’s make it official. The French are uncool.)
News out of the euro zone continued to focus on Spain’s debt problems. The S&P downgraded Spanish debt to one notch above junk, and many analysts consider the S&P report to mean that Spain is a step closer to requesting a formal bailout. What does this mean in English? If Spain’s debt crisis were a candy bar it would be the Zagnut or Whatchamacallit because no one wants to buy debt that unappealing. This means investors will continue to buy US debt which is considered a better risk – and that helps lower interest rates, Mortgage Fans! But uh…If Spain’s debt is a Zagnut, can we really call ourselves a Cadbury Crème Egg? Because last time I checked our debt was in the trillions. Oh how I miss the days when we were a Snickers or Kit-Kat.
Interest rates are still beautiful, with the 30-year fixed in the low-to-mid 3s, and ARM rates about a point lower. Want to be someone’s hero? Let them know that for any purchase or refinance loan over $240k I will waive all lender fees – a $1,295 savings!
Driving Quote of the Day 2: “Ever notice that anyone going slower than you is an idiot, but anyone going faster is a maniac?” – George Carlin
Timeout for Trivia: Congrats to those who guessed Bruce Willis last week. Want to be entered into a drawing to win a Mickey Mouse Pez dispenser, limited edition (only 7 million made)? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “You want to know the first rule of Barry’s Blog?* Before you answer that you may want to know a little bit about me: Like how it was this week in 1999 that my movie opened up with a costar who told his real-life wife that he’d rather be friends (yeah, that’s a play on words). In my films, I’ve been a lawyer for a porn king and once had a gigolo for a lawyer. And no, I don’t have a friend who I call Ralphie-Boy.”
*The first rule of Barry’s Blog is that you talk about how much you love Barry’s Blog.