The MBS market has had three great days on the market gaining over 100 points. This morning it opened weaker, but since has started to pare some of its losses. The stock market has taken a beating as of late and is holding onto a modest gain right now. The Fed speaks today about the economy and its thoughts on where it is headed and what they should do about it. The rumor mill is all a buzz saying we could see a QE3. I am not sure that is a great answer, I feel that my none of my decedents, no matter how many greats you put in front of their names will be able to get out of the hole we are digging right now.
My concern is not only the hole we are digging, but I believe Greece is the tip of the iceberg in Europe and who is going to be able to save us all? China is on hold...they can't be the white knight for everyone.
There is a silver lining, home prices and mortgage rates are significantly lower than we have ever seen. Those who are working and are able to pay rent everyday, should really look at the idea of purchasing a home. There are loans available with little to no down payment if you fit the guidelines. A home is an amazing investment and for those who have the dream of one day owning their own home, now is the time to try and make that dream a reality.
If your credit isn't perfect, don't let that stop you, talk to a professional (like me) to find out what you need to do, and get yourself on the right track. Procrastinating just makes everything worse. (A friend of mine told a group that yesterday, and she was so right!)
I'll keep you posted on the QE3 announcement...
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