This morning, an inflationary telling report came out called the Core Personal Consumption Expenditure (PCE) Index. This report is one of the large contributors to determing the Fed Funds Rate movement and it came in at 2.2%, just higher that the 2% the Feds like. Nothing to worry about by itself as it showed more moderation of inflationary pressures.
The problem is another part of the report which measures the spending habits of Americans, called the personal savings rate. This number came out in the "scary" range at a rate of negative 1.0%. WHy is that scary? It is the lowest rate since 1933, during the Great Depression. Something has got to give.
I look at the numbers and all I can say is it clearly shows that Americans need to find themselves a true mortgage planning professional, one that demonstartes their ability an knowledge, and find a way out of the hole people have dug, or are digging for themselves. There are a few here, both certified and not, that I would highly recommend.
For the non-mortgage planning professionals out there, I would suggest you align yourself with someone in your area to provide added value to your clients. By having a true mortgage planning professional that can help your clients own real estate the correct way and use their mortgage as a financial tool, it will reap more business for you.