US Mortgage Rates tied to Greece???
As odd as that sounds it is exactly whats been the MAJOR player, concern, in the market for the last several days. All eyes have been focused on Greece.
- Will they pass the austerity vote
- will they default on their debt
- what is going to happen to the country and its finances and that of the euro?
With so much swirling around its hard to believe that a country with a much smaller GDP than CA can play such a pivotal role but it has been.
I will get to todays news but more importantly want to ask this question...
"Why do you think this has been causing such an issue"?
Greece is a small country, obviously not tied directly into our economy (albeit we all work together in some aspect) but my opinion (and the 2.5 cents its worth) is there are eerily similar facets to our countries. We...
- both have huge amounts of debt to contend with
- economy's that are hurting
- high unemployment
- and MOST importantly, their government, like ours, is always trying to get into business when its job is to focus on governing.
My opinion is that the US is also going to face its day of reckoning and all eyes are focused on Greece to see what it did right, what it did wrong and learn from that so we can make more of the right choices to help rebuild our economy, increase employment, reduce our debt load and get back on the road to recovery.
With that said here is the rest of today's news...
The other factors driving markets are that the 2y and 5y auctions did not do that well earlier this week.
Its not all gloom and doom but it should be a RESOUNDING wake up call that there are opportunities in real estate all around us. And while we have solid financing still available and incredible 50yr low rates, the time to act is NOW as these will not be here forever and likely never again in our lifetime!