Richard Sweum : Sandy, Barry, Willard and the Realtors (new folk music group). Market Update.
It is a habit. Any time an infomercial comes on after 10pm that is related to a genre of music of a by-gone era I get sucked in. Of course, they only play the first line of the memorable chorus, but that’s all it takes. I get mesmerized wondering what happened to the group, why were they only able to come up with one anthem, or, the larger question what “makes an anthem” and could I write one. That’s how my brain works, random associations. Typing the title of my ramblings today, got me thinking of about odd names for musical groups… Buffalo Springfield, Alcoholics Unanimous, The Bourbon Tabernacle Choir, etc.
So…
Sandy… What a wild storm, stay safe, buckle up. Couldn’t have happened at a better time from the standpoint that it will provide some relief in having to suffer all of the political news coverage 24/7. Eight days to go, it will all be over (hopefully not a 2000 repeat) and we can get back to the business of business. From an economic impact, big storms/natural disasters have both negative and positive impacts on the economy. It you own a roofing company and a massive hail storm causes $50m in damage to commercial and residential structures, you are loving life! If you are in the insurance industry, bummer…the profit margin determined by your actuaries just got smaller! It’s all a matter of perspective.
Barry & Willard… be careful what you wish for if you are in the real estate or lending business. As far as I can see it, a hands down “win” is not guaranteed by either choice. Be careful what you wish for because you get the whole darn package…not just the shiny ornament on the tree that looks appealing to you! More on this later.
The Realtors… many folks complain about how much $ realtors make. Few understand the reality that there are reasons why they make so much money…Sundays, Saturdays, weeknights, deals that don’t close, buyers that waste their time and sellers that think their roofed box is worth more than the one next door! I came across this video from a AZ news station that is a little troubling and is something that I have seen personally here in Washington State. On a short sale, the lender/agency who is being shorted has to approve the purchase price…apparently, it is legal to “raise” the agreed to sales price of the home after a contract has been signed around. Seems fishy, but I remember being dumbfounded at seeing a counter offer that was higher than the initial counter offer, with less seller concessions to closing costs.
azcentral.com video: Fannie Mae pushing prices?
www.azcentral.com/video/1867165214001
Strange days indeed! This week is also a mega-earnings report week, so if the markets re-open this week after Sandy passes, there is bound to be some volatility. Also out this week is Case Shiller home price index and some employment #’s as well…should make for good political fodder over the weekend.
Richard Sweum : Sandy, Barry, Willard and the Realtors (new folk music group). Market Update.
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