It
is 5:30AM and I am completing my newsletter as early as possible as I have not
heard the exact time the world is going to end today. It may be a day long process so I just wanted
to get a head start in case the world demise starts early this morning. (In the event that the world does end today,
my newsletter next week may be delayed)
Despite
the impending doom that is expected today by some, the rest of us are going
about our business all week as if nothing is going to change. Speaking of nothing changing, our “do nothing
government officials” continue their inability to come to an agreement on a new
budget, which means that the likely hood of the country going over the fiscal
cliff is very high.
Just
when you thought the political posturing was going to stop because the election
is over, our elected officials are at it once again. The Republicans are sending a budget for vote
to the Republican controlled House of Representatives which is 100% guaranteed
never to make it into law. The House
will likely pass the bill, but the Democrat controlled Senate is almost a
shoe-in to reject it. Even if by some
miracle it does pass the Senate as well, President Obama has guaranteed to Veto
it.
I
mentioned the word “posturing” in the previous paragraph. This move to send the bill for a vote by the
Republicans is designed to do one thing and one thing only….get the Democrats
to reject the budget proposal so the Republicans can lay blame on the Democrats
for the country going over the fiscal cliff.
(The next presidential election is not for 4 years yet the political
nonsense is already starting? – Actually it never ended, it is just a
continuation of the garbage that went on before the election)
Please
understand I am not making a political statement for either party, I am just
discussing what is happening and that even if the world does not end today, we
can be rest assured that our elected idiots will make sure that financially we
are going to feel an enormous amount of pain.
The
housing market continues to buck the trend of almost every other area of the
economy. While most economic indicators
and reports are showing the country heading in the wrong direction, housingcontinues its upward trajectory.
Home
builders are reporting the best conditions in more than five years, based on
the housing market index which keeps on improving. This index is up now for eight months in a
row.
An
easing in the number of distressed properties on the market is also providing the
housing market a boost with the latest existing home sales report showing a
jump of 5.9 percent in November. In
addition, the number of distressed sales is down to 22 percent for the month
which is 2 percentage points lower than in October.
JJ Mack
916-517-1800
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