The results are in. The Labor Department reported this morning that more jobs were lost last month than expected and the Unemployment Rate climbed higher than expected to 10.2%.
In other news, both the House and Senate have passed the Homebuyers Tax Credit bill and it now awaits President Obama’s signature, which is expected today or tomorrow. The bill extends the tax credit for first-time homebuyers, as well as opens it up to current home owners. Contact me for more information if you have questions or would like to see if you can benefit from the tax credit.
Leonard Winslow, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Friday, November 6, 2009
Market Comment
Thursday, November 5, 2009
Market Comment
Stocks are rallying higher this morning. Although this would normally add selling pressure to Bonds, they are starting the day near unchanged levels.
Yesterday, the Fed issued its Policy Statement without any big changes or surprises. In today's news, Initial Jobless Claims was reported lower than expected and at the lowest reading since the first week of 2009. Continuing Claims also dropped, but this is likely due to benefits expiring rather than people finding jobs.
Despite today's better-than-expected numbers, tomorrow's official Jobs Report will probably indicate continued weakness in the labor market, with the unemployment rate likely nearing 10%. Bonds are currently holding their own; therefore, I recommend floating as we await tomorrow's report.
Leonard Winslow, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Monday, November 2, 2009
Mortgage Market Comment
Mortgage Bonds have opened the week near an important technical level while Stocks have been improving.
There are no Treasury auctions this week but there are several important potential market movers, including the Fed Meeting and Monetary Policy Statement on Wednesday, the Jobs Report with unemployment rate figures on Friday, and an expected final vote on the extension and expansion of the first-time homebuyer tax credit.
I recommend floating for now, but I will let you know if the news of the day or technical factors require a change of course.
Leonard Winslow, DominionTrust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Friday, October 30, 2009
Your Daily Dose from DSNews.com
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DSNews.comKeller Williams Realty
540-250-3275
roballeyrealtor@gmail.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.robsellscharlottesville.com
Oh, by the way, I am never too busy to work any of your referrals.
Each Office Independently Owned and Operated
Licensed to Sell Real Estate in the Commonwealth of Virginia
Business Today: Futures dip after best day in 3 months
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Futures dip after best day in 3 months
Economy growing again
Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.robsellscharlottesville.com
Oh, by the way, I am never too busy to work any of your referrals.
Each Office Independently Owned and Operated
Licensed to Sell Real Estate in the Commonwealth of Virginia
Thursday, October 29, 2009
Area’s H1N1 shot supply nearly gone, official says
Local health officials have enough swine flu vaccine left for only one more clinic. After that, they’ll be waiting on the national supply chain, with no clear idea of when more doses will arrive.
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New-home sales take unexpected tumble, dragging down stocks
Wall Street stumbled Wednesday as unexpected weakness in the housing market and a slide in oil prices weighed on stocks.
http://feeds.washingtonpost.com/click.phdo?i=a8e525fe04093630f300d0f93ce944ca
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The Color of Money: Report on debt collectors calls for reform
People dread getting calls from bill collectors. And it's not always because they can't pay. It can be a degrading experience, especially with third-party collectors who are overly aggressive, even threatening.
http://feeds.washingtonpost.com/click.phdo?i=ce4b9653f0019f30ac4ef9bba41b4954
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Home sales fell unexpectedly in September
New home sales fell unexpectedly last month, according to government data released Wednesday, a potential reflection of the waning impact of a tax credit for first-time home buyers.
http://feeds.washingtonpost.com/click.phdo?i=fb508cb462c5f2ea6cdd280f01c45852
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Stimulus dollars going to accused contractors
President Obama and members of Congress told federal agencies earlier this year to avoid awarding funds under the American Recovery and Reinvestment Act to contractors with troubled histories of work for the federal government.
http://feeds.washingtonpost.com/click.phdo?i=f5df3893c83c709036a7ecf879ead7a6
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In China, too, a health-care system in disarray
BEIJING -- Shen Baohou, 72, who once worked for a hydropower station in Sichuan province, has a serious heart problem, and he -- and his children -- are paying for it dearly.
http://feeds.washingtonpost.com/click.phdo?i=21253ac66b3e2f6ef6a2840e007de029
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Washington region unemployment rate rose to 6.2 percent in September from 6.0 percent in August
The unemployment rate in the Washington region rose to 6.2 percent in September from 6.0 percent the month before, according to government data released Wednesday, even as area recruiters report that for the first time this year they're seeing growing interest in hiring by some employers.
http://feeds.washingtonpost.com/click.phdo?i=dddf6a6363303bf22b13ebba76a1cf84
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Charitable Gifts to Drop 9% in 2009
Charitable donations to major nonprofit group are expected to decline 9% this year-the steepest drop since the publication started keeping tabs on giving 17 years ago.
The Chronicle of Philanthropy said giving to the 400 largest nonprofit group-–including prominent universities, hospitals, and foundations-actually rose 1% in 2008. But because of the lag-time involved in charitable gifts, the brunt of the global financial crisis will be felt this year. It said 2010 may also be lean.
"These are the most successful charities," said Stacy Palmer, editor of the Chronicle of Philanthropy. "If they are going to see a decline of 9%, the smaller, scrappier charities that don't have all that going for them are going to be having a much harder time."
She added that "It's going to be at least two more years until there's real recovery" in the sector, she said.
That sounds about right. Unless, of course, the stock market continues to soar. Or the expected changes in charitable tax deductions result a surge in gifts now by wealthy hoping to get as much credit as possible for gifts. But for now, charitable giving is likely to suffer from the same problems as the luxury business-too much uncertainty, and too much lost wealth among the wealthy.
http://blogs.wsj.com/wealth/2009/10/27/charitable-gifts-to-drop-9-in-2009/
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Hedge Funder Buys World’s Largest Sailing Yacht
At least someone is buying megayachts.
(Courtesy of Burgess) The Falcon's main salon.
Wealth Report readers will recall the August sale of Maltese Falcon, the 290-foot square-rig-and the largest private sailing yacht in the world-that was built by venture-capitalist Tom Perkins. At the time the rumored sale price was around $90 million to $100 million.
Since then, there have been all kinds of rumors about the buyer. Initial reports said the buyer was Russian. Other reports said it was a British hedge funder.
Wealth Report can now confirm an unsourced report on Yachtpals, that the buyer was Elena Ambrosiadou, founder of the hedge fund Ikos Partners.
The sale price: $120 million.
Through the yacht broker on the deal, Ms. Ambrosiadou confirmed the sale and the purchase price. She shies away from the term "owner" (even though she bought it) preferring to call herself the "caretaker" of Mr. Perkins' unique creation. The yacht is still available for charter through Burgess, the broker on the deal, for 378,000 euros a week, or roughly $550,000.
So who is Ms. Ambrosiadou? Media reports from 2008 say the Greece-born hedge funder was the highest paid woman and wealthiest female entrepreneur in Britain. The British press estimated her net worth last year at 200 million pounds ($327.5 million), though she is probably worth far more if she could afford to plunk down $120 million for a boat.
She recently moved her fund to Cyprus, according to press reports, to avoid Britain's new tax increase and rules for nondomiciled residents. Her fund strategy is reportedly based on computer trading models.
Beyond that little is known. Yacht industry insiders say they don't recall Ms. Ambrosiadou ever owning a yacht before-or even a small vessel. But since she was born and raised in Thessalonika, I would guess she knows her way around a sail boat.
Besides, Maltese can be sailed by computer, which should be a breeze for its new owner.
http://blogs.wsj.com/wealth/2009/10/29/hedge-funder-buys-worlds-largest-sailing-yacht/
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Will the Rich Evolve Into Different Species?
The rich have already created their own country. Are they about to create their own species?
Futurologist Paul Saffo says rapid advances in biotechnology will enable people to grow their own replacement organs, take specially tailored drugs and use robots and artificial limbs to live longer.
But, he says, the advances will be affordable only by the super-rich. That raises the prospect of a new, biological divide between the classes, with the "rich evolving into a different species entirely, leaving his not-so-rich counterpart behind."
"I sometimes wonder if the very rich can live, on average, 20 years longer than the poor. That's 20 more years of earning and saving. Think about wealth and power and the advantages that you pass on to your children."
This is, of course, a disturbing and somewhat shocking prospect. Our wealth divide could become a health divide, which would further increase the wealth divide.
But is it realistic?
For one, we already have a health divide, where the wealthy receive (on the whole) much better care and technological benefits than the nonwealthy. Indeed, they have enjoyed better health care for centuries, and they have yet to form a race of super-rich cyborgs–-in part because the wealthy in America is a fluid and rapidly changing group.
What is more, advances in health care have tended to spread rapidly from the rich to everyone else. Just like computers, gadgets or cars, health-care technology that at first is priced solely for the wealthy is quickly scaled to larger markets and sold en masse.
Still, we have never seen the potential for bio-tech advancements like we see today coupled of course with growing global inequality.
Do you think the rich will create their own super-race? And what would it look like?
http://blogs.wsj.com/wealth/2009/10/28/will-the-rich-evolve-into-different-species/
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