California Housing Market News
November 4, 2007
Hello...
In addition to providing Residential and Commercial financing I offer wholesale pricing for ancillary services as well. It is my
goal to provide a "one stop shop" business for all your needs. Whether it is providing Residential and Commercial
financing, or furnishing your home with Window Coverings from nationally known manufactures at wholesale prices, I want
to be your personal contact. Here is a list of a few of the wholesale services I can provide..
Pest Control, Residential or Commercial, 18 years of experience...
Window Coverings and Installation, Blinds, Shutters, Silhouettes and more, Hunter Douglas and other top Manufactures..
Home Appliances and Installation. Dishwashers, Refrigerators, Stove's ETC..
LIMO Services, Special Pricing and Packages for my client only..
Please contact me for information or questions you might have..I appreciate your referrals..
Thank you,
W. Kevin McLemore
Senior Mortgage Consultant
iAmerica Capital Inc.
916-475-2339
888-312-0958 x719
www.iamericacapital.com
Market News.....
The truth about Paul Revere’s midnight ride (“The red coats are coming, the red coats are coming!”) has been debated for
years, thanks to the story created by Henry Wadsworth Longfellow in 1860, but one theory proposed by mortgage historians
was that Mr. Revere actually rode through the streets yelling, “The rate cuts are coming, the rate cuts are coming!” Although
he was a silversmith, he might have been alerting other originators about the direction of interest rates. Speaking of which,
now that you’re done rolling your eyes, . The market fully expects that the outcome of the 2-day meeting will be a rate
reduction – either to the overnight Fed Funds rate or possibly to the Discount Rate (as they did a few months ago). The
impact on mortgage rates remains to be seen (remember that after their last cut, rates shot up).
Are we heading for a recession? According to the UCLA economic forecasting group, only twice have we had this kind of
housing collapse without a recession, in 1951 and 1967, and both times the Department of Defense came to the rescue,
because of the Korean and Vietnam War. UCLA’s team, however, is not predicting a recession this time, instead believing
that factories and exports to pick up the slack. Factories? The only economic news due out today is Consumer Confidence.
And the media is filled with talk of a slow retail Christmas, high energy prices, and a volatile stock market, so the
confidence of the consumer, who makes up 2/3 of our GDP, is somewhat in doubt.
Company news? More on the First Bank withdrawal from wholesale lending: “It's with a great degree of sadness that I need
to inform you that effective Wednesday, October 31st, we will begin to take steps to cease operations in Irvine and Walnut
Creek . I understand fully the impact this decision has on each of your lives and as such, there has been a great deal of
thought put into it and one that I assure you has not been made lightly….” And supposedly the head of Merrill Lynch has
resigned, but his resignation not accepted, but they are seeing a withdrawal of money from their funds as investors’
uncertainty increases.
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