Well I hope everyone had a great Memorial day weekend. It is important to remember what our soldiers have done for our Freedom that can often be taken for granted.
May consumer confidence was just reported near a 16 year low. Soaring gas-oil prices, falling home prices and a weakening job market left people concerned about the state of the economy. Inflationary concerns are pushing mortgage bond prices lower which means rates are slightly up over the past few days. US. single family homes showed a delcine of 14.1% over the past quarter from a year ago. This is the biggest drop in 20 years! Are we in the midst of a recession? I believe we are and so does Warren Buffet and Alan Greenspan. Greenspan thinks rates could increase over the next year or so to double digits. I am not sure about that, I sure hope they don't!
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