October 6th, 10:00 p.m. I'm reading the financial blogs. Not the screaming fluff, but blogs with gravitas. (Thought that word was going away, did you? Ha!) Bloomberg. Fox Business News.
They're speculating that the $850 Billion spending spree by our Congress won't do the job, and that globally, interest rates are coming down. I have two thoughts about that:
- Cheap money is no good if banks won't lend it to you. Blood thinning drugs can't help a patient with blocked arteries.
- Buying anything, and especially real estate, has a psychological component that negates the lure of cheaper money. We humans want to be doing what the rest of the herd is doing.
If you wouldn't buy at 6%, would you buy at 5%? 4.5%?
What number would make you leave the herd and ride the other way?
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Think of me as your local expert.
