The Stock Market Is At All Time Highs, Gold Is Being Kept Down, Many People Are Unaware Our Country Is Broke And The Entire Economy Is Collapsing
September 11th, 2013
Russia has handed the US their proposal for Assad to hand over his chemical weapons under international control. The President’s speech was all about war. The central bankers/US government want to get into Syria and Iran. They need to get both countries on the US dollar and take control of their natural resources. Meanwhile the stock market is at all time highs and gold is being kept down so not to make to many people aware the entire economy is collapsing.
Prepare For Tough Times If Your Job Has Anything To Do With Real Estate Or Mortgages
If you have a job that involves building homes, buying homes, selling homes or that is in any way related to the mortgage industry, you might want to start searching for alternate employment. Seriously. Interest rates are starting to rise dramatically, and mortgage lenders such as Bank of America, Wells Fargo and JPMorgan Chase are all cutting thousands of mortgage-related jobs. Last week, mortgage refinance activity plunged to the lowest level that we have seen since June 2009 and total mortgage activity dropped to the lowest level since October 2008. Unfortunately, this is only the beginning. Mortgage rates closely mirror the yield on 10 year U.S. Treasuries, the the yield on 10 year U.S. Treasuries has nearly doubled since early May. But it is still only sitting at about 3 percent right now. As I have written aboutpreviously, it has a ton of room to go up before it hits “normal” historical levels, and so do mortgage rates. As I noted the other day, some analysts believe that the yield on 10 year U.S. Treasuries is going to hit 7 percent eventually. If that happens, mortgage rates will be more than double what they are today. And we have already seen the average rate on a 30 year fixed rate mortgage go from 3.35 percent in May to 4.57 percent last week. If interest rates continue to rise we could be heading for a “housing Armageddon” that will make the last housing crash look like a Sunday picnic.
Are you starting to get the picture?