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The debt ceiling will be raised – let’s dance

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The debt ceiling will be raised – let’s dance

Speaker McCarthy: Debt Ceiling Agreement Reached 'in Principle'

The debt ceiling will be raised – let’s dance well – soon.

It’s not passed yet but this is earlier than I expected so hopefully they can get it done in time.

Mortgage rates are like gasoline prices though – quick to go up, and sloowww to come down.

If they can pass this by Wednesday/Thursday and rates improve a little by the weekend, we might get a surge of buyer interest over the next couple of weeks. Home buyers who want to get into their new house before school starts need to secure something soon because many if not most sellers need a 30-60 day rentback after close – which after you count a 30-day escrow, it means that many buyers are already scheduling to pick up their keys at the end of summer.

I think there are waves or surges in the market, and not in a cosmic way. It’s just natural that some weeks are better than others for pursuing a new home, and people work in their searches around holidays and other family/work obigations. It would make sense that the same market forces are affecting the entire buyer pool in a similar direction.


It’s August 2 and many thought today would be the financial market Armageddon – if we didn’t raise the debt ceiling by this date. Well, it looks like the debt ceiling will be raised and now the world markets can dance.

But don’t dance too much. We still have a few problems. The economy only grew about 0.8 percent in the first six months of the year. Twenty-five million Americans could not find full-time jobs as of July. Little remains of the federals stimulus money. The price of a gallon of gasoline has doubled since 2008. Millions of foreclosed homes remain empty.

File Under: Kick the can down the road

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