Many agents, and others in the industry, ask about re-setting ARM loans. Hopefully you can see this graph below, showing ARM resets. If you can’t, they climb from here through next year, and then drop dramatically. Now, if only a) the properties haven’t gone down in value, and b) the borrower has kept their credit clean…

The mortgage company news du jour is that FHLMC is cutting its dividend by as much as 50%. They also announced a third quarter net loss of $2 billion.

Aside from that, U.S. home construction starts were up 3% in October, the biggest monthly gain in eight months, but building permits were down 6.6% to a level not seen in 14 years. After that rates are slightly higher ahead of the publication of the minutes from the October FOMC meeting later today. There is speculation that today’s FOMC meeting minutes will touch upon inflation increases and will dishearten those hoping for a string of Fed rate cuts. It definitely feels like a holiday weekday!

WISDOM - FROM THE MILITARY MANUAL

"If the enemy is in range, so are you." - Infantry Journal

"It is generally inadvisable to eject directly over the area you just bombed." - U.S. Air Force Manual

"You, you, and you ... Panic. The rest of you, come with me." - U.S. Marine Corp Gunnery Sgt.

"Any ship can be a minesweeper. Once."

"Never tell the Platoon Sergeant you have nothing to do." - Unknown Marine Recruit

"If you see a bomb technician running, follow him." - USAF Ammo Troop

"The only time you have too much fuel is when you're on fire."

"When one engine fails on a twin-engine airplane you always have enough power left to get you to the scene of the crash."

"Never trade luck for skill."

"Airspeed, altitude and brains. Two are always needed to successfully complete the flight."