Yesterday the Dow hit an all time record high of 14,087 and much of media along with the business community was surprised. After all, the media has been fixated on the demise of the mortgage industry and how bad the middle-class is reeling.
Perhaps the investment community has let wisdom and insight take hold.
Fact is that more than 97% of homeowners today are sitting on fixed rate loans and not affected by any climbing interest rates or balloon loans. And a fair share of the other 3% are qualifying and switching to a fixed interest rate that is lower than their flexible and interest-only rates.
Better yet, 71 million Millenniums (not a typo!) are moving through our high schools and colleges and entering the job market and are seeking out their place to call home sweet home.
The media doesn’t seem to want to tell that story. Nor the “head in the sand” real estate agents!
Is the 4 bedroom/3 bath/1 acre lot subdivision house the dream home of the Millenniums?
I don’t think so.
With some innovative thinking, cool design and smart marketing, there is a need surge that will drive the Dow even higher…and maybe the real estate agent will be seeking advice from the “born again” travel agent of the 1990s.
Go Wall Street!
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