Robin Camacho
Las Vegas Real Estate
David McKee
Stiffs & Georges
Jean Scott
Frugal Vegas
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Posted At : January 23, 2008 10:06 PM | Posted By : Administrator
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Thanks to Brandon Foor for this interesting note:
"The Fed’s 75 basis point emergency cut yesterday has lowered local 30-year fixed rates in the Las Vegas area into the 5.5% range. These are some of the lowest rates seen in quite some time. While this is good news for consumers, it’s even better news for banks.
This allows major banks across the country to refinance their own debt and issues. Also, major reinsurers have suffered massive losses across the globe. Earlier today, Berkshire Hathaway bought a 3% stake in Swiss Re. Why does this matter? Because Warren Buffet knows when to invest in financials (Wells Fargo 5 years ago) and reinsurers (Swiss Re today). Hathaway commented this $812 million dollar investment will assume 20% of the reinsurer’s property and casualty business for the next five years. It’s not stated, but Hathaway will expect a 300-500% return on this investment.
Smart investors are bottom fishing in financials. The stock market has been down over 1500 points since January 2. How many times have you heard subprime with this drop? None. It’s a liquidity problem, and the Fed realizes this.
This will not be the last time the Fed cuts rates in the next two months."
Anthony Washington sent me his daily rates today. (Some of my clients know Anthony as the mortgage genius that I refer my clients to. I'm a licensed mortgage officer, but I am so busy with real estate sales that I arrange financing for only a handful of my clients.) Anthony's knowledge in structuring mortgage portfolios has helped many of my clients finance their personal and investment homes. And he's a funny, funny guy...who knows his stuff. I was amazed by the rates...in the low-5s.
I spent an hour calling my friends and family to tell them to look into refinancing today. This is my heads-up to my clients! Whether or not you are ready to take money out to buy your second or investment home, it's a great time to refinance your portfolio!
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