Page 10 - July 2020 Issue.indd
P. 10
DOLLARS AND SENSE by Tolbert Rowe
A Year That Will Live in Infamy
“A Day that will live in Infamy”, original Here we are, half way through 2020 with rates were considered low, but the real
words used by Democrat President over 40 million workers unemployed estate market was slow. During these
Franklin Delano Roosevelt to describe and in many cases tempted to stay times unemployment had increased to
the atrocity of the Japanese attack on that way by $600 per week of Federal more than 6%. I observed during these
Pearl Harbor December 7, 1941, is eerily government benefits that, when added times that there was a lack of fi rst-time
an appropriate description of the year to state paid unemployment benefits, homebuyers. Worried that the threat
2020. And it is barely half over. mean a pay raise for over half of the of unemployment would hinder their
workers receiving the benefits. But being ability to service a long-term debt like
Enjoying the benefit of a soaring economy
laid off and hungry during a Pandemic a mortgage payment, they delayed their
with a record number of Americans
is a tragedy and something had to be decision to buy. Renting a home is less
gainfully employed, President Trump
done. Equal blame goes to liberals and of a commitment.
began the year enjoying the adoration
conservatives for poor leadership.
of his supporters at political rallies Without first time buyers you cannot
all over the country and the scorn of But here we are. The stock market have move up buyers. I have assisted a
his detractors, while enjoying life and has nearly returned to pre-Pandemic first-time buyer that was the fi rst domino
playing as much golf as he could feasibly levels, interest rates are bouncing along that needed to fall for two, three, or
fit into his schedule. at historic lows, homes or apartments even four other transactions to come to
for rent are scarce and when they do fruition. For the very reason a person
But much like at Pearl Harbor, we
become available rental prices have makes the decision to purchase their fi rst
suddenly came face to face with an
increased 10-20%. And among the home, established homeowners sell and
enemy whose intent is to kill. But
paranoia of living and moving during a move on to other homes; a comfortable
instead of being a killer that you can
pandemic, homes are selling at rates not place to live and the opportunity to
see, Coronavirus thrives where it
seen in years. Which makes little sense build equity and a place to live rent or
cannot be seen. No matter how much
considering so many are not working mortgage free by the time they retire.
the President denied its prevalence and
and many who are working have seen
severity assuring Americans that by June But here we are. During a pandemic,
their hours reduced or, if in commission
this killer will just sort of “go away”, it social distancing, protecting our
sales, smaller paychecks because people
hit swiftly. Confident he had done all mouth and nose to not infect others
just are not spending, supposedly.
that was necessary by blocking fl ights while unknowingly being infected
into the U.S. from China, the President One of the theories I have come up ourselves, and hand washing and using
emceed daily briefings assuring all of with from my 35 years in the mortgage hand sanitizer until our skin cracks.
us that “we will beat Covid 19”. Four business is that unemployment is a Cautiously moving about in our world
months later we are nearing 117,000 major factor that impacts the real constantly aware that anyone we come
lives lost to Covid19 nationwide. estate market. I have observed that in contact with could be the reason we
there have been times when interest have to go into solitary confi nement in
our own home, or maybe worse, end
up in a hospital; alone, without human
contact with our loved ones.
“Your Mortgage Consultant Since 1985”
Adding to the trials and tribulations of
Purchase or Refinance adjusting to Pandemic Life comes the
heinous, senseless murder of George
Floyd by a rogue police officer. This
was not the first questionable killing
of an unarmed black man by police
officers. But this was different in that
115 E Dover St. Ste 3 - Easton, MD it was not over in a fl ash. There was no
tolbert@baycapitalmortgage.com C. Tolbert Rowe, incredulous second guessing of “what
www.baycapitalmortgage.com NMLS Vice President/Lending could he possibly have been thinking
182844
during that instant?”
410-819-3005 / cell 410-310-3520
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