They're giving a few more dollars to people who have home equity credit lines, which is really about the only place left where the Fed is helping. We're really not talking about a whole lot of impact.
More Quotes from Joel Naroff:
Because it was such a big change, out of the blue, my caution is just to say, let's wait a second, ... Maybe we should sit back, digest this number and see what comes of it.Joel Naroff
Consumers may have throttled back a touch in February, but given the weather and all they had spent the previous few months, we cannot conclude that consumption is faltering.
Joel Naroff
All those speculators who had a great thing going for a couple of years have begun to bail out. The demand is dropping and supply is rising. Unless something happens soon to correct the supplydemand imbalance, prices are likely to decline in the near future.
Joel Naroff
Five years ago, people thought 6 percent unemployment was darn well getting to full employment, ... Even if hits 6 percent, we still have 94 percent of the labor force working.
Joel Naroff
This is it for the major data this year and only the window-dressers will likely care. And their moves are for show and dough, not for fundamental reasons.
Joel Naroff
Demand is likely to remain strong for a while. Households know bargains when they see them, and they assume mortgage rates like these may not be around for a long time.
Joel Naroff
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