For Real Estate Professionals Seeking a Market Edge
Bernanke Urges U.S. to Cut Budget Deficit
On Monday, Federal Reserve Chairman Ben Bernanke called for the United States to whittle down its record-high budget deficit and for China to encourage increased spending by its consumers, insisting that such measures would help reduce “global imbalances” or uneven trade and investment flows among countries that initially contributed to the ongoing financial crisis.
The Chairman's remarks to a Fed conference in Santa Barbara, California came after the government said Friday that the U.S. budget deficit reached $1.42 trillion for the period ending September 30th. The previous year's deficit was $459 billion.
Bernanke's comments followed pledges made by leaders of the G20 Summit who met in Pittsburgh only weeks ago, confirming their collective push to reduce global imbalances, including the dangers of Americans saving too little and those in the Asia-Pacific region saving too much.
Some improvement has been made in such areas but more progress is needed, Bernanke said. Money from countries with trade surpluses like China has flowed into the United States, a factor thought to have contributed to the low interest rates that helped feed the U.S. housing bubble. Red ink from the budget deficit reflects costs of spending on the wars in Iraq and Afghanistan and on fighting the financial crisis at home. It is also impacted by the bite the recession has had on tax revenue, which plunged dramatically.
We will keep you posted…
$1,400,000 Multi-Tenant Industrial Loan Quote
This week, Penstar obtained a refinance loan quote on a 22,000-square foot multi-tenant industrial building in Southern California. The current loan on the Class C property ballooned earlier this year. The new 5-year loan will offer the borrower three fixed rate options of 2, 3, or 5 years at a fixed rate of interest on a 25-year amortization schedule. Coupons start as low as 6.3%. Proceeds allow for all refinance costs beyond the current loan payoff. To learn more, please contact David Stepanchak at (818) 883&345:9611 or DStep@PenstarAdvisors.com.
Helpful Humor
The best antidote for those challenging transactions is to take a moment to have a hearty laugh. Helpful humor is our way of infusing laughter into your work-week
“Beginner's Luck” The new student teed up and smacked the ball straight down the fairway, onto the green, stopping inches from the cup. He turned to his speechless instructor and asked, “Well, now what?” The silent pro glanced at the elderly man, eventually gathering his composure and offered, “Uh, sir, the goal is to hit the ball into the cup.” The retiree stared back at the instructor, exasperated. “Great, now you tell me!” |
30
Day Libor |
10-Year
Treasury |
Prime |
0.32% |
3.74% |
3.25% |
Penstar Realty Advisors can be reached at (818) 883-9600.
Our offices located at:
21700 Oxnard Street, Suite 1870, Woodland Hills, CA 91367