For Real Estate Professionals Seeking a Market Edge
Bernanke Claims Lasting Recovery Too Early to Declare
In a recent address to the Economic Club of Washington, Fed Chair Ben Bernanke stated that “We still have some way to go before we can be assured that the recovery will be self sustaining.” Bernanke reiterated his belief that economic recovery will continue at least into next year; but he cautioned that the economy is confronting some “formidable headwinds;” including a weak job market, cautious consumers, and still-tight credit. Such forces “seem likely to keep the pace of expansion moderate,” he added. Some private forecasters continue to worry that the recovery could fizzle late next year as government stimulus fades.
A cautiously optimistic Bernanke said he expects “modest” economic growth next year; which should help push down the nation's unemployment rate -- currently at 10 percent -- “but at a pace slower than we would like.” Under one Fed forecast released last month, the jobless rate would remain stubbornly high next year -- ranging from 9.3 to 9.7 percent. The Fed has warned that it could take five or six years for the job market to return to normal. To nurture the recovery, the Fed has kept rates at the record near zero low for the past year; and the central bank is widely expected to announce their maintaining those existing low levels at its two-day meeting beginning on December 15th. By doing so, the Fed hopes to entice consumers and businesses to boost spending, which would aid recovery.
We will keep you posted…
International Development Company Seeking to Acquire Hotels
Penstar is currently working with an international development company seeking to acquire failed full-service hotel and condo projects located in the Western United States. This investor will consider the purchase of non-performing notes as well as commercial real estate. The company is an all-cash buyer looking to purchase properties ranging from $10 million to $50 million. For more information, please contact David Stepanchak at (818) 883-9611 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
“Set it Free” If it comes back, it was and always will be yours. If it never returns, it was never yours to begin with. If it just sits in your living room and messes up your stuff, eats your food, spends your money, and never behaves as if you actually set it free in the first place -- you either married it or gave birth to it! |
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