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22 January 2010: Money Morning raises an interesting point about home mortage interest income tax deductions and how it contirbutes to misallocated capitol in How to Empower Shareholders and Improve Corporate Management in Two Easy Steps: ...the elimination of income tax deductions for home mortgage interest and charitable donations. That will ensure that modest middle class fortunes will be invested in productive enterprises and not frittered away on expensive houses and wasteful charity.
20 January 2010: From Reuters comes the news that Intrawest lenders plan auction of its stake in resorts. Fortress purchased Intrawest in 2006 for $2.8 billion. A year later, in March 2007, Intrawest purchased the Steamboat Ski Area from debt-saddled American Skiing Co. for $265 million. Note that this relates to the ski area itself, and not the surrounding commercial and residential development. In fact, recent real estate closings at One Steamboat Place and Edgemont indicate robust demand for on-mountain properties, and the town is moving forward with its redevelopment of the base of the ski area. 15 January 2010: From Cumberland Advisors comes an interesting essay entitled The Fed's $1.25 Trillion Gambit. The following excerpt may indicate the future direction of interest rates: By becoming the buyer of last resort of mortgage paper, the Fed has supported the housing-market stabilization policy of the Obama administration and done so by printing money. The Fed's buying raised the price of those securities, which had the effect of lowering their yields from what they would otherwise be. Various analysts suggest that the approximate 5% Fannie conforming home mortgage rate would have been well above 6% if the Fed had done nothing. One Fed official (Boston Fed President Rosengren) suggested that the home mortgage rate will rise 0.75% when the Fed ends the program in March.
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