Briefly

I'm hot and heavy into finishing my presentation for the Homebuyer's Seminar tonight (two spots left - call Olivia at 8801-787-2162), so this will be fairly brief. I wrote a lengthy political diatribe yesterday over at the Chris Jones Group Blog, which if you are so inclined you might check out.

The markets absorbed the change in government with good equanimity yesterday, and at least in the bond market seemed to pay more attention to the Fed and the bond auction than to the election results from Virginia. Good thing, too, because unless the Democrats have radically changed their spots, some things you can expect are the repeal of the tax cuts, increases in the death tax and capital gains taxes, and a concerted attempt to pass legislation essentially nationalizing health care. Oh, and a windfall-profits tax on drug and oil companies. These are not things that the markets will like. And you won't like them either, no matter what department-store-window sheen they put on them.

But, as I said yesterday, the Republicans forgot why they were elected and it's their own fault.

Mortgage rates continue fairly steady at 6.125% on the 30-year.