Yesterday in this space I wrote about the fact Denver had shed almost four percent of its jobs in the past year, and that interest rates were holding in the 5% range because you cannot have true economic growth without job creation.
This morning, the government reported that the nation's economy lost only 11,000 jobs in November, a 100k improvement from October and the lowest figure since June of 2007.
In response, interest rates have spiked significantly, wiping out three weeks of downward drift in three hours of frenzied trading and pulling us well off the record lows we were experiencing. If you are under contract and have your rate locked in, congratulations. If not, you might want to check in with your mortgage lender and have a conversation about strategy going forward.
For the past year, I have been looking over my proverbial shoulder, waiting for the impact of a trillion dollars in government stimulus to wash over the market and drive interest rates higher. I hope this is not the arrival of that tsunami.