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To: chaz who wrote (61257)	9/11/2002 11:41:09 PM
From: chaz	Respond to of 77399

Chaz...note to self. Keep an open mind, pay attention to other's views, weigh evidence when factually presented, otherwise no. Mortgage Bankers applications and refinance indices jumped to record highs in the week of Sept. 6. Understandably, that means very little on a day like today, yet it would be remiss not to mention that it is good news for the economy and the stock market. How so, you ask? In short, continued strength in the housing sector bodes well for continued strength in consumer spending as new home purchases typically generate subsequent purchases of related goods and services that augment the home's appeal. Additionally, the increase in mortgage refinancings is particularly encouraging as it will not only help bolster consumer balance sheets through lower monthly payments, but also add to spending activity with cash-out financing arrangements. The concurrent strength in applications and refinancing activity is a clear reminder, too, that existing, and prospective, homeowners are recognizing the benefit, and opportunity, that is embedded in fixed-term mortgage rates being at multi-decade lows. Combined with relatively low levels of unemployment and attractive financing offers, the renewed surge in refinancings and the continued strength in new home purchases, are among the more convincing reasons why Briefing.com does not expect there to be a significant fall-off in consumer spending. Accordingly, we are not in the camp that is expecting a double-dip recession.-- Patrick J. O'Hare, Briefing.com