McCallum’s Musings on the Market – 2/10/2026

McCallum’s Musings on the Market!

• The Fed left rates unchanged at their January meeting.
• Reports indicate U.S. homeowners are underwater on their mortgages; highest since 2018 and up over 60% from the start of 2025. 
• Dictionary – in·fla·tion (noun) – the action of inflating something or the condition of being inflated. Economics – a general increase in prices and fall in the purchasing value of money. Purchasing power debasement (inflation) drains real wealth.
• CNBC- U.S. employers announced 108,435 layoffs for the month, up 118% from the same period a year ago and 205% from December 2025. The total marked the highest for any January since 2009. At the same time, companies announced just 5,306 new hires, also the lowest January since 2009.

McCallum’s Music Pick: Not the Same by Haunt

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Case Study

• Rancho Cordova, CA
• 5,000 SF
• Auto Recycling Industrial property
• 10.00% fixed interest rate for 1 year
• 70% of purchase price

John McCallum, Borrower’s Advocate, completed this $1,050,000 purchase financing requirement for an industrial property in Sacramento. Automotive recycling properties by definition are difficult to lend upon given the inherent environmental risk. The buyer required expedited funding to accommodate the seller’s timing requirement. Known for representing owners and investors in obtaining the best financing solutions, McCallum sourced and closed the loan within 3 weeks of the purchase agreement to provide the owners another opportunity to grow their industrial real estate portfolio.

Featured Article

U.S. OFFICE TENANT DEMAND IS BACK IN POSITIVE TERRITORY: Net absorption increases for the first time since 2019 – according to recent NewMark report. National vacancy rates for office are still high at 14%.