Do you feel the economy getting better?

[The-Shoveler]

Typically people capitulate at exactly the wrong time (I think I read something about how we subconsciously self sabotage our future, interesting).

[5yes]

You’re right TG, as usual! My next door neighbor in Harveston will be selling their house (we both bought in 2009) and they have gotten two separate appraisals that show an 8-10% gain, without factoring in a bidding war. There are no other houses on our street for sale and we have an excellent location! I bought soon after you and at an even better deal then my neighbor, have enjoyed the lovely neighborhood, lake, and schools with a mortgage significantly less then current rent prices, mostly thanks to advice from this site and even from you! I usually lurk and don’t post often, but I wanted to jump on the optimistic bandwagon. If your friends are nice, tolerant of small children and willing to share their wine, I know of a home up here on the other side of the city that will be on the market in the next month or two 🙂

[scaredyclassic]

im feeling pretty bullish. i just bought 300 pounds of weights.

Shipped from china.

you’d think we’d be competitive with weights made in usa.

the shippings gotta cost something.

Bills are strong but bears are Also pretty strong. Maybe weights are bearish and bullish.

i also want to spend some money cause im getting back 5% on my debit card.

now i need a power cage.

and a new car. it dumped a lot of power steerng fluid on my nice driveway.

[sdduuuude]

I feel a whole lotta nuthin’ in either direction. Economy is plodding along – that’s what I feel.

[paramount]

[quote=5yes]You’re right TG, as usual! My next door neighbor in Harveston will be selling their house (we both bought in 2009) and they have gotten two separate appraisals that show an 8-10% gain, without factoring in a bidding war. There are no other houses on our street for sale and we have an excellent location! I bought soon after you and at an even better deal then my neighbor, have enjoyed the lovely neighborhood, lake, and schools with a mortgage significantly less then current rent prices, mostly thanks to advice from this site and even from you! I usually lurk and don’t post often, but I wanted to jump on the optimistic bandwagon. If your friends are nice, tolerant of small children and willing to share their wine, I know of a home up here on the other side of the city that will be on the market in the next month or two :)[/quote]

You may have more reason to be optimistic in Murrieta; but right now 92592 (Temecula) is struggling as far as I can tell. I bet most sales are still either shorts or REO’s.

[KIBU]

I see sign that economy definitely getting better:

A couple of people I know who went through foreclosure in 2008 but now have recently gotten the mortgage to purchased their new homes. That was really impressive to me how they did it.

On the other hand, many people I know still looking for jobs, recently lost jobs, working part time. Hence it’s a definite NO: economy is getting nasty still.

[paramount]

I was sad and somewhat surprised to see the Sear’s close down in Carmel Mountain.

Prices were a little high I guess, otherwise a really nice store with great selection.

[Anonymous]

[quote=walterwhite]you’d think we’d be competitive with weights made in usa.

the shippings gotta cost something.[/quote]

I’ve noticed that a lot of manhole covers say “India” on them.

Maybe I shouldn’t look at the ground so much when I walk.

Seems a little crazy that it’s cheaper to make steel plates in India and ship them here.

I had a few uncles that worked in the mills in Pittsburgh back in the day. A bunch of my neighbors worked in the local coal mine that supplied the mills.

All union. All made much more money than my dad (he was a lineman – an actual lineman!)

And I’ve been to India.

I can tell you exactly why our manhole covers come from India today.

[Coronita]

[quote=pri_dk][quote=walterwhite]you’d think we’d be competitive with weights made in usa.

the shippings gotta cost something.[/quote]

I’ve noticed that a lot of manhole covers say “India” on them.

Maybe I shouldn’t look at the ground so much when I walk.

Seems a little crazy that it’s cheaper to make steel plates in India and ship them here.

I had a few uncles that worked in the mills in Pittsburgh back in the day. A bunch of my neighbors worked in the local coal mine that supplied the mills.

All union. All made much more money than my dad (he was a lineman – an actual lineman!)

And I’ve been to India.

I can tell you exactly why our manhole covers come from India today.[/quote]

why are manhole covers round?
(Sorry, inside joke. Stupid interview question I got one time by Anderson Consulting)

[Coronita]

[quote=paramount]I was sad and somewhat surprised to see the Sear’s close down in Carmel Mountain.

Prices were a little high I guess, otherwise a really nice store with great selection.[/quote]

I’m not. It was a kmart. Have you been in a kmart lately??? Royal suckville

[Coronita]

[quote=walterwhite]im feeling pretty bullish. i just bought 300 pounds of weights.

Shipped from china.

you’d think we’d be competitive with weights made in usa.

the shippings gotta cost something.

Bills are strong but bears are Also pretty strong. Maybe weights are bearish and bullish.

i also want to spend some money cause im getting back 5% on my debit card.

now i need a power cage.

and a new car. it dumped a lot of power steerng fluid on my nice driveway.[/quote]

They won’t make much off of it, per sale. But chances are, the weight will fall apart in about 2-3 months, which means you’ll end up buying another one again soon… Customer retention strategy….

[scaredyclassic]

I think these weights will outlive me, my house and my grandchildren if any.

[scaredyclassic]

I also spent 180.00 on a set of handmade American made, yes made in America with American hickory, Indian Clubs from revolutionclub

they are neat! Vintage exercise equpment looknlike juggling pins, you spin your arms around and get fit in an olde Timey way.

Google indian clubs for info on what is going to be superhot shortly.

[Coronita]

Hey, when I was at the stealership, I’ve seen a lot more people driving financed BMW’s…So the good times must be here again.

[The-Shoveler]

Well This seems like it will have legs in getting things rolling and reducing foreclosures
Like it or hate it, it looks like a massive manipulation that is going to work.
Hold on folks were going for a ride.

And we have Numbers
Barely two weeks into a new government program that allows severely underwater borrowers with loans backed by Fannie Mae and Freddie Mac to refinance their loans to lower rates, the numbers are surging.
Applications to refinance jumped 9.4 percent last week, seasonally adjusted, according to the Mortgage Bankers Association. Record low interest rates on the thirty-year fixed, averaging 4.05 percent, are only adding fuel to the fire.
“There was a lot of pent up demand,” said Bank of America spokesman Terry Francisco of the recently revamped Home Affordable Refinance Program (HARP 2). The newest incarnation removes the cap on negative equity, so borrowers who owe more than 125 percent of their home’s current value can now qualify. These so-called severely underwater borrowers, however, must be current on their payments.
The new surge backed up the phone lines at Bank of America, with some borrowers reporting they heard a message suggesting they call back in six to nine months. Francisco confirms the lender has temporarily stopped taking applications for cash-out refinances because of the additional underwriting those loans require. Cash-out accounts for 10-15 percent of their mortgage business.
“We’re taking a lot of applications for HARP 2 and straight refi’s as well, so we needed to curb our demand in some way,” Francisco said.
Wells Fargo also reports an increase in refinancing right after the holidays, as well as an overall increase in 2011. “From January of last year through January of this year, Wells Fargo has seen its refinancing volume more than double,” says a spokesman, who adds that it’s too early to tell about the impact of HARP 2, as record low interest rates are a key factor in demand. Wells Fargo, however, has not suspended any of its lending.
The refinance share of mortgage activity is now 80.5 percent of total applications.
Applications for mortgages to purchase a home were flat last week and have been basically flat now for a month, which is not a promising sign for home sales. President Obama last week announced yet another government refinance program to help underwater borrowers who do not have Fannie or Freddie-backed loans. The plan could cost $5-10 billion and requires Congressional approval; some have called it dead on arrival.
Strong refinance activity means more money in consumers’ pockets and potentially more debt reduction, as some borrowers opt for fixed-rate amortizing loans as opposed to interest-only adjustable rate mortgages. Unfortunately, the flip side, which is lower applications to purchase a home, does not bode well for housing’s fledgling recover. “The latest weakness of mortgage applications for home purchase may suggest that the recent improvement in home sales is not built on solid foundations,” says Paul Diggle of Capital Economics

[Author]

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