The State of the Economy Thread - “Falling inflation, rising growth give U.S. the world’s best recovery”

[Springfield]

23 minutes ago, TryTheBeal! said:

Speaking only for the Richmond area, yes...inventories are thin, new and used.  For new stuff, there’s a lot of fluctuation between makers and a lot of fluctuation between models within those makers.  For used, you need to lean heavily on trades and pay too much at auction when you feel you have to.  As it stands right now, we have enough supply to function somewhat normally.  We anticipate things will get worse before they get better, particularly for used inventory.

 

DM me if you have any model-specific questions I can address.

That’s what it seems when I was looking here in Nova. That’s a bummer for dealers like you, especially if you’re expecting it to get worse before it improves.

 

Specifically, I was looking into Civic Type R or WRX Sti, but I think you’re affiliated with Mazda. Neither of those choices had any inventory in dealers local to me. I want something fun to drive again. Haven’t really broached the subject with my wife yet but she’s cool. Seems like I’ll just be waiting it out for now.

[TradeTheBeal!]

35 minutes ago, Springfield said:

That’s what it seems when I was looking here in Nova. That’s a bummer for dealers like you, especially if you’re expecting it to get worse before it improves.

 

Specifically, I was looking into Civic Type R or WRX Sti, but I think you’re affiliated with Mazda. Neither of those choices had any inventory in dealers local to me. I want something fun to drive again. Haven’t really broached the subject with my wife yet but she’s cool. Seems like I’ll just be waiting it out for now.

I would expect inventory on niche import performance models to remain very thin for quite a while.  Even some domestic stuff too...the new Vette for example.

[Springfield]

2 hours ago, TryTheBeal! said:

I would expect inventory on niche import performance models to remain very thin for quite a while.  Even some domestic stuff too...the new Vette for example.

Yep. I don’t NEED a car, so I’ll wait.

[LD0506]

[techboy]

On 8/13/2020 at 2:06 PM, PleaseBlitz said:

 

Hope it closes.  Rates are lower now because the 50 basis point fee hasn't kicked in yet, but it will soon (like, today) because it applies to loans that fund on 9/1 or after.  

 

I just got an email from the settlement company that they disbursed the funds today, so it looks like I got things done in time, and managed not to sabotage myself.

 

There are a lot of people in the Bogleheads refinance thread that are sweating whether or not their rate was locked before the .5 fee was added.

 

Funding on a Friday isn't ideal since I'll probably end up paying interest a couple of days on both loans (unless my old mortgage credits it today), but Saturday was the last day of my lock and I didn't want to roll the dice waiting for Tuesday to ensure a Monday funding.

 

[PleaseBlitz]

31 minutes ago, techboy said:

 

I just got an email from the settlement company that they disbursed the funds today, so it looks like I got things done in time, and managed not to sabotage myself.

 

There are a lot of people in the Bogleheads refinance thread that are sweating whether or not their rate was locked before the .5 fee was added.

 

Funding on a Friday isn't ideal since I'll probably end up paying interest a couple of days on both loans (unless my old mortgage credits it today), but Saturday was the last day of my lock and I didn't want to roll the dice waiting for Tuesday to ensure a Monday funding.

 

 

Congrats.  

 

Yea, I was on a conference call with mortgage industry people today.  Calabria got currrrsed.  I uploaded my documents today, it's doubtful i can get to funding by the end of the month, so we'll see if the lender eats the LLPA.  It's not clear that they can legally pass it on to me since I'm locked.  

[techboy]

52 minutes ago, PleaseBlitz said:

It's not clear that they can legally pass it on to me since I'm locked.  

 

Some of the people in that thread have been told that if they've locked, they're fine. I guess it comes down to whether it counts as an interest rate change or a fee, and how the lender decides to play it.

[PleaseBlitz]

11 hours ago, techboy said:

 

Some of the people in that thread have been told that if they've locked, they're fine. I guess it comes down to whether it counts as an interest rate change or a fee, and how the lender decides to play it.

It has to do with the TILA/RESPA Integrated Disclosure Rule. Once you get initial disclosures, the lender can only change terms under certain circumstances. It’s unclear if the pricing change is one of those allowable circumstances. 

[tshile]

Crap I obviously missed something here

[techboy]

1 hour ago, PleaseBlitz said:

It has to do with the TILA/RESPA Integrated Disclosure Rule. Once you get initial disclosures, the lender can only change terms under certain circumstances. It’s unclear if the pricing change is one of those allowable circumstances. 

 

One of the interesting things that happened in my case is that one of those rules got me about 13 bucks in additional lender credits. This happened because I decided to roll the escrow into the new loan, thinking of it as a minor cash out without the associated interest rate increase, and I guess they wrote their initial estimate on the assumption they'd close faster. It went just past the latest payment of real estate taxes, so they ended up collecting much more in escrow than they originally planned, and it pushed the change in loan amount slightly beyond what the law allows, so they had to credit me the (very small) difference.

[gbear]

https://www.washingtonpost.com/business/warren-buffett-sours-on-banks-and-likes-gulp-gold/2020/08/14/94cb4d3c-de87-11ea-b4f1-25b762cdbbf4_story.html?tid=hybrid_content_2_na

 

It is concerning when Buffett starts looking to gold rather than banks or companies providing a service/producing a good.  Granted, Berkshire is putting money into a mining company, not directly to gold.  I will concede Buffett may not have many years to ride out a downturn like he has advocated for doing in the past. 

 

I worry when one of our economy's greatest cheerleaders seems to be taking a step back.

[FuriousD]

On 8/13/2020 at 4:28 PM, Springfield said:

Specifically, I was looking into Civic Type R or WRX Sti, but I think you’re affiliated with Mazda. Neither of those choices had any inventory in dealers local to me. I want something fun to drive again. Haven’t really broached the subject with my wife yet but she’s cool. Seems like I’ll just be waiting it out for now.

I would seriously think again about the WRX Sti.  My brother in law bought new just over a year ago (his dream car) and is regretting it.  The thing spends more time in the shop than any new car I've ever heard, includes a whole motor replacement and the list goes on...

 

Also, for trade in value I strongly recommend Carmax.  Close friend was offered $1600 for a 2014 Ford Escape on a "deal" for a new truck.  I told him to slow his roll just long enough to swing by Carmax on his way to the dealership to see what they offered.  He walked away with 4k.

[Cooked Crack]

 

 

[Sacks 'n' Stuff]

Crazy that there were another million + new jobless claims. Pretty sure Trump and co. said about 500 times that the extra unemployment aid was the reason people weren’t working.

[sportjunkie07]

I mean it’s a large part of the reason. Why work and risk covid when you’ll make more doing nothing? 
 

but the economy and job losses are way worse than the trump says for sure. 

[Sacks 'n' Stuff]

18 minutes ago, sportjunkie07 said:

I mean it’s a large part of the reason. Why work and risk covid when you’ll make more doing nothing?

The additional benefits ended weeks ago and new jobless claims still went up is my point.

[sportjunkie07]

5 minutes ago, Sacks 'n' Stuff said:

The additional benefits ended weeks ago and new jobless claims still went up is my point.

Roger. Economy sucks for sure.

 

didnt trump sign something for 400 extra assistance per week? Now I’m hearing 300. 

Edited August 20, 2020 by sportjunkie07

[EmirOfShmo]

11 minutes ago, sportjunkie07 said:

Roger. Economy sucks for sure.

 

didnt trump sign something for 400 extra assistance per week? Now I’m hearing 300. 

He has no authority to give anything. Well, maybe a limp dick to a hooker but we've seen that movie. 

My $0.02: The Dems are gonna play hardball on this & not approve any new money unless McConnel bends over & takes the entire deal. It will make White House Occupant & GOP look like **** rolling into the election.

**** them twice as hard as Mara.

[Renegade7]

7 hours ago, Sacks 'n' Stuff said:

Crazy that there were another million + new jobless claims. Pretty sure Trump and co. said about 500 times that the extra unemployment aid was the reason people weren’t working.

 

Man...whats the excuse gonna be with staying a million a week? They aren't trying hard enough?

[techboy]

Guys, the last several comments have had nothing to do with mortgage refinancing or auto purchases. I know there's a natural topic drift when diverse people post on message boards, but it's best if we police ourselves before the mods have to step in.

[Cooked Crack]

 

 

[Larry]

2 hours ago, Cooked Crack said:

 

 

 

Where's that clip of Trump bragging about how great the W recession was, for him, because of all the deals he got?

[PleaseBlitz]

22 hours ago, techboy said:

Guys, the last several comments have had nothing to do with mortgage refinancing or auto purchases. I know there's a natural topic drift when diverse people post on message boards, but it's best if we police ourselves before the mods have to step in.

Student loans demand equal time. 
 

[China]

Hungry New Yorkers form quarter-mile line for free food in Queens

 

The line stretched a quarter-mile before the sun was barely up Saturday, snaking around corners like bread lines in the 1930s. But the hungry in Queens are today’s New Yorkers, left jobless by the coronavirus.

 

Until the pandemic struck the city, La Jornada food pantry used to hand out groceries to roughly 1,000 families a week. Now, the figure tops 10,000. And volunteers serve lunch every day to 1,000 — many of them kids with growling stomachs. Across the five boroughs, the hungry number in the hundreds of thousands, the Food Bank of New York estimates.

 

“It reminds me of the picture from the Great Depression where a man in a suit and tie is giving another man in a suit and tie an apple. That’s all he had,” La Jornada’s Pedro Rodriguez told The Post. “We give all we have, but that’s not enough.”

 

Seniors, moms and kids, singles — many immigrants from China and Mexico — wait for hours. They turn out in droves wherever, and whenever, the food pantry’s truck shows up.

 

Click on the link for the full article

[88Comrade2000]

KFC suspending use of 'Finger Lickin' Good' in advertising amid coronavirus pandemic  

 

>>>

Fried chicken chain KFC is hitting pause on one of fast food's most popular slogans.

The restaurant said Monday it will suspend use of "It's Finger Lickin' Good" in its advertising after 64 years.

In a statement, KFC said during an unprecedented year during which the COVID-19 pandemic has upended businesses and lives around the globe, use of the slogan "doesn't feel quite right."

"We find ourselves in a unique situation – having an iconic slogan that doesn’t quite fit in the current environment," said Catherine Tan-Gillespie, global chief marketing officer at KFC, in a statement. "While we are pausing the use of It’s Finger Lickin’ Good, rest assured the food craved by so many people around the world isn’t changing one bit.”

 

According to the Centers for Disease Control and Prevention, one of the steps people can take to protect themselves from spreading COVID-19 is washing hands often, and keeping hands away from your mouth, nose, and eyes.

 

KFC said the slogan will not go away forever. The chain said they will bring it back "when the time is right."<<<<