Asylum's Account Talk

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Is the AutoTracker fried?

I am seeing numerous entries from each user..

Is there a link to a thread with the problem already someplace?
 
The "multiple-line" problem has been reported (click on link). Ocean is on TDY this week. He will work the problem when he returns. We have not seen this problem since last year during tracker development.

Asylum said:
Is the AutoTracker fried?

I am seeing numerous entries from each user..

Is there a link to a thread with the problem already someplace?
Click to expand...
 
...all i can say about the current economic house of cards that the Fed has allowed the banking/credit industry to build is..


1207637321853.gif
 
This week I have had some personal experience with the post mortgage bail out banking industry. All this year I was feeling optimistic that the economy was improving; specifically as measured by new home construction since I am in that business. I’ve been building homes for the last 10 years with 3-4 homes built per year on avg so I would classify myself as a small builder. I’ve never had any problems financing land, securing construction loans, nor selling my product until now and what I’ve learned this week concerns me although but if everyone can manage the pain for the next 3-5 years, we’ll collectively be much better off.

In April my bank (a large regional bank) has decided to severely restrict financing of new homes; both the construction of them and approving mortgages for buyers. Long gone are the days when a lending institution would finance 100% or even 110% of the appraised value and long gone are the days of the 80-20 loan. Even fully qualified buyers with the highest credit scores are being scrutinized for weeks before given an approval. Sure, this is the way things used to be, and the way they should have stayed but partially thanks to Bill Clinton approving the Financial Services Modernization Act of 1999,* the industry was free to run amuck and make horrible business decisions. I think that I will slow my business down, concentrate on building custom homes for a buyer who commissions the build and cease buying land at least until the end of 2008. I don’t think we’ve seen the long term effects of the spike in fuel and food costs yet nor have we seen the wide spread finical fall out on a personal level as American families are forced to realize they have been living far above their means since the late 80’s thanks to availability of easy credit and rapidly appreciating home values. That cycle is pretty much over now.

I don’t know what the future holds but I am pretty sure it is not going to be a pleasant experience for a while.

:sick::notrust::(



*Did away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated
 
I'm making preparations now for the next up cycle by buying national home builders and building materials stocks while they are unloved and a great value. You can throw in some banks too. The housing boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For the first time buyers, it went from 29% of income to 37%. That just proved to be too much. Prices got so high that people who intended to actually live in the houses they purchased stopped buying. This caused the bubble to burst. Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.

http://www.online.wsj.com/public/us
 
Asylum said:
*Did away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated
Click to expand...

Great post, Asylum. And thanks for the quote from the Act. It should have stayed that way and we wouldn't be where we are now. ;)
 
Birchtree said:
I Numerous households that had been priced out of the market can now afford to get in.

http://www.online.wsj.com/public/us
Click to expand...


You mean they "might" get in...

It's really hard to get approved for home loan right now.. sure there are a lot of homes for sale but the number of buyers who can actually get a loan is much much much less than it has been in recent years. You'd better have an excellent credit rating, low debt to income ratio, and 20% cash money for the down payment. Even then, be prepared for the process to take weeks.
 
thinking about going heavier into the I fund for the rest of the month...

or


not.

Maybe the G Spot is where it's at until the oil induced smoke screen clears.
 
Asylum said:
Day Two of the PAIN TRAIN.... may have to bail soon..


:(:(:(
Click to expand...

Determined to stick to the long term...

Today looks better than the last couple.

I see that the Tracker hasnt updated since 20 May (Tues) so I'm not sure where I am at the moment.

:nuts:
 
Asylum said:
Determined to stick to the long term...

Today looks better than the last couple.

I see that the Tracker hasnt updated since 20 May (Tues) so I'm not sure where I am at the moment.

:nuts:
Click to expand...
I really think things are going to go well after the 1st..at least some positive momentum to the end of the year..I want to be on the sidelines before NOV 7th though..just in case Florida has trouble with hanging Chad again..:rolleyes:
 
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