Real Estate Reality Radio…Featuring The Real eState of the Union.

Hello, and welcome to Real Estate Reality Radio. The most important hour of radio every Friday from 9 to 10 on WBCB 1490 am. Thank you for joining Vince and me. For those of you who are not familiar with the show I am the guy with a bow tie and a bit of an attitude and Vince is the fun affable best friend. Our show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.

Within every market there are obstacles and solutions on the path to tremendous opportunities. Vince and I think most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.

Please join us live on the web at www.wbcb1490.com from 9:00am to 10:00 am every Friday.

 Unfortunately our scheduled guests from Bucks County Housing were unable to make it today so we are on our own today.

 So last week we discussed the efforts of Congressman Fitzpatrick’s office for those who need mortgage relief.  This week has had some interesting current events: The State of the Union Address; Foreclosures made up 20% of Home Sales in 3^rd Quarter; Fed to Keep Rates Low until 2014. I have an argument with the comment “I am sending congress a  plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates.  No more red tape.  No more runaround from the banks.  A small fee on the largest financial institutions will ensure that it won’t add to the deficit and will give those banks that were rescued by taxpayers a chance to repay a deficit of trust.” Why would I want to save up to $30,000 over 10 years to keep a home that is worth a $100,000 less than the new mortgage the president is proposing? We have loans available today for those who qualify for 125% of the current value. Why would a consumer want to maintain a home that may never be worth what they owe? Uncle Sam, stop selling me the same product over and over and calling it new and improved. HAMP, HARP, HARP2. Be serious. You are cracking down on lenders for selling rate and you are doing the same thing. The housing market will not grow significantly if we are unable to stop values from falling. You cannot do that with interest rates alone.

 Ever since the mortgage crisis began with the meltdown of Fannie Mae and Freddie Mac the government has tried to fix the problem with lower interest rates.

 Please join us live at www.wbcb1490.com for the open discussion about our Real Estate of the Union.

Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.

Next week we hope to be joined by another member of Right Side Up (Bucks County Housing Group) to discuss what to do if you are not sure you can afford to sell your home.