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 believe that 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.
So last week we joined by Karissa (Facebook Girl) from Gateway Funding.
This week the Real Estate News was limited to Why some homeowners won’t take cheap money? It appears that only 25% of those people who qualify for programs like HARP actually step up and take advantage. Are the 75% not taking advantage tired of being sold? Are the costs too high? According to the CEO of Quicken Loans (should be called slower loans) they send some very “serious” looking letters to would be borrowers. Typically the costs are pretty high. I am intrigued that we keep talking about being underwater and we push these people deeper. Why not simply recast their loan at no cost? The “Sequester” has certainly taken center stage if for nothing else to see where the name came from. It is a fancy word for automatic across the board funding cuts. Like “tarmac” is the fancy word for runway. Are you kidding me? The crazy part is that the “sequester” was never intended to actually happen. That’s right the geniuses that we elect to congress figured they couldn’t agree to spending cuts in an election year so they pushed it off till March 1st in hopes they could agree then. It is estimated that coupled with the payroll tax cut this could stunt our growth by about 1.5% and cost about 750,000 jobs by the end of the year. Housing Rebound Continues. The National Associaton of Realtors reported that sales of existing homes was up 9% from last years January. Prices were also up 12.3% based on the median price. The inventory of homes is at its tightest level since 1999. And Distressed sales made up only 23% of sales compared with 35% a year ago.
Today Vince and I are joined by George N. Luciani, President of Capital Planning Advisory Group. Mr. Luciani holds a Bachelor of Science degree in Business Administration with a concentration in Economics and Marketing from Villanova University, as well as master credits in Probability and Statistics from Drexel University. He has been active in the financial services industry since 1984. Mr. Luciani is the current Chairman of the Philadelphia Chapter of the Market Technician Association. He has also served as the Regional Director of the Institute, where he was responsible for representing the professional interests of approximately 3,000 Certified Financial Planner licensees in 15 societies between Maine and Maryland. Mr. Luciani is also the former Chairperson of the Princeton Society for the Institute of Certified Financial Planners.
Please join us live at www.wbcb1490.com for the open discussion on the difference between savings and investments.
In combination with CBS and WPHT 1210 am we have also been fortunate enough to have been asked to write some articles in “Local Living Magazine” to explore some of the questions you all ask us and the answers we provide. Look for your latest issue this month. For a FREE subscription please email us.
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.