Fines and legal fees exceed $100 billion

Fines and legal fees exceed $100 billion

Peter Buchsbaum Gateway Funding Mortgage Banker Horsham PA

Hello, and welcome to Real Estate Reality Radio. The most important half hour of radio every Friday from 9 to 9:30 on WBCB 1490 am. Thank you for joining us. For those of you who are new to the show I have spent the last 40 years in the real estate industry both as a realtor and a mortgage banker. The 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. I believe that most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.

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So last week we were on our own discussing the current market trends locally.

This week’s news was heavy on housing. The pending home sales index is down for a 5th month in row, pointing to further declines for final sales of existing homes which have already fallen for 2 months in a row. The National Association of Realtors attributes some of the October weakness to the rise underway in home prices. Meanwhile speaking of escalating home prices the FHFA house price index rose 0.3 percent after increasing 0.4 percent in August. The latest figure came in below analysts’ forecast for a 0.4 percent gain. The year over year rate for September came in at 8.5 percent, matching the pace in August. Further evidence is shown in Case Shiller whose 20-city index rose an adjusted 1.0 percent in September vs monthly gains of 0.9 percent and 0.6 percent in the prior two months. Very respectable gains swept all 20 cities for the second month in a row, led this time by Atlanta at plus 1.9 percent followed by a string of cities out West where S&P says there’s talk now of a housing bubble. The year over year rate tells the same story — accelerating appreciation. This show would not be the same if I did not pick on at least one bank so the next article covered multiple banks. With legal fees and fines surpassing $100 billion dollars the article goes on to explain that the banks involved are fine. Really? Since $100 billion dollars didn’t put a dent in their balance sheets think about what would have happened if they spent the money to keep people in their homes. Values would not have dropped and there would be no need for HARP or the term underwater. Since the banks have done nothing for people maybe you should move your money to your credit union. Just a thought on the day after giving thanks.

Today we are on my own to discuss the new normal again. I just saw a new opportunity to help underwater homeowners and look forward to being able to help more people.

Please join us live at www.wbcb1490.com for the open discussion about the opportunities that are available to many may not know they are there. You cannot get the answer to a question you have never asked. We are here to help answer the questions.

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.

GMH Mortgage Services, LLC | NMLS #133257 | 215.740.8999

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