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 petethemortgageguy.com.
Please join us live on the web at www.wbcb1490.com or on your FREE app Tune In Radio from 9:00am to 9:30 am every Friday.
Last week we were joined by Kim Licata from Harleysville Savings to talk about the new mortgage rules that went into effect on the 10th.
This week’s news was mostly about earnings not measuring up and the fact that Congress actually did their job by passing multiple bills. I guess that means they will need to go out on recess soon from exhaustion. Maybe we should send milk and cookies for their nap time. There was an interesting article regarding foreclosure sales hitting a high. The sad part to me is that it was mostly cash buyers taking advantage of the distressed property market. That means more investors bought then real buyers. I do not believe that is healthy for the market overall. Also Home sales were the best since 2006. Homeowners sold 5 million homes in 2013. This was up 9.2% from 2012 but up 20% from 2011. The median price was also up 11.4% to $197,100. This has helped those with homes underwater. Some of the move up is due to the sharp drop in inventory. The number of homes that sere considered distressed sales was only 14% of the market as opposed to the 25% the year before.
Today we are here to discuss what is next. Where do we go from here?
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.