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 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.
Please join us live on the web at www.wbcb1490.com or on your FREE app Tune In Radio from 9:00am to 10:00 am every Friday.
So last week we introduced Andy Dziedzic of Financial Strategies Advisory and discussed Financial fitness.
This week the Real Estate News has been all about home sale prices and pending home sales. Rising mortgage rates together with rising home prices are cutting into sales of existing homes, according to the National Association of Realtors (NAR) whose pending home sales index for June is down 0.4 percent. But yes still up on a year over year basis. Home Sale Prices continue to soar. According to Case-Shiller the home price index was up again 12.2% compared to a year ago and the biggest year over year increase since March of 2006. Finally the big debate lately is can the housing sector continue to grow. According to the article housing and GDP growth do not always move in tandem. Mostly because today housing represents 2.7% of GDP compared to 6.3% in 2005. I do have to add one final real estate/mortgage piece to this because it makes me smile. I assume everyone has now seen the Real Housewife’s story? This housewife and her husband allegedly perpetrated a continual fraud in exaggerating their income to qualify. The article provided an interesting look back to how mortgage were done not very long ago. Take a minute to read the comments after the article. They are truly worth the read.
Today Eddie and I are discussing “what does everything really mean”. Mortgage terminology is like alphabet soup. Lots of letters that mean very little to most people.
Please join us live at www.wbcb1490.com for the open discussion about the alphabet soup of lending. What does LTV,DTI,MIP, and PMI mean?
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.