Face it. If we believed everything we heard or read none of us would never even think of buying a home again. The news has been nothing but negative about real estate values across the country. The next 30 minutes is our opportunity to dispel the myths associated with the real estate landscape in your local area. Within every marketplace 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.
The Real Estate News this week was interesting. First why is the FED struggling to boost lending? The Chairman’s policy of low interest rates (operation twist and QEll) was designed to boost lending. However it has, according to a new study, done just the opposite. Bank lending is actually historically weak. At the end of 2012 banks were lending just under 70% of their deposits. Prior to the meltdown that number was closer to 93%. At the Bank of (not my) America lending shrank 2% in 2012. Here is the reason: The big banks no longer fund loans with short term borrowing so the low rates mean nothing to them. They are too complacent feeing you to death. My solution? Take you money out of the big banks and put it in smaller banks and credit unions. Take control of your money back. Also in the news: After years of big swings in the housing market it appears it is returning to something more normal. According to Fiserv 2012 was the first year since 1997 has come close to “normal”. From 1998 to 2006 according to Fiserv home prices advanced at a rate of 5% or better per year. From 2006 through 2012 prices fell 30%. That fall sounds high but it calculates out to 5% per year. Fiserv expects home prices to climb in almost every metropolitan area it tracks. Finally some news that will correspond to todays show. Employer credit checks keep jobless out of the workforce. Think about the Catch 22. You lost your job and subsequently your medical. You were late on a few payments or worse yet you were reported late on some payments you were not late on. Now your potential new employer from Slurpee Heaven runs your credit and denies you a job because you paid mastercard late. C’mon mannn. Get it right or fix it.
Today Vince and I are joined by A J Dougherty and John LaSalle from Universal Credit. They are both members of the Mortgage Bankers Association. Universal credit was formed in 1991 and is owned by John Haftman. Universal Credit has grown to be one of the largest National providers of mortgage services, lending services and trimerge credit reports by consistently providing the industry’s top customer service. Since 1992, Universal Credit Services has helped industry leaders mitigate risk, close loans faster, overcome underwriting challenges, save on costs and provide professional assistance every step of the way. There are ways to raise your score. Tune in to find out more.
Please join us Sunday Morning at 5:30 on WPHT 1210 am for an honest assessment of the markets in your area.