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.
The Real Estate News this week has been all about Banks and fines. No jail time yet for anyone but lots of fines. Bank of America settled with Fannie Mae for $10 billion for “questionable” loans they sold to the government agency. The settlement consists of cash and they are buying back 30,000 loans. Bank of America is also selling the servicing of 2 million loans worth something in the realm of $306 billion dollars in an effort to distance themselves from problematic loans. Keep in mind that this cost must be a drop in the bucket to B of A as their stock went up because the settlement was less than expected. Seriously? Because it is jump all over Bank of America today they (a bank) made a slight miscalculation in calculating the cost of their legal defense of all the claims. They miscalculated by $5.2 billion. This is not we were off by a little bit. Again. Seriously? Finally for the lighter side of lending luxury home sales soared in the last quarter of 2012 because of the “fiscal cliff”. People were obviously concerned that they would be taxed differently so they sold their homes before the end of the year to take advantage of the lower tax they knew about. Wonder how they felt when nothing changed with the exception of our take home pay.
Please join us Sunday Morning at 5:30 am on WPHT 1210 am for an honest assessment of the markets in your area.