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 Vince and me. For those of you who are not familiar with the show I am the guy with a bow tie and a bit of an attitude and Vince is the fun affable best friend. Our 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. Vince and 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 from 9:00am to 10:00 am every Friday.
So last week we joined by Tom Seiler of the Seiler Group of Raymond James in Newtown, PA. This week the Real Estate News was all about the aggressive push that housing has made over the past year. Housing appears to finally be leading growth. This may be housings year. We have contended that housing needs to lead the way if we are to get out of the hole. The value of our homes psychologically make us feel wealthier. Home Prices make biggest gain in 6 years. Home prices were up 5.5% in November from a year ago. According to the Case-Shiller report this is the biggest jump in 6 years. This is a double edge sword. It is not simply a plus for the people selling their homes but a big help for those that are underwater on their current values as they relate to their current mortgage balances. There are some predicting a 6 to 7% surge in values this year and next. This good news for sure but to keep a perspective the prices in this report are still 29% below the values in 2006. FHA has announced a hike in Premiums. So in an effort to bolster their financial reserves they are making it more expensive to use the FHA. They are also taking away the ability to have the mortgage insurance premium removed when the loan balance reaches 78%.
Today Vince and I are joined by Chris Nisbet and Jaye Steuterman from J. Carroll Molloy Real Estate in Doylestown. We had Chris on the show once before and we decided she was the perfect candidate to help us do a show on the lighter side of lending. Today we will explore what the advertisements in real estate really mean. To get us going I am going to share some interesting things I found on Google. For example:
Please join us live at www.wbcb1490.com for the open discussion on the lighter side of lending. What the agent is really telling you when the ad reads “Cozy Cottage”.
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.