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 were back together with Jim again to celebrate the end of one year and the beginning of another. We cured all of the deficit issues by firing everyone in government. We avoided the fiscal cliff because the government was closed the day we went over the cliff. In real estate news it was all about fines and settlements with big banks. 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.
Today Vince and I are joined by Kevin Kennedy of ACT-PA . Advanced Conservation Technology is not just another company “going green”. Kevin and ACT have partnered with Penn State, Drexel, and Philadelphia University. Advanced Conservation Technology will supply high-performance construction products unlike any other—products which will enable structures to save money on energy costs, provide superior sound dampening, and exponentially reduce carbon footprints.
Please join us live at www.wbcb1490.com for the open discussion about the alternatives to non-renewable energy sources. Todays solar is not like yesterdays solar.
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 copy 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.