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 A J Dougherty and John LaSalle from Universal Credit.
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 is a follow up to last weeks show about your credit report. 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 Edward Anthony Welch from Higgins and Welch Real Estate. Family-owned and operated Higgins & Welch traces its roots to the 1970s, when H.H. Higgins REALTOR, Inc, first opened its doors in the East Falls section of Philadelphia. Decade after decade, we have weathered the cyclical nature of the real estate market and in the process gained a solid foundation. Today we proudly support our customers with complete, results-focused expertise in sales, valuation, negotiation, and property management. In every aspect of our work, our team remains dedicated to servicing with integrity, enthusiasm and the highest level of professionalism. Higgins & Welch has been recognized and honored by both the University of Pennsylvania’s Wharton School of Business and the Philadelphia Business Journal. In 2009, they ranked us 25th of the top 100 fastest growing privately held Philadelphia businesses, from more than 800 nominees. We again had the honor of being ranked in 2010, as the 9th fastest growing privately held company – no small feat for anyone during that time period, let alone a real estate firm.
Please join us live at www.wbcb1490.com for the open discussion about Appraisals, Builders, and a groundbreaking event for Clover Meadows on March 16th and 17th.
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.