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 us. 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. 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. 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 or on your FREE app Tune In Radio from 9:00am to 10:00 am every Friday.
So last week we joined by George N. Luciani, President of Capital Planning Advisory Group.
This week the Real Estate News was a little more abundant than the past several weeks. Home Sales continue to climb. According to the National Association of Realtors and Mr. Yun their chief economist sales were up .6% over lat month but 10% over last year. Mr. Yon blamed tight lending standards for keep the number down. The Median price of homes was also up 5% from March and 11% from last year. The biggest driver is that now distressed properties represent only 18% of the market as opposed to 28% last year. My all time favorite was that the Mortgage securities market is at it again. The article was written by one of my financial heroes Sheila Bair. While “Care Bair” makes some valid points I disagree with her comments about the Consumer Financial Protection Bureau. As Sheila states “once upon a time lenders were highly motivated to keep homeowners in their castles.” Now the motivation is simply greed. Where Sheila and I part ways is that she thinks that “qualified mortgages” designed by the CFPB is a consumer protection and I think it protects the big bad banks. And Finally the FHFA House price Index was up significantly once again. House prices according to the FHFA measure have risen for 14 consecutive months.
Today we are joined by Rocco Lombardo of 3R’s Construction and Consulting. Rocco was born and raised in South Philadelphia and began 3R’s in 2008 after spending 3 years learning his craft from Chris Piccoli. Rocco gained his knowledge about the financing side of the equation working for the Lending Group in West Deptford.
Please join us live at www.wbcb1490.com for the open discussion about how to utilize the Federal Housing Administrations Rehabilitation Loan 203K.
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.