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 think 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 discussed the efforts of Mary Conboy and the Adam Conboy Memorial fund to help those who have defended America return home and potentially enter the housing market. This week was full of great current events: Borrowers with negative equity on the rise. In the last 3 months we have seen properties “underwater rise from 10.7 Million homes to 11.1 million. Foreclosures represented one of every four sales nationally. Sales of foreclosures are expected to rise even more in 2012. The number of foreclosed homes in the Philadelphia area was 7% of all sales. Home prices have fallen to 2002 values. Nationally home prices have fallen 4% in the last quarter of 2011. Details of the $25 billion mortgage settlement are finally being released. Today Vince and I want to talk about an initiative we are beginning to reach out to your Attorney General to earmark the bulk of their money from the settlement to be used by the emergency mortgage program that has been out of money since July.
Ever since the mortgage crisis began with the meltdown of Fannie Mae and Freddie Mac the government has tried to fix the problem with lower interest rates and special programs allowing negative equity.
Please join us live at www.wbcb1490.com for the open discussion. Our discussion topic will be how to use the settlement money available in each state.
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.
Next week we hope to be joined by another member of Right Side Up. .