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 joined by Adam Soloff from Soloff Wealth Management. This week had some interesting current events. The United States sues Wells Fargo. In a joint effort by the US Attorney’s office and HUD a lawsuit was filed Tuesday claiming “reckless underwriting” some 6,320 loans caused a loss of $190 million on defaulted mortgages. And I needed to pay off a parking ticket from 2004. Foreclosures fall to a 5 year low. This was great news. Filings that include default notices and scheduled auctions and bank repossessions were reportedly down 7% from last month and down 16% from a year earlier. Part of this relief is coming from the banks awareness that “short sales” are a better way to go. They loose less money. Please join Vince and me alongside other members of Right Side Up on October 25th. To register please call Kathy Gentner at 215-750-3059 Home Prices may not rebound until 2013. According to Fiserv home prices actually dropped about 33% from 2007 to 2012. They predict that prices nationally should rise 3.7% a year over the next 5 years. That will leave the values about 20% below their peak. For the next wave of homebuyers this is fantastic news. Be careful however as real estate is very local. States like South Dakota and Texas are already almost back to where they were before the fall in prices.
Today Vince and I are joined again by Thornewood Farms. Richard Geha and Lisa Cifrese are the owners of Thornewood and are honestly living their childhood dream of caring for Arabian Horses. Situated on nearly forty acres in the heart of New Jersey’s prime horse country, Thornewood Farm provides a sanctuary for an outstanding band of broodmares and is conveniently located close to some of the finest equine medical care in the country. Designed with horse health and safety in mind, no detail has been neglected in the farm’s planning and construction. Please see the most recent edition of Local Living Magazine for both a peak at the farm but an invitation to visit on the 20th of October.
In combination with www.CBSPhilly.com/AskPete 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 issues available next week.
Please join us live at www.wbcb1490.com for the open discussion about a sanctuary from the everyday world to a dream come true.
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.