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.
Today we are joined by Bill Palo. Bill is a former client of Vince’s. We hope to explore what it was like to be a borrower in an ever tightening mortgage market.
First we wanted to cover some of the current events taking place in the economic news that has a direct effect on the mortgage market. First there was a recent article that sees home ownership reaching levels not seen since 1965. We thought this was particularly interesting when you looked at the statistics presented by the National Association of Realtors in depicting the typical “buyer”. First time homebuyers made up 37% of the marketplace (down from 40% last year). The median age of the 1st time buyer was 31 and median income was $62,400 (up from last year’s $59,900). The typical home was 1,570 sq ft and the median principle and interest was $794. The typical repeat buyer (see Bill) was 53 and median income was $96,600 (up from $87,000 last year) and was typically 2100 sq. ft. with a median principle and interest payment of $1,006.
Let’s not forget “Stocks sink on Euro Fears”
Please join us live at www.wbcb1490.com for the open discussion with Mr Palo. Our discussion topics will be the tighter credit requirements and limits of number of financed homes allowed by Fannie and Freddie..
Each week we discuss the myths of the mortgage market. Today we will discuss the limits on the number of financed homes Fannie and Freddie allow and the interest rate hikes on condominiums. Higher rates for lower credit scores with more money down.
Finally Vince and I were fortunate enough to have been included as members in a resource community known as Right Side Up. This is community of likeminded people who understand it is not about a “deal” or a “loan” but rather about the assisting real people with practical solutions to today’s difficult questions. Next week we will be joined by the group’s founder and in my opinion group coach Kathy Gentner.