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 new to the show I have spent the last 40 years in the real estate industry both as a realtor and a mortgage banker. The 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 Jim and I were in an open forum mode.
This week the Real Estate News included Mortgage Rates rise to highest level in 2 years. That’s right we tried to tell you the rates were going up. The last time thay hit this level was July of 2011. Based on the new rates and the increase in home prices rates housing costs have increased 25% in the past several months. As an aside the headline of this article was that the rates reached 4.5% and the advertisement at the bottom of the article was selling a rate of 2.6% Foreclosures fall to pre bust levels. Total foreclosure filings dropped to127,790 in June. That’s down 35% over the past 12 months, according to RealtyTrac. Overall, filings have hit their lowest monthly level since December 2006. This is nationally. Florida and Nevada are still high. Housing Recovery sparks strength in other parts of the economy. Professor Case believes as do I that housing has pulled this country out of every downturn in the market since the beginning of time and it will do it again this time. After 48 months of a depressed housing market the tide is turning. When housing values drop so does spending. As housing prices rose so does spending.
Today we are joined by Bobby Huber from Oskar Huber Furniture. Family owned and operated since 1927
Oskar Huber, Sr. found his success specializing in better quality furniture at the fairest prices every day. They want you to know that this tradition remains at the forefront of their philosophy. As a fourth generation, family-owned and operated business, their commitment to their employees, customers, and our community remains paramount.
Today, Oskar Huber Furniture and Design is known by customers and interior designers alike as the “idea store.” They offer complimentary professional design consultations that our customers can use in their home, in one of our stores, or to view the designer’s portfolio. Combine professional design and top quality manufacturers and you have the premier home furnishings and design center in the greater Philadelphia area.
Please join us live at www.wbcb1490.com for the open discussion about the effects of housing on the economy.
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.