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 on our own in an effort to make sense in a non senseical world.
The Real Estate News this week was interesting. Wells Fargo should have failed the stress test. That’s right the nations largest bank actually failed the stress test but there were no ramifications. The test was supposed to be about the banks having enough capital to withstand another downturn. The bank said they would lose $32 billion and the Fed’s estimate was $54 billion. It certainly still pays to be too big to fall. Freddie MAC failing homeowners. In 2011 there were regulations enacted to force mortgage servicers to adhere to certain protocol in handling complaints. Bank of America, Wells Fargo, and Citi Mortgage never reported any complaints between October 2011 and November 2012. C’mon Mann. None? Actually 20,000 complaints were filed. What good are regulations if there are no ramifications to breaking the rule. Home Sales hit highest rate in 3 years. That’s right the silver lining is that previously owned homes sold an an annualized rate of almost 5 million units in February. That is an increase of 10% from a year earlier. The median price was also up 12% from a year earlier. To me the best news was that distressed sales made up 25% of the sales which was significantly below the 34% mark a year earlier.
Today Vince and I are joined by Rafael Novoa Interior Designer. Rafael is a full service residential and commercial based design firm located in New Hope, Pennsylvania. Rafael Novoas’ design style is highly influenced from his European background. He juxtaposes old world European elements of design with a contemporary to minimalist direction of style. His ability to mix and isolate both extreme styles bring an exciting aesthetic. Rafael Novoas’ signature is recognizable by a collection of deep rich colors, textural fabrics, and unusual object d’ art. Likewise his talents enable him to create environments that are sparsely filled with a focus on functional and unique pieces.
Please join us live at www.wbcb1490.com or get the “Tune In Radio” app for your phone for the open discussion about the real estate market and the real estate financial market.
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.