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 we were in an open forum discussing many misconceptions.
This week the Real Estate News was again pretty limited because all eyes have been on Syria, the Federal Reserve and let us not forget Chip Kelly and the Eagles. There were some interesting articles however. First how the Fed is angry with the media. The Federal Reserve in an effort to support their case for buying bonds says there are more first time homebuyers then the current surveys show. Seriously! Give me a break. There are less first time home buyers because for the past five years all these prospective buyers heard was housing sucks! The Fed can slant their numbers anyway they want. The second article was the notion that Fannie Mae and Freddie Mac may reduce their loan limits from $417,000 to $400,000. Seems silly to think a little reduction from $417,000 to $400,000 would make a difference right. Well think about it this way: Home prices will be affected by this because the more we push people out in to the jumbo market the less people will qualify for loans. So here comes the catch 22. The federal government is now happy that values are rising so that they are less exposed to underwater mortgages. Good thing for sure. So now that we have that problem fixed let’s reduce the federal governments exposure to mortgages altogether by reducing the loan limits. Seriously politicians must be stupid. This will defeat all of the efforts to get prices up. And finally the Foreclosure Crises is coming to a close That’s right according to Realty Trac the number of foreclosure filings was at the lowest level in almost eight years. The increase in home prices is the main reason for the big shift. Augusts’ filings fell 44% to a a level in line with October of 2005. While August was up 6% from July it was down 25% year over year and 60% below the peak of foreclosures in 2010.
Today Eddie and I are on our own to ramble on about loans we have recently gotten approved that were denied at other lenders.
Please join us live at www.wbcb1490.com for the open discussion about what’s next in your marketplace.
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.