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 Edward Anthony Welch from Higgins and Welch Real Estate.
The Real Estate News this week was interesting. First the recent housing recovery is creating more jobs. Last Friday’s big uptick in hiring got a big push from the housing recovery. The construction industry added 48,000 new jobs in February. Building supply firms added 4,300 workers in February making it one of the hottest retail segments to add workers. Boomerang buyers are back after foreclosure. Since the housing bubble popped 4.8 million Americans lost their homes to foreclosure and another 2.2 million sold them in a short sale negotiation according to RealtyTrac. People who lost their homes are circling back to buy again. The Veterans Administration allows a two year span before they will look at lending. Fannie Mae (bankrupt itself) is 3 to 7 years dependent upon certain criteria and the FHA is 3 years from foreclosure. A new Credit Score model is in the works. All three credit bureaus are now combining efforts to create a new secret sauce they call VantageScore. It is expected to help people with limited credit get a better score. This would be expected to boost millions of peoples ability to borrow if the lenders would adopt the new system. This will be a wait and see plan. Finally, Sheila Bair (the former head of the FDIC) thinks the country would be better off if we broke up the big banks. Be still my heart. The “care bair” says bigger is not better. That sounds like size does matter to Sheila. She just likes it smaller.
Today Vince and I are on our own to make sense of a world that makes no sense. FHA’s changes are coming soon. Higher costs are on the horizon starting on April 1st.
Please join us live at www.wbcb1490.com 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.