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.
We are joined today with Deana Corrigan from Keller William in Doylestown. Deana Corrigan has been a licensed Real Estate agent since 1989 representing both buyers and sellers as well
as specializing in relocation.
So last week we discussed budget shortfalls and lower values leading to lower tax revenues. This weeks current events dealt with values again. The latest Case Schiller Survey indicated that nationally prices dropped 5.8% from last years 2nd quarter to this years 2nd quarter. The current survey stated as of the third quarter average US home prices have retreated to early 2003 levels. This has lead to CoreLogics analysis that has shown that now 27% of all mortgasged homes are now either underwater or close to it. Their statistics are that conventional loans account for 8,6 million of the negative equity loans with an average negative equity of $70,000.
In our opinion the negative equity situation has given way to more delinquencies. Credit woes are not just for people anymore. Greece, Italy, Spain, Portugal, France and the US have all had their credit ratings downgraded. But let’s bring this a little closer to home again on this show. Moody’s Investor Service lowered Newtown’s score because of 5 consecutive years of operating in a deficit. The township gets the majority of its revenue from a 1 percent earned income tax. Local residents are earning less so the township is collecting less. This show would not be complete if we didn’t bring some politics to the table. Last week I picked on Newt Gingrich for collecting 1.6 million from the non solvent Freddie Mac. This week I am picking on him for his economic plan. He wants to “deregulate” by repealing the wall street reform law. Call me crazy but deregulating wall street and the banks lead to lending money to anybody and everybody that we now think was the cause of the crisis.
Well enough of making fun of the politicians looking for the next sound bite. Lets go to a sound bite of our own. Please welcome our guest Deana Corrigan from Keller Williams. Deana was named the Top Individual Agent for 2010. She received her Bachelor’s Degree in Marketing and Management from Northeastern University and later earned her Master’s Degree from Boston College.
Deana is committed to make every real estate transaction smooth from start to finish. She is a dedicated, enthusiastic, and trustworthy individual, seeking to do what is in her client’s best interests at all times.
Deana lives in Buckingham with her husband and two sons. She enjoys being active in her community with charity fundraising and volunteer work.
Please join us live at www.wbcb1490.com for the open discussion with Deana. Our discussion topics will be the higher priced properties in Bucks County.
Each week we discuss the myths of the mortgage market. Today we will discuss 90% financing on jumbo loans now that pmi is back in jumbo loans. Fannie and Freddie attempt to do HARP 2.
Finally Vince and I have been invited to participate in a Seller Seminar at Keller Williams in Langhorne on Middletown Blvd Wednesday December 7th from 6:00 pm to 7:30 pm. Please call to register 215-750-3059. Learn what your home is worth and what your options are.
Next week we will be joined by a former client.