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.
So last week we discussed “Short Sales” with Brian Meara. This week was full of great current events: Homeownership Falls to the Lowest Rate since 1997. The percentage of Americans who own homes dropped tp 65.4 % over the past 12 months. That’s down from a peak of 69.2% in 2004. Meadian prices also continued to fall throughout the first quarter according to the census. All this while Mortgage Rates hit New All Time Lows. The 30 year loan averages 3.84 down from 3.87. Not exactly a giant drop. The historically low rates (below 4% for all of 2012) have done very little to boost sales. It is widely belived that Buying a Home will not get much Cheaper. With home prices down nationally 34% since 2006 and rates at or below 4% housing affordability has never been better. Many feel that it will not stay this way for much longer. And finally New Short Sale Rules set for Fannie Mae and Freddie Mac. Effective June 15th the Federal Housing Finance Agency has proposed that servicers must review and respond to potential buyers within 30 days of receipt of an offer. Remember that in 2009 the Treasury tried to incent servicers to close short sakes by paying a $1,000 bonus to close loans. Seriously a whole $1,000. These new and improved lending guidelines mandate that if the servicer does not respond after 30 days then they must give weekly status reports for another 30 days. With this let us re-introduce to you again Brian Mearaa leading short sale specialist.
Today we have the opportunity to spend another hour with Brian to discuss several items. How does foreclosure impact your credit and is a “Short Sale” better? Is Giving the bank Deed-In-Lieu a better idea? And my all-time favorite the incompetency of the banks.
Please join us live at www.wbcb1490.com for the open discussion with Brian Meara..
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.