On Monday June 6, 2011, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate Radio show on The Big Talker 1580 AM, hosted by Ryan Sloper.
Listen to the show.
Part 1 (24:03)
Ryan and Louis discuss the prior week’s economic events. Mortgage rates hit record lows last week. Louis and Ryan discuss the value of taking out a mortgage now to protect against future interest rate hikes and inflation. Ryan and Louis discuss 4.2% decline in home prices in the first quarter as indicated by the Case Schiller index. Ryan notes that the Case Schiller index leaves out condo, coops and new construction and therefore may give a false reading on the direction of home prices. Louis notes that the Case Schiller index does not give an accurate snap shot of current market conditions as it dates back to the prior quarter. Louis references the second quarter 2011 HomeGain national home values survey and provides the preliminary results with 57% of real estate professionals thinking that home values would decline in the coming six months and 42% of homeowners expect home to decline in the coming six months. Louis mentions that he believes home prices will remain down until the inventory of short sales and foreclosures are cleared from the market. Ryan postulates that home prices are down due to incessant media focus on shadow inventory and distressed sales that cast a negative light on the housing market. Louis agrees that consumer sentiment does play a role in home prices and that the media can influence consumer sentiment. Louis notes that the underlying fundamentals are what really drives the market, not the media, claiming the market speaks louder than the media. Ryan notes that four out of five of the richest counties in the United States are in the Washington D.C. area. Louis notes that there is a confluence of positive facts that keep the housing market strong in the D.C. metro area- government spending, government contractors, government workers with good job security. Ryan noted that the ADP survey showed only 38,000 private sector jobs were created vs. expectations of 170,000. Ryan and Louis discuss 15 year mortgages and discusses the factors that go into setting mortgage rates based on the borrower’s profile and the type of home being purchased. Ryan and Louis note the job report that showed only 54,000 new jobs and that the unemployment rate rose from 9.0 to 9.1 % and that there were 35,000 government jobs lost, mostly in local in state governments. Louis notes that the states will have to continue to cut employees and that the Federal government will eventually have to do the same. Ryan notes a recent interview with Greenspan where he notes all that is wrong with the current economy and where it is headed. Louis remarks that the guy who lit the fire is complaining about the blaze and how Greenspan refuses to take any blame for current economic conditions. Louis predicts that at the upcoming Fed meeting there will be no change in monetary policy and that their policy will be designed to keep interest rates low.
Part 2 (12:56)
Part 3 (12:45)
Part 4 (2:11)
Ryan wraps up the show.
Listen to other Real Estate Radio shows with Louis Cammarosano
Listen to the Real Estate Radio show of May 23, 2011
Listen to the Real Estate Radio show of May 16, 2011
Listen to the Real Estate Radio show of May 9, 2011
Listen to the Real Estate Radio show of May 2, 2011
Listen to the Real Estate Radio show of April 25, 2011
Listen to the Real Estate Radio show of April 18, 2011
Listen to the Real Estate Radio show of April 11, 2011
Listen to the Real Estate Radio show of March 21, 2011
Listen to the Real Estate Radio show of March 14, 2011
Listen to the Real Estate Radio show of February 28, 2011
Listen to the Real Estate Radio show of January 24, 2011
Listen to the Real Estate Radio show of November 29, 2010
Real estate radio interviews also available on Youtube
About the Real Estate Radio Network
The Real Estate Radio Network® is a nationwide alliance of real estate related professionals with a common objective: delivering the timely truth about local Real Estate Markets over local radio stations.
The Real Estate Radio Network brings hard-working and ethical professionals in a community together. We provide the media and forum necessary for Consumers to learn the truth about important aspects of their financial life, which is mostly centered around their biggest investment, the home they live in. The Real Estate Radio Network® brings each radio program to the audience with a “live and local” show hosted by well-respected members in the local Real Estate and Financial community.
About Ryan Sloper
As a highly motivated mortgage consultant, with more than nine years of mortgage lending experience, Ryan Sloper has acquired a solid understanding of the local and national real estate markets. Ryan has been investing in residential and commercial real estate for the last 5 years, where he has first hand knowledge of what it takes to be a successful real estate investor. Ryan also hosts a weekly radio show, Real Estate Radio, which airs every Monday on 1580 AM in the Washington, DC Metro Area. Real Estate Radio also streams live nationally @ http://whfs.cbslocal.com/shows/real-estate-radio-with-ryan-sloper/