On Monday September 26, 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 (14:26)
Ryan and Louis discuss the impact that a winning sports team has on a city. Louis and Ryan discuss the Fed’s Operation Twist announced earlier in the week designed to keep long term interest rates low. Ryan notes that he doesn’t think it will do much good due to tighter lending standards. Louis notes that Operation Twist did not increase the Fed’s balance sheet and comments that the net effect is to kick the can down the road and to make the road longer. Louis notes that the Fed’s maneuver protects itself against raises in short term interest rate. Louis notes its generally good for real estate as it drives the long term interest down but if credit is difficult it will be difficult to take advantage of. Louis noted that Operation Twist will make it easier for homeowners to refinance which isn’t necessarily good for the banks. Louis notes that the Fed’s action was not positive for the markets as more quantitative easing was expected. Louis notes that stimulus and interest rates are not the answer as we have had plenty of that in the past few years to little or no salubrious effect. Ryan notes that the expensive real estate market is robust while the less expensive real estate market is still doing poorly. Ryan notes that the DC metro housing market is doing well due to the decent jobs market and the relatively low level of foreclosures. Ryan and Louis discuss the pros and cons of purchasing a new home vs. an existing home. Louis and Ryan discuss the pros and cons of purchasing a short sale vs. a new home. Louis notes that the new home market is more important to the economy than the existing homes market and that each new home built creates three new jobs.
Part 2 (11:06)
Ryan reviews the over view of last weeks economic data. Ryan notes the continuing Greek debt crisis has the markets volitile. Ryan notes that existing home sales were up 7.7 and wonders what caused the surge in existing home sales. Louis notes nothing in the macro trends that would cause August home sale to rise. Louis doubts that August sales are part of a upward trend in home prices. Ryan expects home sales to increase as interest rates remain low. Louis notes that the stats mentioned are national and perhaps they reflect a bi coastal trend where home sales increased in selective metro areas. Ryan notes that unemployment claims the prior week were still over 400,000 although they were 9,000 less than last week. Ryan notes that there really is nothing in the Fed’s power to promote job growth. Louis notes that they have the power to make it worse and blow a lot of money in the process. Louis notes that the private sector creates jobs the best and any extra money funneled in by the Fed only causes inflation. Ryan notes that excessive regulation is also inhibiting job growth. Louis mentions the case of Peter Schiff’s, CEO of Euro Pacific Capital recent testimony in Congress where he noted he was fined $15,000 for hiring employees to fast and complaining about the excessive liability that employers face when they take on new employees. Ryan notes the uncertainty caused by the regulations to be imposed by ObamaCare. Louis notes that anytime there is uncertainty in any markets, markets react poorly.
Part 3 (10:56)
Louis and Ryan discuss HomeGain’s Third Quarter 2011 home prices survey and HomeGain’s Virginia third quarter 2011 home prices survey
Louis notes that real estate agents in Virginia are more pessimistic about the direction of home prices while Virginia home owners remain optimistic. Louis notes that real estate agents, even though they are often accused of cheerleading the market, should have a better handle on the direction of home prices given their market expertise. Louis notes that nationally homeowners are becoming as pessimistic on the direction of home prices, inline with the views of real estate professionals. Louis notes that government and government jobs are keeping the employment situation and housing market up but warns that if Washington gets serious about spending cuts this could change. Louis also review the results of the Obama approval ratings in the HomeGain recent survey
Part 4 (11:12)
Ryan discusses the top five credit myths: 1. Information on your credit report can not be changed. 2.Credit bureaus are required to keep derogatory information on your report for seven years.3. You can repair your credit yourself. 4. Paying off old debts will improve your credit. 5. you don’t need a credit card.
Listen to other Real Estate Radio shows with Louis Cammarosano
Listen to the Real Estate Radio show of August 8, 2011
Listen to the Real Estate Radio show of July 25, 2011
Listen to the Real Estate Radio show of July 11, 2011
Listen to the Real Estate Radio show of June 27, 2011
Listen to the Real Estate Radio show of June 20, 2011
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/