For Lenders, is a 30 year fixed rate mortgage a Financial Frankenstein’s Monster?
Regarding government (over) involvement in the mortgage market–something that has become a given and without which few mortgages would ever get done–This is a good read. It appeared in Today’s New York Times Opinion Page by Bethany McLean..
For a homeowner, a mortgage with a 30-year fixed rate (especially one that he can pay off early without a penalty) is a wonderful thing. For lenders and investors, however, it is a financial Frankenstein’s monster, an unnatural product filled with the potential for losses. Absorbing some of the risk of those losses is a large part of what the government does in the housing market……
….After all, other countries manage fine without the widespread availability of 30-year fixed-rate mortgages. But is there an American politician alive who would accept responsibility for depressing the housing market further?….
Read the rest here
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Moving to Columbus, curious about Columbus neighborhoods or Columbus zip codes?
Columbus real estate agents are often asked about the make up of different neighborhoods–socio-economic, racial, age, lifestyle, sexual orientations, etc. We’re not allowed to say a whole lot in response to these questions for fear of making a negative impression of one community at the expense of steering a Buyer to another.
That’s when I point Buyers to one resource or another where they can find the information they’re looking for. As a data-loving map geek, I’ve always been very fond of ESRI and geographic information systems in general.
Recently they launched this zip code look-up tool which gives an attractive stash of information regarding the people who live in the zip code you’re querying. Readers of this blog know that I can’t stand using zip codes when talking about the Columbus Real Estate market because they’re too broad and generally have no direct correlation to Columbus Neighborhoods–especially when trying to derive meaning from housing sales, days on market, active listings, etc.
Still, it’s pretty neat and I believe it’s based on 2010 census data or at least the last available data for Columbus. Try it below. Better yet, though, is a similar tool from ESRI that
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The Top Twenty Columbus area Real Estate Transactions of 2010
At $5,184,000, this New Albany Home blew away the record for a Franklin County residential re-sale.
2010 saw an eye-popping 43 residential real estate transactions above $1 Million in greater Central Ohio.
The largest real estate transactions of 2010 belongs to 1 New Albany Farms Road in New Albany’s Farms division. Originally listed at $8,950,000 and on the market for a whopping 2111 days, this 17,771 square foot Georgian home with a 6 car garage, 8 fireplaces and a guest home sold for a Franklin County record $5,184,000 on September 1, 2010.
Judging strictly from the measly 8 pictures that were on the Columbus MLS, this home is a stunner. It’s also out the league of my buyers in 2010 or 2009 or 2008 so I didn’t see it but I have no doubt it delivers that WOW factor.
Next up is a 5 acre estate on Hoover Reservoir with 2 homes on the property. Originally listed for all of 2009 beginning at $4,700,000 in December 2008, 4310 Sunbury Road in Galena sold for $3,950,000 in March of this year. The main home has 12,500 square feet and the setting really couldn’t be beat.
Back to Columbus and a more regular City Setting, 246 East Sycamore made an appearance on the top twenty. At 4,400 square feet in a prime location, this former storefront went for $1,495,000 in February.
Another midtown entrant in the top 20 real estate deals of the year 2010 is a 15th floor combined 2 unit condo at North Bank Tower. With 4663 square feet a view to die for and a whopping $497/year tax abated (through 2018) bill, this 3 bedroom home with a (max) $1,657/month condo fee sold for $1,350 in August.
If you’re curious about the rest of the 2010 top twenty real estate deals in Central Ohio, look below for a quick tour.
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2010’s most read Columbus Real Estate related posts
Happy New Year Columbus!
I’m looking forward to 2011 and I think it will be a breakout year for Delicious Real Estate as I begin the process of recruiting smart, savvy agents, consider several partnerships and promotions, toy with the idea of going to a completely virtual model and really get out into the Columbus community to bring readers some fantastic content — all while giving Columbus home Buyers and Sellers the best service in the industry and saving them time and money.
Speaking of content, here are the top ten read posts from 2011….
10. When is it OK to over-improve your Columbus Home?
9. Columbus Residents: Speak up now or be drowned out by Speedway Noise
8. How to turn your $8,000 home buyer tax credit to $9,000 or more
7. German Village and Brewery District Real Estate Market update (Oct)
6. Can you use Alimony or Child Support to help you buy a home?
5. Clintonville Real Estate Market Update (Sept)
4. Short North Real Estate Market Update (December)
3. The I-70/71 split will stress neighborhoods but eventually be good for Columbus Neighborhoods
2. What happened to Olde Towne East’s Bryden Road?
1. How to dispute your Franklin County Taxes
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New tax credits for energy-efficient remodeling and other 2011 reduced incentives
The legislation limits allowable tax credits available for energy-efficient windows installed during 2011 to a total of just $200 — down from the previous $1,500
Today is the last day to take advantage of the ‘green’ credit incentives from the federal government. Miss the deadline? The good news is that there are now new incentives. The bad news is that those incentives are roughly 1/3 of the 2010 incentives….
The $858 billion federal tax bill signed into law by President Obama on Dec. 17 was a mixed bag for American homeowners, with elements of both the Grinch and Santa squeezed into the same bulging package.
The goodies for select groups were well-publicized — an extension of unemployment benefits, payroll tax cuts, continuation of the Bush income-tax rates and favorable estate-tax treatment for the wealthy.
But other provisions in the bill could be bad news for homeowners interested in remodeling projects to conserve energy next year. The legislation slashed the popular tax credits for energy-efficient remodeling from the current 30 percent of an improvement’s cost ($1,500 maximum per taxpayer) to just a 10 percent credit with a $500 maximum.
The bill also clamped new dollar-specific limits on key improvements that previously had been eligible for 30 percent credits. These include a $150 tax-credit limit on the costs of energy-efficient furnaces, plus a $300 credit limit on the costs of central air conditioning systems.
The legislation also limits allowable tax credits available for energy-efficient windows installed during 2011 to a total of just $200 — down from the previous $1,500. On top of this, more here….
via
Kenneth R. Harney who covers housing issues on Capitol Hill for the Washington Post Writers Group and appears in the Sunday Columbus Dispatch.
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