President Obama just signed in to law an extension to the First Time Homebuyer Tax Credit and an additional Home Owner “Extended” Tax Credit of up to $6500 for an existing homeowner. A great resource for explaining the opportunities under this credit can be found by clicking this link.
Bottom line, there will be opportunity for tax credits on a home purchase from now until April 30, 2010. This would be a great time to get out and start looking as well as getting your current home on the market!
Categories: 53703 · Market Data
Click this link for the latest edition of the Central Madison Police Newsletter.
Looks like they’re a few months behind. The “latest” issue is September 2009.
What’s up with that?
Categories: 53703 · Downtown Living
It’s interesting to me that what I remember from my youth as a rowdy, crowded party night on State Street has now turned in to an event now known as Freakfest.
I like the fact that there are some great bands headlining this event. I love the fact that at least last year, the night went off without much incident. I’m just not sure I want to pay to participate.
This more than likely has to do with the fact that 5 years ago I was referred to as “the old guy” when I was watching the parade of great characters walk State Street. Old Guy?!? Listen missy! I was on state street in the early 1980’s when the crowds were estimated to top over 100,000 each and every Halloween. I’m part of the reason this tradition still lives on!
OK, I’ll calm down. I will miss seeing the creativity of the youth.
To find out what’s happening during the night, click this link.
Categories: 53703 · Downtown Living · Entertainment
Wisconsin ninth in median property taxes
New data released by the Census Bureau show that Northeast homeowners and those in the Midwest tend to pay the most in property taxes, with Wisconsin ranking ninth among the top 10 states, a nonprofit tax research group based in Washington, D.C., said Tuesday.
See the rest of the Wisconsin State Journal Story by clicking here.
Categories: 53703 · Downtown Living · Market Data
Darren Kittleson, broker and Operating Principal for Keller Williams Realty Madison West/Madison Crossroads was recently named a finalist in the National Association of REALTORS (NAR) Center for Technology Advocate award category. Kittleson was nominated by his peers for his willingness to go above and beyond the call of duty to reach out and engage people with the information and knowledge he has about technology. He does this with no regard to compensation, and for the most part, has reached across ‘brokerage’ boundaries to help and instruct. He is being recognized as one of the individuals that is making changes in the industry one person at a time.
For the list of nominees, visit this link.
Categories: 53703 · Downtown Living · Market Data
The blog “Top Colleges Blog” has named Madison the 7th best place for jobs. Even during this recession our great city is being recognized for it’s relatively low unemployment, well educated workforce and high quality of life.
You can see the entire post by clicking here.
Categories: 53703 · Downtown Living
It seems an enterprising couple is taking advantage of many of us who live downtown in being nice and “holding the door” for them to enter our security locked condo buildings. They are then proceeding to steal.
Here’s the story from the Wisconsin State Journal:
“Police Search For Burglars Caught on Surveillance Tape“
Guess it’s time to begin acting like we’re living in a big city. I’m disappointed in that.
Categories: 53703 · Downtown Living
Four Season Theater’s most recent production, “Evita” is a definite must see.
Problem is, it closed today. There’s 1 matinee and if you’re at all a fan of this show, you owe it to yourself to be at the Wisconsin Union Theater for today’s performance.
I’ve been a fan of Four Season Theater since I saw one of their first productions a few years ago of Ragtime at the Middleton Performing Arts Center. The current production, Evita, is of the same caliber. In my humble opinion this is one of the best “community” theater organizations ever in Madison.
First the highlights-Chad Grote as main character Che is right on the mark. His vocals are clear, concise and wonderful to hear. His emotional control of the character comes through clearly in every scene and makes him a joy to watch as a true singer/actor vs. an actor who can sing somewhat or a singer who can slightly act. His the real deal and his talent shines through. My only criticism is the bad hair he dons for the role. I don’t believe it was his own as it looked very wig-like. If that’s the worst thing I can find in his performance, I had to look very hard!
L. Joe Dahl performance of Peron is equally as strong. His downplayed, subtle stage presence was perfect against the strength of character in Eva. Vocally he was right on the mark as well. Again, a strong addition to an already wonderful cast.
Amanda Poulson truly steals the show as Eva Peron. She actually almost made me feel sorry for the character as she fell ill in the story line, and most of you know the rest. Vocally again very strong and wonderful to listen to. Her command of the lyrics were clear and concise as well—a must in pulling off a show like this.
Other notables were Robert Goderich as the used Magaldi. His slightly schmaltzy rendition of a tango singer was right on the mark. Samantha Mae Bock, as the jilted mistress of Peron truly grabbed the audition in her performance of “Another Suitcase in Another Hall”.
The large cast (29 actors) was strong as well both vocally and surprisingly, in their choreography. Not always easy to pull off in community-type theater. Once again Four Seasons did it all very well.
My only critic of the show would have been the orchestra—not always as strong as the cast came across and quite often too loud to be able to hear the singers….there were some beautiful orchestrations within the show but the opening number “Requieum” made it seems as if the orchestra wasn’t quite ready for the show last night.
Don’t let that stop you, though. Evita is sure to please.
Showtimes are today, August 23, 2009 at 2:00 p.m. Get your tickets by clicking here.
Categories: 53703 · Downtown Living · Entertainment · reviews
Categories: 53703 · Downtown Living · Market Data
The Home Valuation Code of Conduct (Code) announced by Fannie Mae and Freddie Mac (Enterprises) in December 2008 was developed after a long period of public input and was deployed on May 1, 2009, after a four-month transition period. The Code expanded on existing Enterprise appraisal standards, seeking to redress problems that contributed to the current mortgage crisis and to improve the quality of the mortgage loans they purchase.
Unfortunately, during the 2005 to 2007 period, mortgage lending was much too aggressive and placed pressure on the appraisal process. In some cases, that resulted in unrealistically high appraisals, hurting homebuyers as well as investors. The HVCC is designed to promote professional appraisals free from inappropriate pressure from lenders, borrowers or brokers.
The Code’s main purpose is to protect appraisers and the quality of appraisals from undue influence and conflicts of interest. The Enterprises continue to address questions on implementation and today provided additional FAQs. Also, they are finalizing a complaint form relating to Code violations.
Market participants should appreciate the difficulty facing appraisers when valuing properties in a declining market, especially when sharply dropping home prices and foreclosures are prevalent. The challenges of appraising properties exist with or without the Code. Market participant concerns in the current circumstances would create appraisal controversies even without the Code. Indeed, the Code should help mitigate these controversies by providing clearer protection for appraisers.
The Enterprises have taken additional actions. For example, Freddie Mac recently issued an alert to mortgage lenders advocating the use of qualified and experienced real estate appraisers, including those appraisers affiliated with a professional organization. This was similar to a Fannie Mae pronouncement. The Appraisal Institute termed this a victory for efforts to promote more professional appraisals and said it would “have a positive effect on millions of home buyers and sellers.” The GSE guidances reinforce existing professional standards that appraisers must be familiar with the local market where the property is located and highlighted that appraisers must choose appropriate sales comparisons.
Addressing Misinformation
Misinformation has been circulated about the content of the Code and some have tried to cite the Code as the source of unrelated market dislocations. FHFA believes that the Code is serving the intended purpose and will continue its oversight role both as to the implementation of the Code by the Enterprises and its market impact.
Some key items that the public should know:
Communications with appraisers– Contrary to some suggestions, the Code provides for communications with appraisers about errors, additional needed information and unprofessional conduct. Quality control personnel may communicate with appraisers and other lender personnel, outside of the loan origination function. The real bar is on communications that seek to influence the appraiser to adopt a set valuation, which is prohibited.
Low appraisals— Contrary to some suggestions, the Code does not lead to lower appraisals for property. The Code insulates appraisers from pressures that led to higher or lower appraisals and should now lead to more accurate valuations. This is in everyone’s interest. Declining home prices began long before the deployment of the Code and relate to many other factors. Current efforts at mortgage market stabilization are a central focus at FHFA and the Enterprises, but that needs to be achieved by keeping borrowers in their homes, not urging appraisers to improperly overvalue homes.
Appraisal management company (AMC) role— Contrary to some suggestion, the Code does not favor the use of AMCs over independent or in-house appraisers. Significantly, for the first time, the Code places the same requirements for appraiser independence on AMCs as the limits placed on lenders. Lender use of AMCs was increasing prior to the Code and one of the key goals and results of the Code was to strengthen appraiser protections when engaged by AMCs.
Unqualified or out-of-area appraisers– The Uniform Standards of Professional Appraisal Practice (USPAP) requires that an appraiser be competent and knowledgeable of the local market to perform an appraisal. In addition, in reinforcing USPAP, the Enterprise appraisal guides require appraisers to have knowledge of the local market. The use of unqualified in-state or out-of-state appraisers, unfamiliar with local conditions, should be reported to state appraiser licensing agencies.
Increased costs at closing— Closing costs have risen in some instances, but that has not been a function of the Code. Lenders have tightened underwriting standards, often requiring additional comparables by appraisers and even requiring second appraisals. Market investors have focused on reducing fraud and sought greater assurances about valuations. Appraisers have been working hard to meet these requests.
Turnaround times for appraisals— The Code may initially have slowed appraisal time as it was being implemented. However, there are other reasons for turnaround time changes; these include increased demands by lenders, the efficiency of a particular lender’s underwriting process and the workload of appraisers. The Code’s appraiser independence standards are critical for accurate valuations, a lesson learned in the current market crisis. Assuring a good appraisal is in the borrower’s interest. As the market adjusts to new underwriting standards, including those for appraisals, more efficiency will reduce turnaround times.
Transferring an appraisal – Contrary to some suggestions, appraisals are transferrable between lenders under the Code. Transferring an appraisal may obviate the consumer’s need to pay for a new appraisal should the first lender deny the loan. Whether a lender decides to transfer or
accept an appraisal, however, is up to the lender, and is not related to the Code. Lender discretion in this area predated the Code.
Categories: 53703 · Downtown Living · Market Data
Central Madison Living
