A recent New York Times Article discusses the fact that some granite counter tops have been found to emit radon gas. The article was prompted by an incident that occurred in New Jersey where a family’s summer home was found to have high levels of radon gas in a routine home inspection. Radon Gas is the second most frequent cause of lung cancer, after cigarette smoking, and radon-induced lung cancer is thought to be the 6th leading cause of cancer death overall.

Allegations that granite countertops may emit dangerous levels of radon and radiation have been raised periodically over the past decade, mostly by makers and distributors of competing countertop materials. The Marble Institute of America has said such claims are “ludicrous” because although granite is known to contain uranium and other radioactive materials like thorium and potassium, the amounts in countertops are not enough to pose a health threat.

The Environmental Protection Agency has received many calls from concerned homeowners and radon inspectors looking for guidance on this issue. The end result is that there are over 900 different types of granite available in the United States from around the world.  While it is still unknown what levels of radon exposure cause cancer, the EPA standard since 20034 pCi/L in indoor air.

The Federal Hosing Bill that is working through the Senate and House right now are expected to have sizable impacts on local economies and real estate markets like Cincinnati. The Housing Bill provides financial incentives like mortgage negotiation perks, $7,500 interest free short term loans, and Jumbo loan borrowers.

For those currently in debt and in trouble with their mortgage here are the incentives the government has set out for you to renegotiate with lenders:
1. Your loan must be at least 31 percent of your monthly household income.
2. Lenders, however, are not required to give you a better deal under the new law.
3. If you manage to get a new loan, you cannot take out a home equity loan for at least five years. 4. 4. You will also have to pay a 1.5 percent fee each year on the remaining balance.
5. Finally, you have to hand over no less than 50 percent of any appreciation on the home to the government once you sell. Sell the house in less than five years, and you will have to turn over as much as all of the gain.

Now about those $7,500 interest free loans being handed out. Well they are for first time home buyers and come in the form of a tax credit. How ever if your income is over $75,000 ($150,000 married) the credit begins to phase out. You will pay the loan back in 15 equal payments over the next 15 years to the Internal Revenue Service. The tax credit is retroactive to home purchases on April 9, 2008, and expires on July 1, 2009. Ask your accountant about this benefit in your 2008 return.

The Bill will also allow Fannie Mae and Freddie Mac to purchase and securitize loans up to $625,000 where in previous years the cap was $400,000. This increase comes in line with the increase of home prices over the decades.

Investors who own multi-family properties or apartment buildings are consistently trying to ensure that their rental rates are consistent with the market. Where as an investor can you go to find the market rates for your area. You can look in the local newspaper such as the Cincinnati Enquirer or community newspaper such as Suburban Life Press for the real estate classified ads.

There are more specialized websites that can show general market trends that have more specific information for areas with a lot of rental property. Apartment Ratings.com is a resource that property owners can use for this purpose. Move.com and Apartment Finder.com have apartment listings with amenity descriptions so that you can compare your property to others that are on the market for rent.

I am searching for other websites that list specific apartment rental rates in Cincinnati with more specific rental data listed by neighborhood. Please email me or comment below if you are aware of a database with this information.

Wake Nation Cincinnati is opening in May 2009 in the Fairfield area. Wake Nation is a watersports complex designed for wakeboarding, wakeskating, water skiing and knee boarding. The park is on an eight acre lake and has a cable system suspended thirty feet above the lake. They will be breaking ground in August 2008. This park which is partially funded by a close friend of ours will be featured on the Channel 9 WCPO News this week. We will continue to provide updates on this exciting venue as its grand opening approaches next summer.

Our friend in Austin Texas is using all of his social media know how to sell his home. We spoke with David about some of the social media pieces we have used with our clients and he has shared his experiences with us. He sent us a music video over the weekend and we are posting it today. It is a unique take on the virtual tour. If any of our readers just so happen to be in the market for a 3/2 in Austin, Texas please let me know.

As our client base share with us their plans to renovate their newly purchased home, or their existing home we are always being asked for resources and information on green materials that look great, are cost effective and function well.

We like to encourage our clients to use green materials and point them to materials sites like Ecoect.com so they can see the various green material options. As far as interiors go Natural Interiors is another website that focuses on interior decoration products.

Green renovations not only help homes conserve energy but it also adds potential value to the next buyer. Investing money into your home now will pay off with potential profits at a future sale point.

Some clients in Cincinnati have recently approached me about their hesitation to purchase real estate in the resort markets for fear of making a bad investment. If you turn on the evening news it seems that these days all you see is negative press about the stock market, gas prices, the lending industry, and the plunging housing market. Many people are concerned about where to put their money to keep it safe.  Alot of investors are seizing the opportunity to capitalize on the high inventory of properties that are on the market right now. One of those types of properties are resort properties: condominiums and timeshares on the beach or in the mountains.

If you are thinking about investing in a timeshare, here are some things to consider:

1) Are you buying specific weeks or do the weeks vary each year?

2) Who manages the property and do they have other properties that you could trade your weeks in to go to if you want to vacation in another location?

3) If you sell the property, is there a specific agency that you must use? (many times you are bound by one company, so watch out for this one)

4) Is there a board that oversees the management and how they make decisions for the property?

5) What are the amenities that the timeshare offers and how do they compare to other properties (condominiums, timeshares) in the area. This is important because if you need to unload the property you want to be sure that your property is a commodity that will be easily sold for at least what you paid for it.

6) If you are unable to use your weeks in a particular year what are the rules and fees involved with renting them? Can you rent them yourself or do you have to pay a fee to the management company to rent them for you?

7) Are there annual fees for owners of the timeshare or service fees when you stay at the timeshare?

Businessweek recently published a report on the top and bottom cities for specific job functions and who would have thought that Cincinnati would appear twice in the list. According to their research that looks at average pay for the job function and then takes into account the cost of living Cincinnati is the 2nd best city to live if you are a graphic artist, or a veterinary technician.

The importance of this article is that Cincinnati is a an affordable place to live for a number of different professions, in part because housing a large part of cost-of-living index. Some employers have improved relocation packages to relocating more attractive, in some cases covering the loss on a sale of a home. This is particularly valuable to those relocating from areas hit hardest by the housing slump in Florida, California, and Arizona. To find out about your city’s Cost of Living Index click here.

With all of the talk about Fannie this and Freddie that average folks are asking the question, “well what does it mean to me?” If you have a home mortgage, and are not planning on refinancing then it means almost nothing. If you are in the market for a home loan or are looking to refinance then it means something.

Dan Green, or good friend over at The Mortgage Reports translates this complex information into an easy to read piece.  The reality is this - Fannie and Freddie are likely to increase their fees, and that cost is going to trickle down to the borrower. In addition since they are willing to insure your loan, they are potentially going to ask your loan officer to ask you to document your income and assets before you get your loan and rates.

In the Cincinnati real estate market those of you with not so good credit are going to find getting a loan a bit more difficult. Borrowers are going to be asked to prove income as well as be qualified only for what they can genuinely afford.  Our suggestion is to work with a good broker, like Dan, who can match you with the correct kind of loan.

Seven years after the riots in Downtown Cincinnati, much progress has been made to improve the city. We are pleased that the NAACP chose the Duke Energy Center downtown to host its annual convention. It has brought alot of positive publicity and energy to downtown this summer.

The NAACP annual convention is the largest gathering of its kind in the country. An estimated 8,000 NAACP members, delegates and visitors will be in Cincinnati for six days of informative workshops, hearing compelling speakers, gathering information and enjoying entertainment. Both presidential candidates will be speaking over the week-long event. Barack Obama speaks on Monday, July 14th and John McCain speaks on Wednesday, July 17th.

For more information on the schedule of events click here.