$615,000 3 Bedroom, 2.5 Bath Executive Home steps to the bay
Your only opportunity to live in The Breakers in Richmond Marina. Sparkling executive home with many upgrades including granite countertops, a wine refrigerator, top of the line stainless steel appliances, two car garage, towel warmer in the master bedroom and a secluded, private backyard oasis.
Address: 80 SEABREEZE DR
Area: Richmond – Point Richmond/Bayfront
County: Contra Costa
Listing #: 40680187
Property Type: Single Family
Listing Type: Resale/New
Subdivision: THE BREAKERS
There’s a flicker of hope despite the nightmarish poverty and unemployment numbers released in the past week. Signaling that the government is indeed concerned about the housing market situation, top Senate lawmakers started debating housing finance reforms at a Congressional panel. Among the issues taken up were whether to wind down government backed entities Fannie Mae and Freddie Mac. Many people following the housing market have wondered, why do we need Freddie Mac and Fannie Mae at this stage in the game? According to Reuters, lawmakers on both sides of the aisle agree that the two entities should be “wound down,” but senators can’t decide where the government should have a role in doling out housing finance subsidies.
Senate Banking Committee Chairman Tim Johnson, D-South Dakota, was quoted in Reuters saying he is concerned about consequences that might happen if the government completely washes off its hands. He said that historic low mortgage rates, now around 4 percent, would likely inch upwards. Peter Wallison, an American Enterprise Institute fellow, argued in favor of a private system to enable investors. Right now, taxpayers are forced to take the risks the government is taking, he said.
It will be interesting to see how this debate shakes out. According to Reuters, the first test will come at the month’s end when the conforming loan limit draws back to pre-financial crisis levels. Lawmakers were warned by industry experts against reducing the size of government-backed mortgages. According to a Wall Street Journal story, without lawmakers’ intervention the maximum number of loans backed by Fannie Mae and Freddie Mac would drop Oct.1. The paper reported that Democrats representing pricey coastal areas and real estate lobbyists are advocating to block the change, but they have failed to make any headway. Only a handful Republicans are in their corner, the others want to reduce the mortgage market’s dependency on the government, the paper reported. For potential homeowners, this would be a good one to follow. At a time when lending has come under strict scrutiny, it’s easier to get the government-backed mortgages than seeking your luck with a private lending agency.
Hercules is located at the southeast shore of the San Pablo Bay.
View the current listings in Hercules. Ideally situated on beautiful San Pablo Bay, midway between San Francisco and Napa, with handsome homes, safe neighborhoods, and many exciting new projects planned, this diverse waterfront community is poised to expand its reputation as a great place to live. Visit City of Hercules Website.
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