Consumers are moving away from adjustable-rate mortgages in droves as rates surge to levels not seen in over six years. Borrowing costs on 30-year fixed-rate mortgages dropped to the lowest level in weeks, but rates on one-year adjustable-rate mortgages (ARMs) surged to 6.51 percent from 5.84 percent in the week ended Aug. 24, its largest weekly jump on record and highest level since January 2001. A sharp rise in defaults in the subprime mortgage market has caused lenders to tighten requirements, making it difficult for those with weak credit to get a home loan. As lending standards continue to tighten up for those seeking to buy or refinance, it’s not surprising that there has been two straight weeks of declines in mortgage application activity.

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Though the incandescent light bulb has logged more than 125 years as the reigning light technology with little competition, lawmakers supporting the legislation see the 4 billion light-bulb sockets in American homes as an obvious way to curtail energy consumption and reduce emissions of greenhouse gasses. Democratic lawmakers think compact florescent lights and other lighting technology under development can fulfill the nation’s lighting needs more efficiently. “By simply replacing the light bulbs in their homes, our constituents will be saving money in addition to energy,” Rep. Jay Inslee, D-Wash., said during the House floor debate this month. If every U.S. home replaced one light bulb with a compact florescent light, the country would save more than $600 million in annual energy costs, according to the government, which has a Web site with information on compact florescent bulbs.

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search for : incandescent light bulb, compact florescent light

Whether you are a first-time home buyer or a longtime homeowner, you will profit from reading “The First-Time Homeowner’s Survival Guide” by Sid Davis. He is both an experienced real estate broker and a home renovator so he knows which home repairs and renovations will reflect well in home enjoyment and increased resale value. The book begins with the basics of repairing and upgrading home electrical systems and plumbing. Davis shares his construction knowledge without becoming super-technical. After Davis explains the basics of home repairs and renovations, he moves on to more challenging topics such as hiring and checking out a professional contractor, explaining the importance of written change orders, a key profit center for most contractors.

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search for : first-time home buyer, home renovator, home repairs

An increasing number of homeowners and prospective homeowners are getting caught up in the fast-spreading mortgage crisis that is claiming victims from all income levels and demographic groups. Like the Pents, many are trying desperately to get their loan terms reworked but are finding it’s difficult in a tightened market. Loans with adjustable rates, payment choices and loose requirements have trapped borrowers in too-high payments with few options for escape. Some have taken on second and third jobs, depleted savings, retirement and college funds and wrestled with lenders to stave off foreclosure. Those who fail see their homes often sell at auction.

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A throwback to the “good old days” before today’s overabundance of modern conveniences, you really can dry your clothes outside. Turns out clotheslines are back… and coming on strong, according to Paul Gay, the third-generation of his family to be in the clothesline business. “I sell a lot of clotheslines to younger couples just starting out,” he says, “and I think it is because of the green aspect. And high fuel costs, of course.” Check out his Web site.

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The Environmental Protection Agency requires all drinking-water suppliers provide an annual quality statement. Most of these reports are available through the EPA’s Web site. If not, call your local utility. You can also have your water tested by a private laboratory. People with small children or pregnant women may want to test their water for lead, since levels can vary from home to home. And those with private wells need to test their supply periodically. Contact your local health department, or call the EPA’s safe-drinking-water hotline (1-800-426-4791) for information on state-certified labs.

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When Senate Banking Committee Chairman Christopher Dodd mentioned the national Homeowner’s HOPE Hotline in comments Tuesday, it triggered some 3,000 calls. An announcement in April that the Neighborhood Assistance Corporation of America would be offering $1 billion in rescue money to beleaguered borrowers has prompted more than 50,000 inquiries, according to the organization. Since the 888-995-HOPE line has been in existence, about 30,000 people across the country have called looking for help. Getting lenders to work with borrowers is the key for many programs out there. Most nonprofits and government-run programs are not offering bailouts as much as they are looking to get borrowers who obtained their mortgages under terms they couldn’t meet into more affordable situations.

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As the subprime-mortgage crisis ripples through the broader housing market, the Bush administration is eyeing an often overlooked federal mortgage insurer to help low- and middle-income homeowners avoid foreclosure. President Bush has balked at allowing mortgage giants Fannie Mae and Freddie Mac to buy more mortgages for their portfolios to ease the credit crunch triggered by rising defaults on home loans to borrowers with poor credit. But he said earlier this month that he supports giving the Federal Housing Administration more flexibility to help those facing foreclosure refinance their homes.

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Beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 - 2800 SF, Basement: None

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information