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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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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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

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If you are serious about avoiding probate costs and delays for your heirs and want to avoid conservatorship court proceedings if you become incapacitated, “The Complete Living Trust Kit and CD-ROM” by attorney Karen Ann Rolcik will show you how. This new book has superb explanations showing how homeowners can benefit their heirs by avoiding costly mistakes. Rolcik emphasizes that the costs of distributing an estate through probate court typically are at least 3 percent of the estate’s net assets and can take a year or two after the decedent passes on. More important, the author explains the major probate drawbacks, such as making your will public knowledge and delaying asset distribution to heirs for many months.

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For a one-time premium paid at the time a property is purchased or when a mortgage lender originates a loan, the title insurer promises to pay title losses that may occur while the owner and heirs own the property. The list of insured title risks includes forged signatures in the chain of title (the major cause of title losses), encroachments, surveys (if specifically included), recorded documents affecting a property, such as easements, income-tax liens, and mechanics’ liens, title search errors, and many other title risks. In addition, mortgage lender’s title policies include zoning, water rights, and conditions obvious from a property inspection, such as an unrecorded power line easement.

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Suffering a loss is never a good thing. Large or small, the policy owner wants the repair made fast and done right. But, before the homeowner calls the insurance carrier to report a potential claim, the question must be answered, whether the loss is covered by the homeowner’s policy. Generally, the policy will stipulate that the damage to the home needs to be “sudden and accidental.” Some examples would be a pipe that freezes and breaks; a washing machine or a toilet that overflows; an electrical circuit that overheats and starts a fire; a wind storm that causes shingles to blow off the roof or a tree limb to come crashing down; or a drunk driver that misses the corner and smashes into the front of the house.

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As we are in a buyers’ market, this may be the time when your could start asking for significant concessions. Price is always the first consideration. But, there are other factors worth considering and make for reasonable points of negotiation. Home and radon inspection are self-explanatory. Make sure you ask for and get both reports. Study the inspections and note any potential problem areas. Ask for repairs or adjustments in the asking price if you find any areas that might indicate that the property is less desirable than first appearances dictate. A home warranty is a valuable commodity as well as another important concept — closing costs. Don’t be afraid to ask, who knows, you might get more than you could possibly imagine.

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A diverse cast of characters combined to launch the once-in-a-lifetime housing boom of the past five years. Traditional mortgage companies and banks unleashed a barrage of loans, many to borrowers with iffy credit histories who didn’t bother to read the fine print about upwardly mobile interest rates. Wall Street egged on the often-reckless underwriting by buying vast quantities of home loans for repackaging as securities. Now that the boom has fizzled and foreclosure rates are rising, the important role of large home builders as lenders is coming into sharper focus.

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The practice of green building, as defined by Wikipedia, can lead to benefits including reduced operating costs by increasing productivity and using less energy and water, improved public and occupant health due to improved indoor air quality, and reduced environmental impacts by, for example, lessening storm water runoff and the heat island effect. According to new research, it appears that consumers, too, are catching on to the many benefits of green building, and they are willing to pay extra for them. A survey of more than 250 residential builders across the United States released by Green Builder® Media and imrecommunications.com reveals that buyers are willing to pay a premium of between 11-25 percent for green built homes.

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In common wall homeowner associations, this observation resonates loudly. HOA barriers abound in a plethora of options including chainlink, brick, stone, wood, stucco, vinyl, concrete and siding. Besides the visual differences of these barriers comes practical considerations. In common wall communities like condominiums, the HOA is responsible for the maintenance, repair and replacement of such structures. Materials like chainlink are inexpensive, have a long life and low maintenance, but aren’t very attractive and don’t afford privacy. Sided walls are expensive to build and maintain and are subject to dryrot in wet climates. There is a great alternative which is attractive, low maintenance and long lived called the “Good Neighbor Fence” (Frost would be proud).

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This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

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With the number of older aged Americans on the rise and in need of specialized services, is there market space for senior specialty services for expansion-minded builders? According to seniorresource.com, the term “aging in place” is in reference to living where you have called “home” for many years. Called a Naturally Occurring Retirement Community, or NORC, residents age in place by staying in their current homes where neighborhoods typically evolve into senior communities. Residents, or their loved ones, actively seek and acquire the necessary services and products to live comfortably. NORCs are for seniors who choose not to relocate.

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Across the country, the theme is the same: Home builders and home sellers are juicing their efforts to unload single-family homes. Among other things, they are offering buyers cash discounts of as much as 20%, throwing in a pool and agreeing to finish basements, garages and other spaces at a cost of several thousand dollars — incentives much richer than builders were offering as recently as six months ago, when the downturn didn’t look as bleak.

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search for : single-family homes

About 45 million Americans are served by privately owned individual wells. There are three basic reasons a homeowner might need to call in a well contractor: if there is no public water service, if an existing well needs repair or if an independent source of water is needed for watering lawns and gardens and washing cars. A well digger will start with an eight-inch round hole dug through the soil and then down 20 feet into bedrock. A casing, six inches in diameter, is inserted into the hole and mortar is injected around the casing to keep water in the soil from seeping into the shaft. The contractor then digs farther into the bedrock, either by pounding away and pulverizing the rock or drilling through it, until fractures in the bedrock allow a sufficient quantity of water to flow into the hole.

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Closet and cabinet organizers are all the rage and will even help sell your home. The best gear for organizing stuff and impressing buyers includes: closet organizers (canvas, metal or wood), extra storage space for the kitchen, and garage cabinetry. Rollout trays for the kitchen will certainly simplify storage of small cans, jars and spices. Install one and you’ll never have a hard time reaching the back of a low cabinet. Look for a wood or chrome-plated steel tray with full-extension glides and a unit that mounts with at least four screws to hold it in place.

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Real estate is a tough, competitive and highly lucrative business. Brokers say third-party providers are constantly showering them with goodies while the providers contend that they will quickly be dropped if they don’t provide the gifts. A few years ago a title insurance company offered to furnish a real estate broker’s office if all of the agents in that office wrote in the title insurance company’s name in the appropriate spot in the earnest-money agreement. Another company offered a broker the use of billboards in public places for carrying the company’s name atop preprinted earnest-money agreements. A third company offered all-expenses-paid fishing trips.

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The origins of the boom and this unfolding reversal predate last year’s mistakes. They trace to changes in the banking system provoked by the collapse of the savings-and-loan industry in the 1980s, the reaction of governments to the Asian financial crisis of the late 1990s, and the Federal Reserve’s response to the 2000-01 bursting of the tech-stock bubble. When the Fed cut interest rates to the lowest level in a generation to avoid a severe downturn, then-Chairman Alan Greenspan anticipated that making short-term credit so cheap would have unintended consequences. Low interest rates engineered by central banks and reinforced by a tidal wave of overseas savings fueled home prices and leveraged buyouts. Pension funds and endowments, unhappy with skimpy returns, shoved cash at hedge funds and private-equity firms, which borrowed heavily to make big bets.

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If you are thinking of securing a construction loan to finance your next project, a credit score of 660 won’t qualify you for a lender’s best rate. And credit card providers use sophisticated models, like a credit scoring model, to evaluate how much risk they face in extending you credit. That’s true not only of applying for new credit, but also in what’s going on in your open accounts. Maxing out your credit cards, taking cash advances and making minimum payments on maxed out cards all trigger concern on the part of the lender.

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search for : construction loan

Only a fool would buy a house without having it first inspected. However, it’s a challenge is to find a competent home inspector who can give an accurate picture of the property, so you know whether to go forward with the purchase with or without requesting repairs. Pick the wrong home inspector and you could be in for years of headaches, heartache and suffer extreme financial loss. Anyone can make a mistake, but when a home inspector misses critical defects, they can cost you a bundle of cash.

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Remodeling, repairing and decorating your home is expensive. But with careful and prudent shopping decisions, you will be amazed at how much you can save on your next project. Many retailers have items such as appliances and plumbing fixtures that they sell at sizable discounts because they are slightly blemished, have minor scratches or are in the store because someone mis-ordered. Flooring companies often have “roll ends” of carpet and vinyl for sale at a fraction of their original price, and that are perfect for smaller rooms. Many paint stores will have sales on mismatched or mis-tinted paint, or wallpaper that was mis-ordered. It pays to watch the sales flyers or call around, asking retailers for any special sales lots.

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Surveys suggest that only 15 percent of homeowners who hired independent housekeepers paid the employer’s share of Social Security, 8 percent paid the employee’s share of Social Security, 9 percent paid unemployment tax, 3 percent withheld income tax and 1 percent paid health insurance. The numbers indicate many are unaware of or ignore legal obligations when hiring household workers. First you must check the employee’s identification or other documents that prove citizenship or that the employee has the right to work in the U.S. To do so you must complete with the employee the “Employment Eligibility Verification” (Form I-9) for the U.S. Citizenship and Immigration Services (USCIS) and keep the completed form on file in your home, not with the USCIS. You must keep the completed form for three years after the date of hire or for one year after employment ends, whichever is later.

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As more and more homeowners sell their property just to escape high mortgage debt, unfortunately some are discovering that there are tax surprises associated with selling real estate. The two primary tax considerations are capital gains and recapture of depreciation. Between the two, Federal and State taxes can be as much as one third of the profit on the sale of a property. Both individual investors and real estate professionals can discover legal methods for deferring or eliminating these taxes by reading this book. Selling Real Estate Without Paying Taxes is a non-technical, plain-English look at the various ways to avoid taxes when selling real estate. It explores both tax deferral and elimination methods, discusses the pros and cons of each, and gives examples of how each method works in everyday practice.

search for : capital gains, recapture of depreciation

Just listed is this beautiful Wilkes County NC Executive Country Club Home.

MLS Number: 51211 List Price: $359,000

Bedrooms: 3, Full Baths: 2, Half Baths: 1, Est Total SqFt: 3425+
Type/Style: Tudor, Two Story, Area: 6
Elementary School : Moravian Falls Elementary
Middle School: Central Wilkes
High School: Wilkes Central

Construction: Brick Veneer & Other, Solid Masonry Foundation: Basement, block & brick. Roof: Shingle – Composition, Two Years Old, Floors: Carpet/Hardwood/Tile
Garage/Carport: Garage-Double Attached
Interior Features: Smoke Detector(s), Ceiling Fan(s), Newly Decorated, Central Vacuum, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Basement, Fireplace(s), Gas Logs, Stone Fireplace, Workshop, Living Room, Dining Room, , Den, Cable TV w. broadband Internet

Exterior Features: Tiled Patio/Deck and Walkways, Private Yard, Level Lot, Set Back From Street.
Subdivision: Farmington
Lot Size: 1.14 acres, Tax Value: 312450, Apx SqFt: 3400 +
Basement: Partial, finished with large cedar-lined closet.

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

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