The author of the new book, “Pop! Why Bubbles Are Good for the Economy,” says that if home owners, buyers, sellers, builders, lenders and real estate can hold on, there are good times ahead. “Bubbles have always been good in the past, and historically, we recover from them quickly,” business columnist Daniel Gross said at the Urban Land Institute’s annual fall meeting last week in Las Vegas. Home owners have learned a thing or too about housing finance when the high-flying mortgage market was offering all sorts of products, including some very toxic ones. The notion that refinancing may be beneficial is now part of everyone’s mindset.

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For owners who can’t afford to move up to a larger or nicer home, a makeover may offer the perfect solution. But recouping those costs depends on what gets done. Remodeling is an option many homeowners turn to when the housing market experiencing a downturn. Typically, after home sales slide, remodelings climb, but contractors say it’s a mixed bag now. Elite contractors haven’t noticed a change, but industrywide, the numbers are down from the rapid growth of the early 2000s. Tightening consumer credit and financial unease have some homeowners holding back. The recent survey shows that bathroom and kitchen remodelings and additions remain highly valued by buyers. Updated kitchens always provide a certain pride of ownership. Upgrades such as stainless-steel appliances and granite countertops impress even buyers who don’t cook much. (more…)

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After three decades of a level increase in homeownership, the national rate began rising around 1995. The rush for consumers to buy homes was fueled by an enormous surge in housing construction and affordable home prices. Surprising new research published by the Federal Reserve Bank of Atlanta concludes that the bulk of the increase was caused by innovations in the mortgage market. In particular, the explosion of “piggyback” or “combo” loans made it possible for people to make small or zero down payments. Young families with little savings flocked to those loans to buy their first homes. Many analysts have fingered easy lending as a contributor to the housing boom, but the Atlanta Fed paper may be the first to quantify its effect in a rigorous way. Using math-heavy econometric analysis, the authors conclude that the availability of new kinds of mortgages, mainly ones with low down payments, accounted for 56% to 70% of the decade long increase in the U.S. homeownership rate, while demographic changes accounted for only 16% to 31% of the effect.

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According to the latest government reports, the number of vacant homes for sale rose in the third quarter. The numbers cast a harsh shadow, indicating a continued weakness of the housing market. The Census Bureau report puts the number of vacant homes for sale at 2.07 million in the period, up about 2 percent from the second quarter, and 7 percent above year ago levels. However, the number is down 5 percent from the record high reading reached in the first quarter. There are always some homes vacant and for sale, even in a booming real estate market. But the combination of overbuilding by home builders in the middle of the decade and problems in mortgage markets this year that made it more difficult for buyers to get the financing they needed to buy a home has swelled the inventory of vacant homes on the market. (more…)

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Americans spent a record $200 billion on home remodeling, according to the National Association of Home Builders Remodeling Market Index. A large portion of that figure can be attributed to new and improved kitchens. Remodeling your kitchen is one of the very best investments you can make in your home, one that promises an 80 percent to 90 percent return when it’s time to sell. The biggest breakthrough in countertops is the use of quartz composite. It is stain-proof, heat-resistant, extremely hard and durable, and antibacterial. You can even cut on it without damaging your countertop although you’ll dull you knife. Since quartz composite does not absorb, you can work with meats and poultry directly on the surface. The color choices are varied and manufactures are answering the call for this surface to look more natural as demand grows.

search for : National Association of Home Builders, Remodeling your kitchen

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search for : We Buy Ugly Houses, debt-ridden homeowners

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, Painted and Carpeted, Central Vacuum, Large Master Bedroom, Walk-In Closets, Hardwood Floors, Basement, Two Fireplaces (Rock and Brick), Gas Logs, Workshop in Basement, Walk-in Cedar-lined closet, Formal Living Room, Dining Room, Den with Oak Bookshelves and Cabinetry, Cable TV w. broadband Internet

Exterior Features: Tiled Patio/Deck and Walkways, Very Private Yard, Level Lot, Set Back From Street.
Subdivision: Farmington
Lot Size: 1.14 acres

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

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Across the nation, that once-feverish housing market has cooled. Investors who’d bought a large percentage of the properties in many locales found they couldn’t flip them for a quick profit, and brought in tenants instead. As a result, close to half of the residents in the some subdivisions are now renters. Developments and condos that once were largely owner-occupied are filling up with renters who some neighbors say are less engaged in their communities and less concerned about maintenance. Fearful of declining property values, some homeowner associations are fighting back — targeting lax landlords and renters with “good neighbor” letters, limiting the number of units that can be rented at any one time, and, in some cases, banning investors from buying altogether.

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With interest expense and property taxes on the increase, landlords in record numbers are ignoring requests to make repairs to their rental property. One remedy, known as “repair and deduct”, exists as an option for renters. However, it’s a last resort to consider after exhausting all other options. Renters can’t just stop paying the rent and start wielding a hammer. Like all laws, there’s a procedure to follow to avoid getting into hot water and getting scorched by landlord retaliation. Consulting with a legal resource such as an attorney, mediator or tenant organization is vital.

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A loan modification is defined as a change in the loan contract that has been requested by the borrower and subsequently agreed to by the lender and the borrower. In today’s interest sensitive market, the modifications are usually those designed to reduce the payment burden on borrowers faced with impending rate increases. An increase in payment makes the mortgage un-affordable. Most who request the loan mods are subprime borrowers. Homeowners faced with prospect of afford ability should consider requesting a modification. They are unlikely to get one if they don’t ask. The stakes are high, they can save their house and their credit.

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search for : loan modification, reduce the payment, subprime borrower

Prospective investors are now increasingly looking to foreclosure sales for real estate bargains. As with most all investing scenarios, newcomers to this market will sometimes experience unpleasant surprises if they go in without adequate knowledge of the downfalls. All homes should be thoroughly inspected by a professional home inspector before sealing the deal. But, foreclosure homes are usually sold “as-is”. This means that buyers cannot negotiate for the cost of needed repairs, as they may do in a traditional home purchase. If pre-auction property inspections are not permitted at the foreclosure sale, buyers will need to weigh that risk carefully. Even with a significant influx of newly foreclosed properties due to the sub prime mortgage mess, the foreclosure market can be competitive, and it is often dominated by experienced real estate investors.

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Proper attic ventilation is critical for a healthy home. Determining what you need is simple. All you need is the size of your house and a calculator. Attic ventilation should equal approximately 1 square foot of vent area for every 300 square feet of attic, so figure out roughly how many square feet the footprint of your attic is, and then divide by 300. To ensure effective air movement throughout the attic, the total vent area should be split approximately evenly between high and low vents, so now divide that number by two to get a rough idea of how much low ventilation and how much high ventilation your home needs.

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FSBO (pronounced fiz-boh) is an acronym for “for sale by owner” and the shorthand way to refer to houses that sellers market themselves. With home prices expected to fall this year and next, more sellers are going the FSBO route. Their goal: to keep a bigger share of the proceeds from a sale by forgoing the services of a listing broker and saving the 3 percent commission she’d likely charge (when you do a FSBO, you typically still have to pay a 3 percent commission to the buyer’s broker). Last year about 20 percent of sellers unloaded their homes without an agent, up from 12 percent in 2005, reports industry newsletter Real Trends. And that’s expected to rise again next year.

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search for : FSBO, for sale by owner

$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

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

click here for more information