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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Recent statistics compiles by the federal regulators tell us that more home owners than ever are losing the battle to make their monthly mortgage payments. Over 900,000 households are in the foreclosure process, up 71% from a year ago. That figure represents 2.04% of all mortgages, the highest rate in the report’s quarterly, 36-year history.

The foreclosure rates for prime and subprime adjustable rate mortgages both more than doubled compared with a year ago, from 0.41% for prime ARMs to 1.06% and from 2.70% for subprime ARMs to 5.29%. But it was subprime ARMs that contributed most heavily to the nation’s soaring foreclosure rates. Many of these loans come with low introductory rates that reset higher, often to unaffordable levels, in two or three years. (more…)

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Those that follow the mortgage industry say banks could face hundreds of millions of dollars in losses through loans to homebuilders and other developers. With commercial and residential real-estate prices declining, lenders of all sizes face a growing number of loan defaults from builders unable to sell houses and from developers whose properties are currently less desirable than originally anticipated.

Construction and development loans are loans made to builders for properties such as strip malls, office buildings and residential developments. They have been a key source of profit for small and midsize banks. The percentage of those loans that are 90 or more days past due rose to nearly 3.2 percent at the end of 2007, up from less than 1 percent a year earlier, and is now at levels not seen since the early 1990s. (more…)

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Paeans to homeownership are commonplace for American politicians, Democrats and Republicans alike. Ever since the nineteen-thirties, public policy has been designed to make home buying cheaper and easier. Pundits argue that homeownership has tremendous social benefits, stabilizing neighborhoods and making people more willing to invest in their communities. Furthermore, those promoting homeownership state that it has economic benefits, too, serving as a forced-savings program that allows people to leverage their incomes and build wealth.

Buying a home used to require a sizable down payment: in 1976, the average for a first-time buyer was eighteen per cent. By contrast, a National Association of Realtors study of first-time buyers between mid-2005 and mid-2006 found that almost half put down nothing at all, and that the median down payment was just two per cent. (more…)

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The White House is expressing concerns about the Democrats, bankers, economists and consumer advocates calling for a big-money government mortgage rescue program for struggling homeowners. Even Treasury Secretary Paulson branded many of the aid proposals circulating in Washington as “bailouts” for reckless lenders, investors and speculators, rather than measures that would provide meaningful relief to deserving, but cash-strapped, mortgage borrowers.

His comments came amid signs that the nation’s housing market is getting worse, not better. Indeed, at a recent House hearing, Federal Reserve Chairman Bernanke kept the door open to further interest-rate cuts to boost the economy, even as he warned that inflation pressures have intensified in recent weeks. (more…)

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