A few counties, New Hanover among them, require new wells to be tested for unfriendly bacteria. But no tests are required when houses change hands. And the state has all but ignored drinking water safety. Educated and possibly even embarrassed by newspaper stories that pointed out the state’s neglect of elementary public health, Gov. Mike Easley and his administration are pushing legislation that would require new wells to meet state construction standards and then be tested.

Though the Senate voted to give the governor the $1.1 million he requested to help counties enforce state well construction standards, it rejected his request for $1.3 million to hire 19 people to inspect public water systems. Most of that money would have come from increasing fees on such systems. The fees haven’t been raised since 1992, but apparently local officials squealed loudly enough to squelch that idea. (more…)

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My mother died about two years ago. Her will left everything to my sister and me equally. I was living with my mom when she died of cancer, so my sister has allowed me to live in the house if I pay the property taxes and insurance. There is no mortgage. The house is worth around $400,000. Now my sister thinks we should sell the house, but I don’t want to sell, as I am very satisfied with the status quo. Can my sister force me to sell?

Yes. As a co-owner, your sister can bring a partition lawsuit to force the sale of the house. In most partition lawsuits, the judge orders the property sold with the sales proceeds divided among the titleholders. (more…)

After slipping last week, mortgage rates moved up this week better reflecting the trend borrowers can expect in the coming months. That means iron-clad mortgage rate locks and speedy loan closings should be the strategy of choice for home buyers as well as refinancing and equity-tapping home owners. Inflation was brisk in May spurred by higher housing, gasoline and energy costs. The seasonally adjusted Consumer Price Index rose 0.4 percent in May, representing a 5.2 percent annual rate. For all of 2005 the rate was only 3.4 percent.

When the fed increases the cost of money to curb inflation, short term consumer borrowing costs for credit cards, home equity loans and adjustable rate mortgages likewise take a hike. Mortgage interest rates have fallen eight times this year, but during the first 24 weeks in 2006 they’ve risen twice as often, according to Freddie Mac’s Primary Mortgage Market Survey. Last week, Freddie reported the 30-year fixed-rate mortgage (FRM) averaged 6.62 percent, down from the previous week s average of 6.67 percent. (more…)

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Q. We recently sold a modest home for $88,000 that we lived in when first married, for eight years and then rented it for 20 years. We are wondering if we should buy another rental or another home, since we are 59 and 60 years old, and wish to avoid paying a lot of capital gains tax … the house was fully depreciated.

A. You may have some unintended tax consequences depending on your desired course of action. First, in order to qualify for a tax deferred exchange, you needed to make arrangements with a third party intermediary prior to the sale of the property. Consequently, it is too late to defer the taxes on the gain by using a 1031 tax deferred exchange. (more…)

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North Carolina’s newest state park hasn’t even opened yet and already there’s talk of making it bigger. Lawmakers voted a little over a year ago to create a new park in the Hickory Nut Gorge area of western North Carolina. Now the state is negotiating with the owners of the private Chimney Rock Park about acquiring some of their property.

Hickory Nut Gorge is about ten miles long and goes through the Bat Cave and Chimney Rock areas. The area is home to rare plants and animals, as well as geological features including the famous cave. Gov. Mike Easley included $15 million for the park’s expansion in his budget proposal last month. “It is funding based on the legislation passed during the last session,” Easley spokesman Seth Effron said. Morse said the state is also talking with other property owners in the area. (more…)

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For years, as a NASCAR owner, Richard Childress was at the top of the list. With legendary Dale Earnhardt at the wheel, Childress earned six Cup championships. Then the unthinkable happened. Now, with Kevin Harvick, Jeff Burton and rookie Clint Bowyer, Childress is back in the hunt for NASCAR glory, gunning for the kind of trophy no single shot can provide.

He lives on a sprawling Clemmons, N.C., estate that backs to the Yadkin River. His daily routine includes hours of hands-on supervision in Welcome at the Richard Childress Racing shop, which he’s expanded to a 14-building campus on 35 acres. And his passion extends to his majestic winery in Lexington, styled in the fashion of the great wineries of Napa Valley and Italy. Childress, 60, also owns a 700-acre ranch in Montana and a home in Florida. He maintains four aircraft to fly his NASCAR teams from track to track and has amassed collections of classic cars, antique weapons and artwork that would give Smithsonian curators goose bumps. (more…)

search for : NASCAR, Richard Childress, Dale Earnhardt, Kevin Harvick, Jeff Burton, Clint Bowyer, Clemmons, N.C., Yadkin River, Richard Childress Racing shop, Napa Valley, Smithsonian