Over the next few years, more than three-quarters of the nation’s housing markets will suffer some decline in home prices. Many will experience double-digit hits in a forecast that has worsened considerably in recent months. According to an analysis conducted by Moody’s Economy.com, declines will exceed 10 percent in 86 of the 379 largest housing markets. And 290 of the cities will experience price drops of 1 percent or more. The survey attempted to identify the high and low points of housing prices in each of the markets, some of which started declining from their peak in the third quarter of 2005. All are median prices for single-family houses.

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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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Having completed an Internal Revenue Code 1031 tax-deferred exchange, not beening able to rent the acquired house due to an oversupply of rentals in an area presents problems for maintaining the tax-deferred status. Rather, it would look to the IRS like you acquired the house with intent to make it your personal residence. Maybe the rent you are asking for the house is too high. Even if you have a negative cash flow for a while, that would be better than losing the tax deferral on the sale of your prior investment property.

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Looking to help curtail rising foreclosure rates across the country, the Federal Housing Administration recently announced its FHA Secure program. This new service is a broadening of the rules regulating FHA-insured loans. With FHASecure, consumers with a non-FHA adjustable-rate mortgage that are facing or in foreclosure can refinance to an FHA fixed-rate mortgage. Prior to the program, if a homeowner was already in foreclosure, they were pretty much left with no options. A history of, and current sufficient income to pay for the refinanced mortgage is a requirement. Without the minimum required income for the new fixed-rate loan, a consumer probably won’t qualify for the new program.

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At least one group has recently reviewed its codes of ethical standards for real estate agents and loan officers. Their goal is to re-establish trust between consumers and real estate professionals, to ensure that ethical standards are set and routinely practiced in the industry, and to sustain and increase the rate of Hispanic homeownership. According to the the association, Latinos are disproportionately vulnerable to predatory loan practices. Nearly 50 percent of Latinos who have a sub-prime loan would have qualified for a prime product. The reason that Hispanics were more exposed to predatory lending practices is three-fold. The first is the language barrier.

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Mortgage rates are higher now than last week, back up to 6.5 percent for a fixed-rate 30-year loan. The Fed’s 0.5 percent was actually two quarters: the federal funds rate had been trading near 5 percent, 0.25 percent off-peg, for a few weeks. That was an intermeeting ease not formalized, a deft piece of central banking: if formalized, and then the crunch dissolved by itself, the Fed would have had to execute an embarrassing formal reversal. Instead, Sept. 7 news of sinking payrolls (an economic fade additional to and independent of housing and the crunch) made it easy to formalize the first quarter and add another.

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