The real estate industry defends the existing homeowner tax breaks as a bedrock of the American Dream. But the tax panel looked at countries that don’t allow mortgage interest deductions, among them Canada, Britain and Australia, and found rates of homeownership close to the 69 percent figure for the United States. The panel would replace today’s mortgage interest deduction with a far more modest tax credit of 15 percent of mortgage interest actually paid. What’s more, there’d be a cap on the amount of a loan eligible for the credit (up to $412,000 in highly expensive markets). Second homes would be totally ineligible. (more…)

A local couple makes a disturbing discovery on tape just as they tried to sell their home. They said the realtor they hired took advantage of their most private possessions and they want to make sure others don’t make the same mistake. (more…)

Motivated by fond memories of summers past, Terri and Bud Curtis searched western North Carolina’s mountains for the perfect vacation home, choosing a chalet nestled near Lake Hiwassee. Like most new houses, it came unfurnished. “I didn’t want it to look anything like our house in Florida, which is furnished in Mediterranean style,” Terri Curtis said. “We also go to Utah to ski with friends who own a cabin. I knew that’s the look I wanted, so we went for furniture made from aspen and cedar and other natural woods.” (more…)

Step out of your home in the coastal Carolinas, look to the right or to the left and you’re likely to find a neighbor who’s from somewhere else. While most people who move here are from North or South Carolina, statistics show 27 percent come from New York, New Jersey, Pennsylvania or Florida. (more…)

As evidence mounts that the real estate boom has finally peaked, most economists, analysts, and industry professionals continue to predict simply a slowing of price increases, or perhaps, modest price dips. Apparently they have taken comfort from the irrelevant fact other than during the “Great Depression” there has never been a year in which national real estate prices declined (more…)

During the closing day session of the annual convention of the North Carolina Beach, Inlet and Waterway Association (NCBIWA), Duke University professor emeritus Dr. Orrin Pilkey stated that it was his position that the federal government should not be in the business of “protecting the housing of property owners foolish enough to build on the ocean’s edge.” (more…)

If you have had credit problems then be prepared to discuss them honestly with a mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that’s been corrected and your payments have been on time for a year or more, your credit may be considered satisfactory. (more…)

Acceleration Clause

A provision in a mortgage that gives the lender the right to demand immediate payment of the outstanding loan balance under certain circumstances. Usually when the borrower defaults on the loan.