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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On Tuesday, September 19, 2007 the Federal Open Market Committee reduced its Fed Funds Rate by a half percent. The Fed Funds Rate is the overnight rate at which banks lend to each other which, with today’s action, is now 4.75 percent. This was the first reduction of the rate in more than three years. Most believe that the Fed dropped the rate in response to the current credit turmoil and to help stabilize the housing sector. “The Federal Reserve today took an aggressive stance toward injecting money into the economy with a half-percent reduction in the Fed Funds Rate,” said Quicken Loans Chief Economist Bob Walters. “It was widely accepted that the Fed would cut the rate, but most expected a quarter percent reduction. With this decision, the Fed is acknowledging that the consumer credit situation needs serious attention.”

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October is expected to be a peak month for hybrid adjustable rate mortgages (ARMs) to reset, with the interest rates on some $50 billion worth of loans poised to go up dramatically. In the past few months, the foreclosure story has become a tale of two regions. Some of the hardest hit states have traditionally been in the Midwest, where plant closings and job losses have hit the economy there hard. The other region is the Sun Belt, which is showing even more significant foreclosure growth as out-sized price increases in the first half of the decade led to virtually unchecked real estate speculation. When housing markets were hot, many delinquent borrowers escaped actual foreclosure because their home equity had grown enough so that it well exceeded the amount of the loan’s debt. That enabled them to sell their properties at a profit or refinance and use the money to pay off past loans.

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As lenders tighten their borrowing standards, fewer people will qualify for mortgages. Fewer qualified buyers can only mean that housing prices will slump further. Worst of all, economists don’t see much chance for a turnaround until mid- 2008 and possibly into 2009. Even before the credit crunch hit, softening home prices had turned into outright price drops in many areas, particularly markets that were red hot a couple of years ago. Prices of luxury homes, mostly immune to the slump until now, may be hit especially hard. Rates on jumbo mortgages have spiked to 7.46 percent, and some lenders are charging more than 8 percent.

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Last week, Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.31 percent with an average 0.5 point for the week ending September 13, 2007, down from last week when it averaged 6.46 percent. Last year at this time, the 30-year FRM averaged 6.43 percent. Interest rates on prime conforming loans fell across the board in the past week, with rates on 30-year fixed mortgages averaging 0.15 percentage points below the previous week’s level. The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home. All the mortgage products in Freddie Mac’s survey this week were lower than they were at the same time last year.

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More and more consumers are on edge about the status of their homes should their mortgage company go bankrupt. And rightfully so. What should a person do if they learn their mortgage company is no longer in business? The short answer is nothing. And no, you won’t be able to live in your house for free now that your mortgage provider is out of business. You still owe exactly what you owed before and, rest assured, someone will be expecting you to send in a mortgage payment each month. What happens when a mortgage company goes bankrupt is simply that the mortgages they own are sold to another mortgage company. Nothing else changes.

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The number of adjustable rate mortgages (ARMs) up for reset is set to peak this fall, with an estimated $50 billion worth poised to adjust to higher rates in October. The housing and credit markets are bracing for another blow, but recent trends may mean the reset shock will be less painful than expected, especially if the Federal Reserve drops its Fed Funds rate. Many economists believe there’s a good chance the Federal Reserve will begin to lower the Fed Funds rate next week. Doug Duncan, the chief economist with the Mortgage Bankers Association predicts the rate will drop a quarter percentage point at each of the next two Fed sessions. The yields on short-term Treasury bills tend to follow the same direction as the Fed Funds rate, so ARM reset rates could drop even further into affordable territory.

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Thousands of mortgage holders who may be struggling to make their mortgage payments are likely to get some relief in coming months, including more options to refinance into lower-cost, fixed-rate loans and tax relief if they do face foreclosure. It is projected that over 200,000 borrowers of the estimated 2 million with adjustable-rate loans scheduled to reset in the next year already are eligible to refinance into a loan insured by the Federal Housing Administration (FHA). And, roughly 80,000 of them are eligible because of the newly created FHASecure Act, which loosens FHA’s criteria for refinancing.

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search for : FHASecure Act