VACANT LOT - CHAPEL HILL, NC

Wonderful opportunity to build your dream home on 10 acres in Chapel Hill! Close to Governors Club, UNC, Jordan Lake, and RTP. Breathtaking beautiful, gently rolling hills and mature hardwoods. Ideal cul de sac location.

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VACANT LOT - CHAPEL HILL, NC

Unique opportunity to build your dream home in a small community with large private homesites. Enjoy a Chapel Hill address with the low Chatham Co taxes. Close proximity to Governors Club, UNC, Jordan Lake, and RTP. Beautiful gently rolling hills with mature hardwoods.

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VACANT LOT - CHAPEL HILL, NC

ONCE IN A LIFETIME OPPORTUNITY TO OWN THE REMAINING PREMIER BUILDABLE LOT IN THE FAMED HISTORIC GIMGHOUL NEIGHBORHOOD. This opportunity will never be available again. Gently sloping lot facing BATTLE PARK. Act now and you may be the fortunate one to own one of the BEST locations in historic Chapel Hill. Lot is approved by Town of Chapel Hill. MAKE AN OFFER BEFORE IT'S GONE!

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Hurricane Sandy Victims' Electric Bills Show Charges for Power Despite Blackout

Filed under: News

Hurricane Sandy victims on Long Island who spent weeks in the dark after the storm knocked out their power are livid after receiving electricity bills charging them for a normal rate of usage during that time.

The Long Island Power Authority sent out the bills, basing customers' estimated usage rates on those from the same period last year, the New York Post reported.

Related: Should You Buy a Backup Generator?

"I can't get LIPA to acknowledge my existence on Earth to talk to me about anything," outraged customer Jonathan Saporta told the Post. Saporta was hit with a double whammy by LIPA: First, he received a $281 bill for electricity usage at his Great Neck, N.Y., home, even though he was without power for 14 days during the billing period. Then the Long Beach restaurant he owns, Jake's Wayback Burger, was charged $1,700 -- even though it hasn't reopened since Sandy hit.

"I guess they [LIPA] had power, so they could print my bills," Saporta said. "Nice, right?"

LIPA spokeswoman Elizabeth Flagler told CNN that the bills are meant only as estimates and they will be adjusted in the next billing cycle to reflect usage more accurately.

"It's not the first time bills have been estimated. They were estimated last year after [Hurricane] Irene," Flagler said. "This is pretty much what I believe all utilities do in the event of natural disasters and storms."

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But that's no consolation to Saporta.

"At this point, with a major disaster, with so many people losing so much of their livelihood, they can't go around to do estimated billing and hold all that money," he said. "Until I get some sort of clarification on what is owed and what is going to be done, I am going to continue ignoring them."

Flagler said that LIPA customers can either do their own digital readings and report their findings to customer service, or they can pay what they think is fair now and pay off the remainder of the balance when the adjusted bills are sent out.

This is just the latest post-Sandy flap that LIPA has found itself embroiled in. After a deluge of its customers complained of poor communication by the utility following the storm, LIPA COO Michael Hervey resigned. Since then, its vice president of customer service, Bruce Germano, also has said that he will leave the company.

And the electricity bills are yet another blow to Sandy victims, as many areas affected by the storm experienced a spate of Thanksgiving Day burglaries. The Post reported that one couple whose home was damaged in the storm and looted on Thanksgiving had a $25,000 coin collection stolen.

See also:
Hurricane Sandy Batters Home Sales in Storm-Affected Areas
Building a More Storm-Resistant Home
Home Insurance for Hurricanes and Floods

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.

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DETACHED, CONTEMPORARY - CHAPEL HILL, NC

NEW PRICE!! Unique contemporary in DOWNTOWN CHAPEL HILL...WALK ZONE to UNC! *Private lot w/ gorgeous wooded views from the large LR windows & expansive rear deck *Huge LR/DR w/ masonry FP opens to remodeled kitchen *Multiple windows & glass sliders to the screen porch/deck *Study/Den could be 6TH BR *Great for INVESTMENT or personal home **ALL OFFERS SUBJECT TO 3RD PARTY APPROVAL**

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TOWNHOUSE, TRANSITIONAL - CHAPEL HILL, NC

UPDATED, OPEN & BRIGHT! *Very well maintained TH in Colony Lake *Smooth ceilings, crown molding, hardwood tone flrs & ALL NEW SS appliances in 09' *NEW A/C 09' *HEATING UNIT 07' *Spacious kit w/ brkfast bar opens to dining area & LR w/ FP *2 "master" suites each w/ own full bath *PRIVATE rear patio opens to common area/woods *LOTS of STORAGE *Close to UNC/Duke/RTP *On FREE BUSLINE

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DETACHED, TRANSITIONAL - CHAPEL HILL, NC

Outstanding quality and design with built-in bookshelves, drawers, window seats, seeded glass cabinets, his & hers walk-in closets, walk-in pantry, coffered ceiling, top of the line appliances, site-finished hardwood floors, double crown moldings, extra wide stairway and landing. Garage with blt-in cab and wkbench.Beautiful home in immaculate condition. Light, bright and spacious.

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VACANT LOT - CHAPEL HILL, NC

Chapel Hill with Orange County taxes only 2 lots remain. Bring your own builder build in your timeframe. Owner Financing available.

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VACANT LOT - CHAPEL HILL, NC

Create your dream home with Magnum Fine Home Builders. Gorgeous wooded homesites on quiet cul-de-sac, set above Morgan Creek. Bring your ideas & we will make it happen! LOCATION!

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OFFICE/INSTITUTI - CHAPEL HILL, NC

Approximately 3850 sf of office in building shared with All About Insurance Corporate Offices. Just off Fordham Blvd across from Eastgate Shopping Center & Ram's Plaza. Monument signange available plus parking. See floor plan in Documents.

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DETACHED, TRANSITIONAL - CHAPEL HILL, NC

Incredible value in gated community! Beautiful all brick, light-filled custom home on a private lot. Generous sized rooms. All rooms desired for main level living including a living room, an office/den and a sun room, providing spaces for everyone. First floor master suite. High-ceiling walk-out unfinished basement. Lots of storage. Low taxes! Close to shopping, restaurants, UNC.

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PRIME CHAPEL HILL LOCATION!

Four nice bedrooms, two baths, corner fireplace, and a superb location begin the list of nice features about this property. The hot tub room, a large loft and a back yard that could be developed into a nice outdoor area add features that make this property special. This bungalow style could be converted to single family or continue to produce great income. Priced in 6% cap range.

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VACANT LOT - CHAPEL HILL, NC

Incredible price for beautiful wooded lot in private neighborhood just minutes from campus & downtown! Tucked away from road noise, this gently sloped lot is the perfect setting for your dream home. Choose your own builder. Enjoy low taxes while being in the Chapel Hill-Carrboro city school district! The shops at Southern Village are just minutes away. Lot last perked for a 5 BRs.

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CONDO OTHER, CONTEMPORARY - CHAPEL HILL, NC

East 54 is a Gold LEED certified community with retail, office and residential condominiums. Residents will in enjoy a rooftop pool, fitness center , 10 ft. ceilings, floor to ceilings glass windows and spectacular views of Finely Golf Course. Come work, live and play at East 54.

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DETACHED, TRADITIONAL - CHAPEL HILL, NC

Great value in Claremont on charming Lucas Lane. Awesome floorplan w stylish finishes. Kitchen open to dining & family. 1st flr flex room. Wrap around front porch + rear screened porch w skylights. Brick patio. Large vaulted owner suite w dual walk-in closets. Great natural light. Third floor bonus room. Side entry 2 car garage. Trim & materials elegant & thoughtful.

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VACANT LOT - CHAPEL HILL, NC

BRING YOUR OWN BUILDER OR BUILD YOUR DREAM HOME WITH AWARD WINNING MAGNUM FINE HOME BUILDERS BEAUTIFUL WOODED AND MEADOW LOTS AVAILABLE JUST OVER THE CHAPEL HILL LINE JUST MINUTES TO EVERYTHING.Land home packages starting at $350,000 for 2200sf custom designed home plans. Custom home plans will be free with purchase of lot & construction package. CALL TODAY

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'Princess Cottage,' Home That Became Hurricane Sandy Symbol, Might Yet Be Saved

Filed under: News, Lifestyle

You may recognize the above image as one of the many iconic photos of devastation by Hurricane Sandy. (It was featured on a Newsweek cover.) But Jon Zois, who had lived in the home for the past six months, recently told NBC 4 NewYork that there's hope that the 150-year-old house, known as the Princess Cottage, might be restored.

The waterfront home (pictured below as it looked before the storm), stands in Union Beach, N.J., and overlooks Raritan Bay. Zois and his girlfriend, Meredith Schwarzber, had been living in the home, owned by Zois' father and aunt, and had evacuated the Sunday before Hurricane Sandy struck.

"I thought -- worst case scenario -- we would get a flooded basement and living room, and would have to replace some furniture and the carpets," Zois told Rumson-Fair Haven Patch. But he quickly discovered that things were much worse.

"We just were not prepared for what we saw. As we were driving through the town we saw all the destruction," said Zois. "The whole thing is just hard to believe."

Read more about the immediate aftermath on Rumson-FairHaven Patch.

Soon after they realized the scope of the damage, a friend of Zois set up a hurricane relief fund for the couple. "If there's anybody who wants to make this their cause, they're welcome to come help us out," Zois told NBC 4.

Zois said that engineers told him that the home could actually be saved. But at the moment, the price for Zois is just too high. In the meantime, Zois is living in a nearby apartment, and has a suggestion for tourists who take pictures of his now-iconic home. A neighbor put a sign in front of the home, saying "Drop the camera and help," a message that Zois stands behind.

But Zois says that he knows that, in the big scheme of things, he is lucky. He still has a job, and he survived the deadly storm. "I consider myself fortunate that at least we had somewhere to go. My house has been shown on TV and all around the media because it's such an iconic photo. But there are so many people's stories who are not going to be told, who lost everything," he said.

He told NBC 4 that if people didn't want to donate to him, they should still consider charities like the Red Cross that are helping the thousands of others who became homeless after the storm.





See also:
Hurricane Sandy Victims' Electric Bills Show Charges for Power Despite Blackout
Hurricane Sandy Batters Home Sales in Storm-Affected Areas
Building a More Storm-Resistant Home

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

 

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CONDO OTHER, CONTEMPORARY - CHAPEL HILL, NC

East 54 is a Gold LEED certified community with retail, office and residential condominiums. Residents will in enjoy a rooftop pool, fitness center , 10 ft. ceilings, floor to ceilings glass windows and spectacular views of Finely Golf Course. Come work, live and play at East 54.

Read More... [Source: Real Estate for Sale in Chapel Hill, North Carolina]

VACANT LOT - CHAPEL HILL, NC

Visualize the spectacular views of the 24th fairway of Jack Nicklaus signature golf course. Imagine your 3 story walk out basement home featuring a wall of windows maximizing your drop dead gorgeous view without jeopardizing your privacy.

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DETACHED, TRANSITIONAL - CHAPEL HILL, NC

PROPOSED CONSTRUCTION-Parade Gold Winner, Christopher Rand Const. has created the ultimate dream home plan in this small estate home community. Exceptional quality and detail. Large private homesites. Enjoy a Chapel Hill address with low Chatham Co taxes. Beautiful gently rolling hills with mature hardwoods will provide the perfect setting for this elegant home.

Read More... [Source: Real Estate for Sale in Chapel Hill, North Carolina]

VACANT LOT - CHAPEL HILL, NC

Bring your own builder or build your Dream Home with award winning Magnum Fine Home Builders. Beautiful Wooded and Meadow lots available Just over the Chapel Hill line but minutes to everything.Land home packages starting at $350,000 for 2200sf custom designed home plans. Custom home plans will be free with purchase of lot & construction package. Call Today.

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DETACHED, FRENCH PROVINCE, TRANSITIONAL - CHAPEL HILL, NC

What a GREAT home with wonderful cul-de-sac location backing to serene woods with creek. True gourmet kitchen, maple hardwood floors, finished basement, built-ins, gorgeous owner's suite and 3 car garage. Friendly neighborhood with sidewalks, lakes, private pool, tennis, playground and party pavilion. Don't miss this one!

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DETACHED, CONTEMPORARY - CHAPEL HILL, NC

Cedar-sided,contemp on 2.56ac w/fenced,wded bkyd.Main lvl has LR w/FP,eat-in kit w/tile flr & slider to deck,DR,3 BRs,2 full BAs.MBR has WI closet/dressing area leading to MBA w/dbl vanity, oversized shwr.Hdwd flrs thru-out most of main lvl.LL w/kitchenette,FR w/slider to patio,BR,full BA,ofc,2nd laundry.Perennial gardens grace house front,fenced garden & woodshed tucked to side.

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Holiday Parties in Small Spaces: How to Maximize Your Tiny Pad for a Christmas Fete

Filed under: News, Lifestyle

Here you are, in your studio or tiny one-bedroom apartment, and the holiday season has arrived. You'd love to throw a party -- just like your parents do every year in their big suburban house, with everyone from your cousin-in-law to your uncle's mechanic invited -- but how? You can do it -- if you just plan properly. Follow these tips and you'll be the host/hostess of the season, even in your small digs.

Type of party

A dinner party works well in a small space. Invite only four to six people, which will keep the cooking manageable. Make it informal: If you have a small place, guests will probably see you cooking, and they will be eating in the living room. A nice one-pot pasta dish or a wintry stew with a salad and crusty bread are simple combos to balance on your lap. Add some wine and a chocolate dessert and everyone is happy. And don't forget to have some games or a movie for after dinner; some organized fun later can make the evening last long into the night.

Related: Rental Apartments Galore on AOL Real Estate's Listings

A pre-party can also work well. If you and your friends are all going out dancing or to a big sporting event, you may want to invite everyone over for drinks and some nibbles beforehand. You'll provide a laid-back atmosphere, and you won't have to invite too many people. It's another perfect situation for a party in a small space.

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Or you can go for a bigger get-together. Even small places can fit 15 people or so; you just need to make sure you're not over-inviting. Generally speaking, the better you know the invitees, the more likely they are to come. So if you want to have a party with about 15 people, invite around 20 of your closer friends. Contact them directly, and make sure you get a response -- that way, you'll be able to keep the guest list manageable.

Avoid mass emails to large groups of classmates, your colleagues or your entire softball team. These types of invitees are difficult to predict -- sometimes none of them will come, or they'll come en masse -- and with a small space, you can't take that risk. An overcrowded party can lead to damage to the apartment that puts your security deposit at risk.

Preparing the Space

One nice thing about hosting a party in a small apartment is that there's not much square footage to clean beforehand. On the flip side, there's not much storage space for things you want out of public view, particularly if you live in a studio. This is where your bathtub is handy. You'll use it to store piles of magazines, your plunger and toilet-bowl cleaner, your ironing board (unless you need it as a sideboard for a drinks setup!), and any other objects that you don't want your guests to see. Just remember to shower before the bathtub becomes storage space.

You may also want to move some furniture out of the living room to leave more space for guests to stand and chat. Put your end tables or bulky chairs in your bedroom and shut the door, then offer to take guests' coats and put them on your bed yourself. And make sure that your television will not dominate the party. Turn it off and place chairs directly in front of it, facing toward the room.

Make a playlist to provide background music. Tailor the music to the type of party: nice and smooth for a small dinner party, and upbeat high-energy for a larger gathering. You could also go for a theme: '80s music, '90s music, hip-hop, top-40 pop music, Latin music, etc. Just make sure the music is fun.

Food

Close quarters equal more spills and less area to put food. If you're having a traditional party, avoid serving red wine (which stains and also spills easily from a wineglass) and avoid dips that drip. Consider providing snacks that don't require plates. The best bet is beer and soda in bottles or cans, and snacks such as chips, olives, cheese and crackers, and sliced fruit that can be picked up with your fingers. Don't serve food that needs to be prepared right before it's served; you won't have the elbow-room in your kitchen, and you'll have to attend to your hosting duties.

Also, spread the food around. A buffet-style service works when you have plenty of space for people to cycle in and out. It's less successful when you have a cozy space and those who want food have trouble getting past those who are simply standing and talking. Place snacks throughout the apartment; on the coffee table, in the kitchen, on the mantle -- on any flat surface you can find -- so that wherever your guests are, they will have access to some noshes.

Finally, don't forget: Let your neighbors know in advance about the party, or even better, invite them. In a small apartment, neighbors are really close, so be considerate. Nothing puts a damper on the fun like a couple of guys in uniform at the door because of a noise complaint.

See more on Zillow:
Equip Your First Kitchen For Under $200
6 Ways to Make Your Apartment More Secure
How to Protect Yourself Against Bad Landlords

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.

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John Wiggins Digs Backyard Mine as 'Memorial' to England's Mining History

Filed under: News, Lifestyle

An English homeowner has given new meaning to the phrase "it's all mine!" John Wiggins (pictured above) spent 13 years digging a mine below his backyard garden in the village of Skelton Green in northeastern England. He employed such precision and attention to detail that the replica mine looks like one you might find a mile below ground in the Appalachians -- but his is only 15 feet down.

Wiggins explained to the Darlington and Stockton Times newspaper in Weybridge, England, that his interest in ancient ruins combined with a love for local mining history in the larger English town of Cleveland motivated him in the painstaking project.

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"I moved in here 15 years ago," said the 68-year-old painter. "I started to become interested in local history, and this part of the world is notorious for its mining background."

The area was home to 100 iron mines in the 1800s, but by the 1960s most of them were shut down.

"I visited a mine nearby in North Skelton," Wiggins continued, "and it was an experience I'll never forget. But it made me want to preserve Cleveland's identity, so, as you do, I decided to dig up the garden."

He used a backhoe to dig out the 150-foot-long corridor of his model mine. Inside is a railway that he built for a makeshift tram to carry ironstone. Using reclaimed materials from local builders and markets, he built the walls of the mine and two headstocks that serve as the shafts where workers and ironstone would be lifted out of the mine. The whole thing is ventilated to prevent water from flooding the mine and allow fresh air and a little light inside.

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The last part of the project that Wiggins has left to complete is a mine office.

"I want it to look authentic, like it's from the 1840s," Wiggins said. "I want it to look abandoned, as if miners just up and left. ... Everything is an exact version of what was in the smaller old mines. I've consulted experts, used my own knowledge of ironstone mines and read a lot of old books to get everything accurate."

According to the British tabloid, The Sun, it cost Wiggins "thousands of pounds" to create the mine.

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He called his underground masterpiece a "memorial ... to the ironstone miners of Cleveland" and said that he wasn't aware of anything else like it in the area. He added that he is willing to offer free tours of his mine to those interested in learning more about the town's mining history.

While Wiggins built a model of a historic treasure on his property, a real age-old find was discovered in a home in the nearby English town of Plymouth earlier this year. In August, homeowner Colin Steer discovered a 33-foot-deep well under his living room floor that dates to the 16th century.

See also:
DIY Coolness: A Hot Tub in the Living Room?
DIY Pool: Building Their Own Backyard Oasis
Kitchen Renovation: Surprising His Wife With a Weekend Remodel

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.




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The Pink House, in Belvedere, Calif., on Sale for First Time in 20 Years (House of the Day)

Filed under: News, House of the Day

Views this spectacular aren't easy to come by. And when you can experience them from a seven bedroom, six bathroom, 7,776 sq ft. mansion, they don't come cheap, either.

For $11.75 million, you can own "The Pink House" in Belvedere, Calif., which the listing calls one of the most "authentic examples of the Mission Revival style [built] at the height of its popularity." The iconic home, which hasn't been on the market for 20 years, was designed by legendary architect John Mead Howells, who later helped design New York City's Daily News Building and Chicago's Tribune Tower (H/T Curbed!).

Along with the usual luxurious master bedrooms, kitchens, and gardens, the home features an "extraordinary" ballroom with plenty of windows to take advantage of the house's unparallelled views. From the home's various rear patios and terraces, you can see Mt. Tamalpais, the Sausalito harbor, the Golden Gate Bridge, and the entire San Francisco Skyline.

Though billed as a single family home, it also comes with an au pair studio and a separate one-bedroom apartment. See more photos of this one-of-a-kind home below, and get a glimpse at some of its unbelievable views.


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See the listing for more details.

Click on the images below to see more homes for sale in Belvedere, Calif.



See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email harris.effron@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

More on AOL Real Estate:
Find out how to calculate mortgage payments.
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Find foreclosures in your area.
See celebrity real estate.

 

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UNDEVELOPED,VACANT LOT - CHAPEL HILL, NC

5 BEDROOM PERK SITE - COME BUILD YOUR DREAM HOME!! *Gorgeous lot on private cul-de-sac *COUNTY WATER & GAS ALREADY AVAILABLE *Build your personal home or a spec *Excellent location...Chapel Hill address, but LOW COUNTY TAXES *Gentle sloped lot *Small quiet neighborhood *No restrictions *Close to UNC / 15-501 / Pittsboro *Truly a beautiful lot...will not last long!

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'Real Housewife' Lisa Hochstein Lists Miami Beach Palace (House of the Day)

Filed under: News, House of the Day

The "Real Housewives" must be real bored because all they seem to be doing is throwing around real estate like it's candy. First, Beverly Hills "Housewife" Adrienne Maloof threw her $26 million mansion (or according to our friends at Curbed, "hideous faux chateau") on the market. Now, Miami "Housewife" Lisa Hochstein, married to celeb plastic surgeon Lionel Hochstein, is throwing her own beachfront manse on the market for $10.75 million.

Aptly named "Palacio del Eden," the 10,000-square-foot Miami Beach castle is nothing short of swank. The opulent house boasts floor-to-ceiling marble columns, dripping chandeliers, fresco ceilings, gilded detailing, stained glass windows and marble floors. It's a little much for our humble tastes but -- whatever -- we can't afford it anyway. Judge for yourself!

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Katrina S. Campins of the Campins Company has the listing.

Click on the images below to see more homes in Miami Beach.



See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email harris.effron@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

 

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After Foreclosure, 3 Steps to Getting Back on the Road to Buying

Filed under: News, Foreclosures, Credit

By Samantha Debianchi

Finding your dream home is truly a special and momentous occasion, but sometimes the honeymoon doesn't last. Just as money is the root of many divorces, it is also the root of many foreclosures. But once the long and tedious process is finalized, how do you get back in the game and find a new match?

Waiting and Reflecting.

While it can take as long as seven years (three years under extenuating circumstances and FHA loans, and 2 years for VA loans) to buy again after foreclosure, at least you'll be prepared and know 110 percent what you're getting yourself into. Use the long waiting period to reflect on what went wrong and to prepare yourself -- financially and emotionally -- for the bigger and better options that you'll eventually have down the road. Don't get discouraged; good things come to those who wait.

Get your credit back in shape.

While going through a foreclosure will have a negative impact on your credit, there are some ways that you can strengthen your credit score and make it "fit" again. Paying off debt, re-establishing credit, cutting the fat on unnecessary expenses and building your savings are all great routines to add the muscle back into your score. Living within a budget and spending your money more wisely also will allow you to move forward with confidence and a better understanding of how much home you can afford when the time comes to buy again.

Honesty and Communication

Learn from your mistakes. Be open and honest with yourself and know what you want and what you can afford. If the luxury downtown penthouse was what got you into trouble in the first place, then why not "restart off" with a more subtle place in the suburbs and have something to look forward to in the future? Remember, communication is key. When reapplying for a mortgage, discuss what happened with your lender and, most importantly, explain what you did to resolve it. While it's never fun to rehash painful parts of your past, it's very much necessary and will help you in your decision-making process. Don't make the same mistake twice.

See more on Zillow:
Boomerang Buyers: Buying Again After Foreclosure or Short Sale
Building Your Real Estate Dream Team
How to Make Sure 'the One' Doesn't Get Away

 

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Mortgage Interest Tax Deduction Battle Brews in Washington as 'Fiscal Cliff' Looms

Filed under: News, Financing

By Jennifer Liberto

Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry.

Lately, housing is on the mend and one of the few bright spots in a lumbering economic recovery. Taking away a key tax break could throw a wrench into homebuying plans and hurt a long-sputtering recovery.

Lawmakers in both parties are on the lookout for tax revenue as a way to avert the fiscal cliff.

But the housing industry is preparing to fight against any move to get rid of the mortgage interest tax break.

Powerful housing lobbying groups are taking their fight to the grass roots, armed with granular data on the benefits of the homeowner tax break in every congressional district.

"[Getting rid of it] would throw the housing sector into turmoil... and chill the market just as it is trying to recover," said Jerry Howard, CEO of the National Association of Home Builders.

Related: An End to Bush-Era Tax Cuts Could Push High-End Properties Onto Market

This isn't the first time Washington has taken a critical look at the mortgage interest tax deduction.

It's one of the oldest tax breaks -- designed to encourage homeownership by lowering the tax bill for homeowners.

It tends to benefit upper middle class families the most, according to the nonprofit Tax Policy Center. For those earning more than $250,000 a year, the annual tax savings run about $5,460. For those with annual incomes of less than $40,000 a year, the average savings is just $91, according to the center.

The deduction is the third-largest tax expenditure on the federal budget, according to the Congressional Research Service. The amount of revenue the government would forgo from those claiming mortgage interest deductions is estimated to reach $100 billion by 2014.

Several times, President Obama has proposed cutting the deduction for Americans in the top income bracket -- trimming it to 28 percent of their mortgage interest payments instead of 35 percent.

But his proposals have gotten nowhere, thanks to lobbying from homebuilders, the National Association of Realtors and the Mortgage Bankers Association.

But this time, lobbyists are worried. That's because for the first time in years, House Republicans say they are open to scrubbing any tax breaks from the books as part of shrinking federal deficits.

Housing lobbyists have spent a combined $30 million this year, up from $27 million last year, according to figures from the Center for Responsive Politics.

They're ensuring that leaders don't do anything "penny-wise and pound foolish," said David Stevens, CEO of the Mortgage Bankers Association.

The economy "could actually move backwards" if the deduction is taken away, he warned, because it has a significant impact on middle class Americans' cash flow.

Another powerful group, the National Association of Realtors, has spent a record $25 million on lobbying this year, more than any other year, federal records show. The group declined to share its plans on defending the deduction.

But earlier this month, its president, Gary Thomas, said that the group had "secured 183 bipartisan co-sponsors" this year to support a House resolution that would protect the current tax deduction for mortgage interest.

"We will continue to work with members of Congress on the consumer's behalf on this issue," Thomas said in a statement.

See more on CNNMoney:
Most Affordable Cities for Homebuying
The $640,000 Parking Space
What Are the Taxes of Helping My Kids Build a Home?

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VACANT LOT - CHAPEL HILL, NC

Create your dream home with Magnum Opus Fine Home Builders. Gorgeous wooded homesites on quiet cul-de-sac, set above Morgan Creek. Bring your ideas & we will make it happen! LOCATION!

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VACANT LOT - CHAPEL HILL, NC

Beautiful wooded lot in a prime North Chatham Location, with a Chapel Hill address. Christopher Homes can build you a quality custom home. There is a 2500 Sq. Ft. Minimum with Architectual review.

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VACANT LOT - CHAPEL HILL, NC

Exceptionally priced estate lot located in a gated Jack Nicklaus golf community. Create & build your own dream home or take a look at the plans designed specifically for this lot. Priced well below tax value & 30k lower than what seller paid for quick sale. Low county taxes, no build time requirement, minutes to downtown Chapel Hill, world class shopping, & medical facilities.

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10 Least Affordable Cities to Buy a Home

Filed under: News, Buying

Looking to buy a home? You may want to skip these places. Prices are either so high or incomes so low that many families can't afford to buy homes here, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

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See more on CNNMoney:
Fiscal battle over mortgage deduction
'My shipping container dream home'
Most affordable cities for homebuying

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DETACHED, RANCH - CHAPEL HILL, NC

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Banks Modify Home Loans, Reduce Rates for 300,000

Filed under: News, Financing, Foreclosures

By Les Christie

More than 300,000 homeowners have received $26 billion in relief under the big foreclosure abuse settlement reached earlier this year, according to a recent government report.

Five of the country's largest mortgage lenders have modified home loans, reduced interest rates or forgiven debt as part of a deal with attorneys general from 49 states and the District of Columbia, and the federal government.

The banks involved are Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial.

The settlement, reached in February, resolved allegations that banks used faulty paperwork to seize homes. Among the worst abuses were robo-signers who signed thousands of legal documents attesting to facts they had no knowledge of.

Related: 'I'm Trapped in a High-Rate Mortgage'

The report was released by the Office of Mortgage Settlement Oversight, a watchdog agency set up by the settlement. The report is considered preliminary because the agency has not vetted the data provided by the banks; the agency will release an audited report in mid-2013.

"The relief the banks have reported is encouraging," said Joseph A. Smith Jr., the monitor of the mortgage settlement. "But it is important to remember that no obligations will be met until I have reviewed, confirmed and credited them."

The banks claim that 309,385 borrowers have received some kind of mortgage relief under the settlement. The total benefit of $26.11 billion represents an average of about $84,385 per borrower.

Some 21,833 borrowers completed loan modifications that lowered their mortgage debt by an average of $116,929 each. Another 30,967 borrowers have been granted trial modifications that, if completed, will cost the banks $4.19 billion, an average of $135,929 per borrower.

Related: Surprise! Chase Is Refinancing Your Mortgage

Home equity loans and lines of credits were modified or erased for more than 50,000 borrowers to the tune of $2.78 billion, or $55,534 for each one.

The lenders also reduced interest rates on 37,396 loans by an average of 2.34 percentage points, a total of $1.44 billion in payment relief. Borrowers will save an average of $409 a month.

All told, the banks have given more relief than the $25 billion settlement requires them to offer. But, Smith notes, the banks won't get credit under the settlement for all of the claims.

Here's why: Under the deal, the banks get full credit for reducing principal on first mortgages but only partial credit for some other fixes. But erasing home equity loans may earn banks as little as 10 cents on the dollar in credits. And forgiving missed payments to keep unemployed borrowers in their homes until they can resume payments may earn only 5 cents per dollar.

Related: Foreclosures Fall to 5-Year Low

For their part, the banks are in some areas doing far more than anticipated. Principal reductions were expected to average about $20,000, but the actual reductions so far are about six times higher.

Only mortgages held by the banks or owned by investors who approve the modifications are eligible for relief under the settlement. That means that mortgages backed by the federal government agencies Fannie Mae or Freddie Mac are not included, nor are those insured by the Federal Housing Administration.

See more on CNNMoney:
Most Affordable Cities for Homebuying
'My Shipping Container Dream Home'
What Are the Taxes of Helping My Kids Build a Dream Home?

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Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
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25 WILDER RIDGE OPEN & AIRY TRANSITIONAL ON 1 ACRE LOT IN N. CHATHAM COUNTY!

Awesome 2-story Entry Foyer ~ Open DR ~ Deco Column & Crown Mouldings ~ 2-story FR w/Gas Log FP ~ Spacious Kitchen has Baywindow Nook ~ Hdwds in Foyer, Stairs, DR, Kitchen, Nook & FR ~ 1st flr Utility Rm ~ 1st Flr Master Suite has Deck Access, private BA w/Garden Tub, Sep Shower, Dble Vanities & WIC ~ 2 sizeable secondary BR's w/ WIC's ~ Catwalk overlooking FR ~ Bonus Rm has Built-in w/Sink for entertaining ~ Huge Office ~ Covered Front Porch ~ Covered Back Deck overlooks fenced-in bkyd ~ Real Fruit Trees out back.. Enjoy Peaches in the summer & Pears in the fall ~ Plenty of room to grow! Call ASHLEY for more details.. 919-730-9412

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