Colin Moody

 *All quotes with 1% origination fee or less

*Rates vary according to down payment & credit score

Nationally over 1.65 million homes received foreclosure filings in the first half of 2010. This figure represents an 8% increase in filings over the same period in 2009 with California, Florida and Arizona posting the highest foreclosure totals.

Locally, the Raleigh-Cary area reported a 49% increase in foreclosures to 3,019 through the first half of 2010 while Durham showed a 3% decline to 716 in 2010.

Raleigh ranked 137th in the nation in foreclosure filings while Durham ranked 179.

If you're looking for additional info on market conditions in the Chapel Hill, Durham and Raleigh areas contact me. I can help.

It's Hot outside and the mortgage interest rates posted below continue to sizzle. Contact me to get a pre-approval and to begin your Triangle area home search...I can help.

TRIANGLE AREA MORTGAGE RATES AS OF 07-23-2010

ALL QUOTES WITH 1% ORIGINATION FEE OR LESS.

RATES VARY ACCORDING TO DOWN PAYMENT AND CREDIT SCORE

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CONVENTIONAL 30 YEAR FIXED 4.375%

CONVENTIONAL 30 YEAR FIXED-NO ORIG 4.625%

CONVENTIONAL 15 YEAR FIXED 3.875%

JUMBO 30 YEAR FIXED 5.125%

JUMBO 5YEAR ARM 4.00%

FHA 30 YEAR FIXED 4.25%

FHA & VA 5 YEAR ARM 3.50%

VA 30 YEAR FIXED 4.50%

NC HOUSING BOND 4.75%

The private sewer lateral is the part of the sewer that runs from the house to the public sewer main, which is located under the street, alley, or in an easement behind the house.

The maintenance and repair of the private sewer lateral is the responsibility of the property owner. But many owners give little thought to this system until a sewage back up occurs, usually due to a damaged or root-clogged pipe, or an offset joint. Repairing damages caused by a sewage backup can cost thousands of dollars; an expense seldom covered by homeowner's insurance policies. Local water utilities in our area offer insurance coverage that can be added to your water bill as a hedge against expensive lateral sewer repairs.

A professional home inspection will cover the interior and exterior of the major mechanical and structural systems of a house such as the HVAC system, Hot water tank, roofing and exterior cladding, soffits, gutter systems, electrical system, built-in appliances, doors, windows, fireplaces and flues, crawl space and attic ventilation and the plumbing system but will rarely include an inspection of the building's sewer (known as the private sewer lateral or side sewer).

For a few hundred dollars, a licensed plumber can visually inspect the private sewer lateral using a video recording system that will show if there are any cracks or breaks in the pipe or offsets, and whether there are any root intrusions from nearby trees, hardened grease, or egg shells, the most common causes of lateral sewer blockage. Repair costs can be several hundred dollars and replacement costs can run into the thousands.

If a private sewer lateral problem is discovered as part of the home inspection prior to closing, the buyer has an opportunity to negotiate with the seller to cover the cost of cleaning or repairs.

Additionally, with a private sewer lateral inspection you'll also learn if the lateral has a cleanout and if that cleanout is fitted with an Overflow Protection Device.

If there is no cleanout, one should be installed. This will provide easy access to your private sewer lateral for cleaning and maintenance. Installing an Over Flow Protection device is an inexpensive way to prevent sewage from backing up into your home. The device allows sewage back-ups to spill outside rather than from a drain inside your house.

Installation of the Over Flow Protection device (which is available at many plumbing supply stores) is relatively simple, but must be done according to your local sanitary district specifications. It's recommended that a licensed plumber install the device since elevation and location are critical for the device to function properly.

Source: The Central Contra Costa Sanitary District PIPELINE, Fall 2009

I received a call today from a prospective client who called on a property that I have listed for sale. Although the property is not listed "For Rent". The prospect wanted to know if the owner would consider leasing the property for at least a 1 year term. After discussing the North Carolina Agency Disclosure I went on to have a qualifying discussion with prospect and based on the information provided asked why the prospect was not considering buying rather than renting. He answered my question by launching into a Tirade on how it's all a big lie that home ownership over the long term was a better finacial decision than renting and that he'd done the math and it didn't add up.

The data that I've seen indicates that homeownership begins paying benefits at around the 6th year of ownership. Not to mention the lifestyle choices that ownership allows one to enjoy. If you're wandering whether it's a good decision to become an owner vs remaining a renter click on the link below. You'll find a financial calculator that may help you determine the value of ownership.

If you are currently paying $1,000 a month for rented housing, over the next three years your property management company will effectively have reaped $36,000 of your hard earned cash. In most cases, you know your rent will go up every year, even if you live in an area that has rent control regulations. You're paying the mortgage for the property owner, when you could be building equity in your own real estate investment.

The tax deductions available to homeowners vary, but there are solid rules the IRS lines out for us. Real estate taxes, mortgage interest, pre-paid interest, and interest on construction loans are all things to take into consideration as tax benefits.

If you or someone you know is currently renting, I urge you to call me to discuss the many low- and no-down payment loan programs that are currently available to prospective home buyers. My team and I work cohesively with the borrower's financial consultant to ensure the client's long-term goals are met.

CLICK HERE TO VIEW CALCULATOR.