Asheville Mountain Real Estate Blog

Asheville, NC real estate for sale. Information for buyers, sellers and mountain homeowners, without pressure. Rich content for those who are far away about what it is like to live here through the generous use of media. And some nostalgia with our, "Baby Boomers' Fun Stuff", Thanks for stopping by.

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Location: Mars Hill, NC, United States

A small, highly personalized real estate firm specializing in mountain homes and land in greater Asheville.

Saturday, May 03, 2008

A Tale of Two Celebrities: Go Green or Take a Walk?

For today, let's peek at two celebrities with two radically different tales about home ownership.

Andie Goes Green
First up, is well known Asheville resident Andie MacDowell, yes, you can see her around town from time to time. The Wall Street Journal informs us that our favorite local movie star is following through on one of the latest trends in housing, going green. Just something that makes sense to us given the cost of energy, and the increasingly easy time frame to recoup any investments in such technology. Way to go Andie.

Jose Canseco Walks
On the flip side is Jose Canseco. The six time all star from major league baseball has decided to take a walk, but not the type to which he is accustomed. Instead, Jose is taking advantage of another trend in real estate these days, he is walking away from his mortgage.

Walk Away? You Can Do That?
This has been a pretty popular story line in 2008. As adjustable rate mortgages reset, monthly payments increase, while home values decline, so we get an idea that is disturbing to some and tempting to others.

Google the term how to walk away from your mortgage, and it appears that a veritable industry has been born, with all manner of companies and websites providing advice on how to simply walk away from your mortgage. One of the first ones we heard about was Wow.

With foreclosures, most recently at 112% more than a year ago, this seems like something that won't go away very soon, and could very well increase the streams of pent up supply in an already grossly oversupplied market.

Here is an 8 minute video from 60 Minutes back in late January which is quite concise, the first 3 minutes or so deal directly with the phenomenon of walking away.

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