Q: It happened suddenly. The plumbing pipes in the bathroom would "hammer" whenever the toilet was flushed. We read your suggested remedy (drain the system) and tried it. It worked until my husband wanted more water pressure and turned the main shutoff valve another turn to bring more pressure upstairs.

Now the hammering continues until the toilet's water tank is filled. We turned off the water at the main again, and this time did not open the valve all the way, but it didn't help. Is there anything else that can be done to stop the noisy pipes?

A: We hope it didn't happen suddenly on a "dark and stormy night"!

There is something else you can do but it may take a little pipe reconfiguration.

Anyone who's been startled by a boom when the water is suddenly turned off or machine gun staccato when pipes are flowing can relate to a "water hammer." One type occurs when a fixture is shut off suddenly, and water rushing through the pipe is brought to a quick halt. The sudden stop creates a shock wave and the "boom." Another type can occur when water flowing through pipes under fairly high pressure is partially restricted -- the "staccato."

Because the noise is limited to the bathroom, occurs only when you flush the toilet and stops when the toilet tank fills, we think the problem is in the shutoff valve for the toilet or in the fill valve in the toilet tank.

When dealing with plumbing, we always recommend trying the simple fix first. You tried that by draining the system. Properly installed plumbing has air chambers that compress when the shock wave hits, softening the blow and preventing hammering.

The chambers can fail when water under pressure gradually absorbs the air. You can cure water hammer caused by failed air chambers by permitting the system to drain. Once all the water drains from the chamber, air will fill it again and restore the cushion.

In your case, draining the system fixed the problem for a little while. But it came back. So the problem probably isn't compromised air chambers. When your husband restarted the system, he only partially opened the main shutoff valve, reducing the pressure in the system. This pressure reduction stopped the noise for a bit. Increasing the pressure to get acceptable water flow in the upstairs fixtures brought back the noise.

We suggest you focus your attention on the toilet. First make sure the shutoff valve is open all the way. Turn the handle counterclockwise to fully open the valve. Flush the toilet and see if that stops the noise. If the noise persists, close the valve by turning it clockwise. Then open it and flush again. Sometimes small bits of debris become lodged in the valve, restricting water flow. Opening and closing the valve often will dislodge the debris.

It's also possible that the washer inside the valve is torn. If manipulating the shutoff valve doesn't eliminate the noise, we suggest you replace it. It's a cheap and simple process. A new shutoff valve can be found at any hardware store.

While you're at it, consider replacing the fill valve in the toilet tank. It's a second likely suspect for the noise. Over time, especially in areas prone to hard water, scale can build up in both valves, restricting the water flow and causing the noise you hear. Replacing these two parts should make your water hammer a thing of the past.

***

In the case Emily Rutherford v. Columbia Gas Transmission Corp., the gas company owned a utility easement across a portion of landowner Rutherford's property. In order to service the gas line under the easement, the gas company needed to cut down seven trees belonging to Rutherford, who then filed suit seeking an injunction prohibiting the trees from being cut down.

The district court ruled against Rutherford, declaring that the gas company had the right to cut down the seven trees on her property.

On appeal, the district court's ruling was affirmed. Rutherford argued that because the gas company had allowed the trees, then small, to remain on the property when the pipeline was installed in the 1950s, the gas company must have contemplated large trees growing over the pipeline.

The Court of Appeals rejected this argument, reiterating the precedential rule of law that an express easement without clear dimensions must be interpreted in consideration of what is reasonable and necessary to effect the objective of the easement.

Clearing a right-of-way for access to the pipeline was found to be "reasonably necessary to serve the purpose of the easement." Because clearing a conservative, 15-foot right-of-way would require the seven trees to be felled, the appellate court ruled, the gas company should be allowed to cut the trees down.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Ask her a real estate question online or visit her Web site, www.rethinkrealestate.com.

***

DEAR BARRY: We have a 50-gallon water heater in our basement. It's only 7 years old, but it has always leaked from the drain pipe on the pressure relief valve. We've tried everything to stop the leak. We turned down the thermostat, flushed out the tank, and replaced the relief valve twice. But the problem always returns. Why doesn't this leak stop after all we've done to fix it? --Mark

DEAR MARK: Before answering your question, a few words should be said in praise of "temperature pressure relief valves," commonly known as TPR valves. A water heater is not safe without a TPR valve. Its primary purpose is to prevent an explosion when a water heater becomes too hot.

TPR valves have been mandatory for all water-heating systems since the late 1960s. Before then, an overheated tank could become a bomb, causing massive property damage and possible injury or death to nearby occupants. With a TPR valve, steam and pressure are safely released from an overheated tank, preventing a potential explosion.

When a TPR valve leaks there are three possible causes: 1) excessive temperature; 2) excessive water pressure; or 3) corrosion or debris on the valve seat. Some TPR valves leak after being tested, usually because of corrosion on the valve seat. Thus far, you have addressed most, but not all, of these possible causes. You lowered the temperature by adjusting the thermostat; you eliminated corrosion and debris by flushing the tank; and you installed a succession of new relief valves. So let's examine the remaining possibilities.

Turning down your thermostat was a wise move, but what if the thermostat is defective and did not actually cool down the water? This point needs to be verified. To test the water temperature, place an oven thermometer in a pot and submerge it in steaming water from the tap. The recommended temperature in a water heater is around 120 degrees.

If your water temperature is significantly higher, especially if it is approaching 200 degrees, you have a problem and should call a licensed plumber immediately. If the temperature is normal, then we have narrowed our search to high water pressure.

To check the water pressure, you'll need a pressure gauge with a fitting for a hose faucet. This can be purchased at your local hardware store for about $12 to $20. Simply attach the gauge and turn on the hose faucet. The recommended pressure for a residential plumbing system is 50 to 70 pounds per square inch (psi).

The maximum permissible pressure, according to the plumbing code, is 80 psi. Unfortunately, many homes have excessively high water pressure, and levels above 120 psi can cause a TPR valve to leak.

If high pressure is the problem, you should install a pressure regulator on your main water line or replace the existing regulator if you already have one. And keep in mind that a 7-year-old water heater is nearing the end of its expected life. Yours may soon need replacement.

To write to Barry Stone, please visit him on the Web at www.housedetective.com.

***

What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.

Book Review

Title: "The All-New Real Estate Foreclosure Short-Selling Underwater Property Auction Positive Cash Flow Book: Your Ultimate Guide to Making Money in a Crashing Market"

Authors: Chantal Howell Carey and Bill Carey

Publisher: Wiley, 2009; 288 pages; $22.95 list ($15.61 on amazon.com)

Former Robert Allen "No Money Down" seminar instructors Chantal Howell Carey and Bill Carey create an Allen-esque energy around building wealth through real estate in their latest investment manual, which is as timely as its title is long: "The All-New Real Estate Foreclosure Short-Selling Underwater Property Auction Positive Cash Flow Book: Your Ultimate Guide to Making Money in a Crashing Market."

After first sketching out the data on how many foreclosures have and will likely take place, creating a sense of urgency for would-be investors to execute the book's real estate investment plan in the next 48 months, the Careys go on to explicate the basics of the foreclosure process and short-sale transactions.

The authors propose a masterful checklist of steps and factors savvy investors can use to maximize the chances of a bank accepting their short-sale offers.

In fact, this checklist would be just as useful to a non-investor homebuyer braving the rough waters of a short-sale purchase, and would certainly be worth the $22.95 purchase price if used in this context to capture a dream home, rather than getting lost in the short-sale-buying nightmare.

The Careys move on to explore more exotic transaction types, including purchasing distressed mortgages directly from the bank and then foreclosing on the homes after default and auctioning properties for resale. They also devote a significant section of the book to seller financing, their answer to the credit crisis.

The strength in their belief of the feasibility of seller financing (compared to the realities of sellers who need to pay off their mortgage to buy their next homes, in light of the very same credit crisis which created the need for alternative financing in the first place) might be a carry-over from their Robert Allen days.

The Careys do point out, though, that investors who want seller-financing on their purchases should, in turn, extend it when they sell. This is but one example of the opportunistic, win-win deal style the Careys advocate throughout the book.

The Careys appeal to all sorts of investors, offering up the advantages of both short- and long-term investment property ownership and advising readers to incorporate both into their real estate investment playbook.

This quick, accessible read will both cheerlead and educate would-be investors looking to jump into -- and profit handily from -- the current foreclosure fray.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Ask her a real estate question online or visit her Web site, www.rethinkrealestate.com.

***

What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.

As indicated last week, the annual percentage rate (APR) that the law requires mortgage lenders to disclose alongside the interest rate is not a useful measure of cost to the borrower. Expressed as a percent, it makes no intuitive sense to most borrowers, does not yet cover all costs, and does not take account of differences in borrower time horizons, tax rates and opportunity costs. A much more useful measure is the "time horizon cost" (THC) that is described below.

The THC is the total cost of the mortgage in dollars over the period the borrower expects to be in the house. I will illustrate it with the example I used last week of a borrower choosing between a fixed-rate mortgage (FRM) at 5.125 percent and zero points, and another at 4.25 percent and 4.4 points. The loan amount is $100,000 and settlement costs other than points are $1,000 in both cases.

I am going to assume initially that the borrower expects to be in the house four years, is in the 15 percent tax bracket, and has an opportunity cost -- the return he can earn on other investments -- of 2 percent. The THC for the borrower on the 4.25 percent mortgage consists of the following:

Total monthly payments of principal and interest over four years: $23,613

Lost interest on monthly payments: $803

Points paid upfront: $4,400

Other settlement costs paid upfront: $1,000

Lost interest on points and other settlement costs: $380

Total costs: $30,196

From these costs, we subtract cost offsets:

The borrower's tax savings on interest: $2,548

The borrower's tax savings on points: $700

Reduction in loan balance: $7,195

Total offsets: $10,442

Total cost net of offsets: $19,754

When we do the same for the 5.125 percent mortgage, the total net cost is $18,768, or $986 less. (Note: The detail is omitted to save space, complete data will be available on my Web site.) The high-rate mortgage with zero points is the better deal.

But the results are sensitive to the specific features of the borrower. If we change the borrower's time horizon from four years to eight years, the results are reversed, with the low-rate mortgage becoming the better deal because the lower rate extends over a longer period.

If we then raise the borrower's opportunity cost from 2 percent to 12 percent, keeping everything else the same, the advantage flips back to the 5.125 percent mortgage because of the larger interest loss on the points paid upfront. If finally we raise the borrower's tax rate to 40 percent, the advantage flips back once more to the 4.25 percent mortgage because of the larger tax savings on the points.

In using the THC, there is no need for borrowers to become enmeshed in the details. So long as they have confidence in the source, many -- perhaps most -- borrowers will be satisfied with the single bottom line number. Borrowers seeking understanding, however, have access to the detail that will help them understand why the results are what they are. This educational process is not possible with the APR.

It could be particularly useful to borrowers if the Truth in Lending Act is revised to replace APR with THC, which would provide THCs based on prices actually being quoted to them by loan providers. The likelihood of that happening within my lifetime is vanishingly small.

The other way to accomplish this is for a private firm, looking to acquire a competitive advantage, to build THC into its loan origination platform as a way of creating additional value for borrowers. I am quite confident that that will happen during my lifetime.

The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.

***

What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.

***

Interest rates are low. Prices have come down in many areas. More buyers are deciding it's a good time to buy, even though it may be awhile before the housing market stabilizes.

Buyers who have a house to sell face a more complicated situation than they did when they bought their first home. They may not be able to afford to buy a new house before selling the old one. And, it may be more difficult to find a home to buy because many sellers are not selling now due to current market conditions.

Despite complications, homeowners who want to trade up in a down market can benefit financially. They may sell their current home for less than it might have sold for a few years ago, but they could also pay a lot to less for the replacement home.

Let's say your current home that was worth $500,000 two years ago is now worth $400,000, or 20 percent less. Even though you would sell for $100,000 less today, if you buy a $1 million house that two years ago was worth $1.25 million, or 20 percent more, you come out $150,000 ahead.

The math may not be as advantageous if you're downsizing. You may find that you sell at a bigger discount than you would have a few years ago without realizing as large a cash discount on the purchase of the smaller, less expensive house. You also might find that you are in competition with buyers who are either first-timers or trade-down buyers like yourself.

Another factor is that, in general, the price per square foot of smaller houses is more than the price per square foot of larger houses in the same area. So you might have to pay more than half the selling price of your house to buy a house that's less than half the size of your house. That is, if you're purchasing the new home in an equally expensive neighborhood.

Regardless of this disparity in prices, if housing prices in your area are falling, it would be better to sell now than wait for the market to turn, as your home might sell for even less if you wait.

HOUSE HUNTING TIP: There is more to consider than how much profit you might realize in making a scale-down move. The first step is to make a list of all the reasons why you are considering downsizing. Common reasons are that the house is too big; it costs too much time and money to maintain; it's in an inconvenient location; or it's not located close to family. Then make a list of all of the reasons it would make sense to stay in your home. Weigh the pros and cons.

The next step is to do a cost comparison to figure out how much it costs to own your present home, including property taxes, home maintenance, utility bills, mortgage payments, insurance premiums and homeowners association dues, if there are any. Then consider how much it would cost to get your home into prime selling condition. And factor in the costs of sale. Quality of life is hard to quantify monetarily, but is a major factor in most moves.

Then, calculate the cost of buying and owning a smaller home. Make certain you consult with your tax adviser to find out about the tax consequences of making the move.

Downsizers who are contemplating an out-of-area move should consider renting before buying. It usually takes awhile to learn the neighborhoods and figure out which one is best for you. Even if you're not moving out of the area, it may make sense to rent for a while.

THE CLOSING: In low-inventory markets it can take time to find the right home.

Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."

***

What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.

***

The oven didn't work, so the barbecue was constantly fired up in the tiny backyard. The sofa had no casters and was supported by old paperbacks the owners hadn't cracked in months. Shelves were composed of red bricks and any available wood planks. Mattresses and box springs neither matched nor were afforded the luxury of a frame.

There were always dirty rugby shoes outside the front door and rarely anything more than milk, bologna and beer in the refrigerator.

Thirty-eight years ago, our senior year of college, it was home -- for $200 a month, split four ways. The stucco duplex, just a nine-iron chip from a regional mall, boasted two bedrooms, one bath, a tiny den, fireplace, garage, and kitchen with eating space and counter.

And, to top things off, the neighbors were our best friends. That proved to be worth more than the monthly rent in memorable times, quickly gathered carpools, term-paper consults and typewriter sharing.

What was not shared was the rental agreement with our parents. My folks had no idea of the terms of our lease, except for the fact that I asked them for $100 as my portion of both the first month's rent and the cleaning deposit ($200).

Not so today. In many cases, parents are required to co-sign lease agreements and act as guarantors to support their children who want to rent a home, apartment or condominium near a college or university. In the past several years, three of our children came to us with rental contracts that were creative, curious and demanding. Our employment history, current and past addresses, Social Security numbers and credit background were critical before any of the kids were approved for temporary housing.

I vividly remember editing contracts, proposing compromises and then questioning landlords and rental agencies about their seemingly mandatory requirements and outlandish rates for what often appeared to be substandard housing or a small cubbyhole.

In a tight rental market, any changes can be a deal-killer. Other willing renters are often standing in line, or at least the landlord presents it that way.

("If you don't want to sign it, Mr. Kelly, I've got plenty of people who will.")

What is more discomforting is the domestic anxiety created by the urgency of the contract. Typically, a son or daughter has scoured the immediate area and secured a terrific location, but time is absolutely of the essence if the child is to take occupancy.

("Dad, everybody's parents have signed. Why are you being so difficult? Even Billy's mom signed and she owns a bunch of her own rentals.")

It is back-to-school time and college-age kids are looking to the folks for rental assistance while landlords are looking to parents to ensure the monthly lease payments are actually made. But when are landlords actually being unreasonable? Are all of their conditions and expectations actually enforceable?

In an apartment complex near the University of Washington, a landlord required parents to sign a lease and co-signer addendum in order for the children to be rental candidates. While the wording and contents of both documents are important, the intent and enforceability are confusing. The co-signer addendum was the more daunting. The guarantor (parent) was asked not only to guarantee the lease but also to subscribe to additional terms and conditions, including the following:

• "Owner shall have the right to exercise the following powers and rights in the owner's sole discretion: owner may change, alter, cancel, renew, extend, decrease or increase the obligations of the tenant to owner."

"If that language was in the lease, I don't think the terms would be enforceable," said Rob Crichton, partner in the Seattle law firm of Keller Rohrback LLP. "There is a rule where you cannot unilaterally increase the risk.

"I think the intent here is for signature by the guarantor. The parent is empowering the tenant to extend the obligation. For example, if the landlord and tenant agree to extend the term of the lease, the landlord does not have to go back to the guarantor (parent) for a signature."

Make sure you understand all rental contracts before signing them. Ask landlords to explain the fine print and the reason for specific paragraphs. Be particularly aware of the contents of the actual lease document and your obligations to perform. Usually there is time to straighten out most matters, even with a kid screaming in your ear.

Tom Kelly's book "Cashing In on a Second Home in Mexico: How to Buy, Rent and Profit from Property South of the Border" was written with Mitch Creekmore, senior vice president of Houston-based Stewart International. The book is available in retail stores, on Amazon.com and on tomkelly.com.

***

What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.

***

Q: I've made offer after offer on bank-owned properties. The last time I was outbid, I was really disappointed because I loved the house! I was really hoping it would fall out of escrow, so I kept an eye on the listing, thinking there was a small chance it would come back on the market. Instead, it just disappeared.

I asked my agent to follow up on it about 45 days later, and she told me that it sold, but the sale price was less than I offered! I'm not sure if this was an inside job (e.g., the listing agent sold it to her own client to get a double commission), but I'm thinking of calling up the listing agent and giving her a piece of my mind. What did I do wrong?

A: The answer to your question is not super-clear-cut. However, there are some issues you might want to reflect on and revisit, and there's one big mistake you're on the verge of making that I'd like to save you from, if at all possible.

Like many buyers, you are clearly caught in the competitive, auction-esque atmosphere of multiple offers resulting from all the other first-time homebuyers who are trying desperately to close escrow by Nov. 30 to qualify for the $8,000 federal tax credit, plus an influx of cash investors who sense that prices might have bottomed out.

Our analysis of what went wrong must start at the time you realized you were competing for the property. Did you go to your absolute top dollar for that property? If not, you were setting yourself up for wannabe buyer's remorse later on.

On the flip side, did you look at the recent sales prices of comparable homes in the neighborhood? Many banks have gotten clued in to the fact that so many buyers fake them out by offering to pay a price way higher than the appraisal "comps," just to come back when the property doesn't appraise and request a price reduction.

In private conversation, my colleagues who list bank-owned homes have marveled at how zealously the asset managers to whom they report have started to vet purchase offers for "appraisability," some even going to the extreme of looking suspiciously at offers way higher than the asking price.

So, if you offered some amount bizzarely beyond what the place could appraise for, your offer might have gotten caught in the ultimate homebuyer's Catch-22: You want to offer a high price, but too high might red-flag your offer as a possible bait-and-renegotiate.

The only way I know to ensure that you beat out other offers without tripping the asset manager's nonsense detector is to make your offer with no appraisal contingency -- something you don't want to do unless you're either (a) very certain the property will appraise at the purchase price, or (b) comfortable coming up with cash to close the gap between the appraised price and your offer price.

If there's a clear-cut answer to what you might have done wrong, I'd tag your conspiracy theorizing. Is it possible that the listing agent tossed your offer in the circular file (or, more likely these days, sent it straight to her "Trash" folder) in favor of her own client's offer? Sure, it's possible. But, in my experience, it's more possible that an all-cash offer, or an offer otherwise perceived as more likely to close, trumped yours.

With the banks these days, cash is definitely king, and banks often accept cash offers (read: sure to close, and close fast) at prices lower than offers they feel are less likely to close. No matter what the rationale, unless you made an all-cash, quick-close offer with no contingencies, you have no way to know that your offer was "better" than the prevailing offer. Sellers have the right to their own priorities, and for many, the bird in the hand (cash) is better than the over-asking offer in the bush.

Next time, triple-check to see that your agent sells your offer -- hard. He or she needs to let the listing agent know every single thing about you and your offer that renders it highly likely to close. That might include sending over comparables; it could be mentioning your strong credit and job tenure; and it might even go so far as including copies of your bank account statements (minus the account numbers!) documenting that you have sufficient funds to close the deal on hand.

Whether you did all this on the last go-round or not is irrelevant now. But stalking the property and wondering what happened is an unwise use of your time, energy and emotion at this point. You have a brief window of time to cash in on the tax credit (of course, it might be extended, but no one knows at this time whether that will happen).

In this atmosphere, I advise my clients that once you make an offer and are informed that you were not the victorious offer, consider that ship having sailed and keep on house hunting. You need to stay focused on finding your house. If the home of your dreams comes back on the market, you'll see it when you receive your agent's automatic e-mail notifications or during your hourly, obsessive perusals of local listings online (assuming you're anything like my beloved clients).

Other than getting distracted by this property, you might actually have done nothing really wrong just yet. However, calling the listing agent and giving her a piece of your mind would be an error of epic proportions, so don't do it. Foreclosure listing agents often list lots of bank-owned properties in the same area. That means when "your" house comes on the market, there's a not insignificant chance that the listing agent you tell off will be the listing agent on that property. Do not burn that bridge. Enough said ... good luck!

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Ask her a real estate question online or visit her Web site, www.rethinkrealestate.com.

***

What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.

***

Q: We recently moved into a home with electric forced-air heat. In the winter, every time the furnace kicks on, the lights in the house dim for a nanosecond. Is this something that can be addressed or fixed?

Before we moved in we had to replace the electrical panel (it was made by a company that went out of business years ago because their panels were known to start fires), and I'm wondering if there is something associated with that we can correct. Any help before furnace season starts is greatly appreciated! --Lea

A: The dimming of the lights is caused by a voltage drop that occurs during the startup phase of the furnace. When your thermostat calls for heat, the electric elements in the furnace begin to heat up before the furnace motor kicks on, a process called "heat anticipation." It's set up that way so that the furnace fan doesn't blow cold air through the ducts before the furnace itself heats up. So when you hear the furnace kick on, that's actually the sound of the fan motor starting up and activating the fan itself.

A couple of possible problems come to mind: The wires leading to the furnace may be too small, or you may have a loose or corroded connection. There should be two circuit breakers on the furnace itself, and they may be loose or faulty. It's also possible that the furnace motor is going bad, or that you have some problems with the fan, the belts, or other internal furnace parts that are requiring an excessive amount of electricity in order to get turning.

Given the fact that the panel was replaced recently, you definitely want to have an electrician come out to inspect everything -- the new panel, the circuit breakers, wire sizes, connections (including the connection to the utility company wires), grounding, etc. All this should be covered under the one-year warranty from the electrical contractor who did the work. I would also strongly recommend that you have the furnace checked and serviced by a heating company that deals with your particular brand of furnace.

One other thing: Since the electrical panel was replaced recently, your local building department will have a record of the permit. I would suggest that you obtain a copy of that, and make sure that the installation was inspected and approved and that the inspector didn't note any problems.

Q: My new home has a small deck and I don't know how to clean or care for one. My deck appears unstained and has several mildew stains where potted plants and furniture once were. Do you recommend using a pressure washer and then staining? Or another option? I've read that pressure washers are damaging to the wood. Since I just closed I'm looking for the minimal price and minimal elbow grease required! Any help would be appreciated. --Kristen

A: Unfortunately, wood decks and minimal elbow grease don't often go together. If you have an older deck with no finish and some mildew stains to deal with, it'll take a little bit of work initially to get it looking good, but from there the regular maintenance will be pretty straightforward.

To remove the mildew stains and get everything ready for a new finish, you need to first clean the wood. I would definitely recommend against using a pressure washer for this task. The high-pressure water can damage the wood and raise the grain, leaving you with a fuzzy deck and a whole lot of sanding work to get everything back to where it needs to be. Instead, you want to use one of the liquid or powdered deck cleaners currently on the market, which make the cleaning process relatively easy. I personally like Wolman products, and you can check out their Web site at www.wolman.com to see the different products and get specific tips on how to use them.

Once the deck is clean and the mildew has been taken care of, you'll want to apply a coat of quality, oil-based transparent or semi-transparent deck stain in whatever color you like. The stain will provide protection from ultraviolet light and moisture, and prolong the life of the wood. Depending on the severity of the weather in your area, you should plan on reapplying the stain every two to three years.

Remodeling and repair questions? E-mail Paul at paulbianchina@inman.com.

***

What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.

***

For a period of time after the onset of the credit crisis in 2007, it appeared the high end of the residential home market had sidestepped the disaster that had befallen the rest of the housing industry. The general thinking was: moneyed folk, despite the collapse of all types of investments, had the assets to hang in there through the tough times and were not forced to sell.

While that may be true, recent numbers by a host of organizations are showing even the priciest home markets are getting smacked about. Indeed, if you have a spare $1 million to $2 million in your wallet, this could be a good time to buy.

The most recent data from the National Association of Realtors demonstrates the overall problem. According to NAR, the national share of home sales above $750,000 has fallen from 4.4 percent in 2007 to approximately 2.3 percent in 2009, and the months' supply of inventory has risen from 18.7 months to 41.1 months during the same period.

To see what's going on, I checked in with a couple of longtime brokers in two of the priciest home markets on either coast: the Hamptons/East Long Island region west of New York City, and Santa Barbara, Calif.

The Hamptons/East Long Island market is kind of an aberration even for pricey locations around the United States in that it boasts not just a high-end category, but a super-high-end range as well. High-end homes run between $5 million and $15 million, whereas the super-high-end is reserved for homes above $15 million and these days climbs to $40 million.

In July, Bloomberg, citing appraiser Miller Samuel Inc. and Prudential Douglas Elliman, reported that only 37 residences (condos and homes) above $2.36 million have sold this year in the Hamptons area and inventory has jumped 46 percent. It concluded it would take four years to sell the 584 homes in current inventory.

I checked in with Paul Brennan, the regional manager for Prudential Douglas Elliman's Bridgehampton, Long Island, office, who is a veteran of 30 years selling real estate in the area.

The market in eastern Long Island stopped after mid-year 2007, says Brennan, "but I've seen this before. The market goes up, stops; goes up, stops; goes up, stops. Have prices declined? Only if you fall into one of the three "D" categories: death, divorce or debt. If you have to sell, then you are going to have to sell at what the market will currently bear, and it will be less than what it has been."

Otherwise, Brennan adds, "The wealthy people that we deal with don't sell."

Apparently, there are plenty of homeowners in the Hamptons-East Long Island area who have dropped into the "three-D" category, more for debt than death and divorce, because Brennan says prices are down.

This is particularly telling in the super-high-end category, where nothing is moving. "Super-high-end homes used to sell at a rate of one every two months," he says. "There have been no sales in that category."

Brennan guesses the last home to sell in this range happened at the end of 2008.

This phenomenon appears consistent with national numbers. "NAR looked at inventory in the higher price ranges ($750,000 and above) in May, comparing that month's supply with a year earlier. In May 2008 the month's supply was 17.6 months; in May 2009 it was 24.9 months," notes Walter Molony, a NAR spokesman.

One blogger, reporting on activity in the prestigious 90210 ZIP code of Beverly Hills, Calif., said for May there were 110 single-family residences for sale: five homes over $20 million; 14 homes at $10 million to $20 million; 25 homes at $5 million to $10 million; 22 homes at $3 million to $5 million; eight homes at $2 million to $3 million; and two homes under $2 million.

The California Association of Realtors, reporting regionally, charts Santa Barbara South Coast as the state's priciest market with a May 2009 median sales price of $875,000, which was down 27.5 percent from May 2008.

I called Alyson Spann, president of the Santa Barbara Association of Realtors and a local broker, to see what was going on in her area of the world.

"The high end of the market in Santa Barbara, particularly the areas known as Montecito and Hope Ranch, has been soft for the last two years," she says. "Traditionally, the homes there average $3 million to $4 million with the bottom of that market above $2 million. The bottom of the market is now around $1.5 million."

That $1.5 million residence would be a fix-up, she said.

This issue of inventory is also a problem here as it is in the Hamptons. In Montecito, Spann reports an inventory of 22 months, but in the smaller Hope Ranch the inventory is at 12 months.

How bad have things gotten in Santa Barbara? Spann works a new-home development called The Bluffs on the Santa Barbara coast. Home prices here began at $2 million, rose to $2.7 million, and have since fallen to $1.6 million. The good news is, at those prices, things are beginning to move.

"We had no sales for a year -- now we have four houses in escrow," she says.

Within the 90210 ZIP code, the fearless Beverly Hills blogger noted 18 of the 110 homes for sale were in escrow with an accepted offer.

On the East Coast, Brennan is also optimistic, as he says people have come back to the market looking for bargains.

Although this sounds a bit like an oxymoron, apparently there are bottom-fishers even at the top end of the housing market.

Steve Bergsman is a freelance writer in Arizona and author of several books, including"After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade."

***

What's your opinion? Leave your comments below or send a letter to the editor.