Matthew Cole's Pick-of-the-Day New Listing

The American Dream...a farmstead with a nineteenth century home, bank barn, pasture land...

Here is what the listing agent had to say about the property: "Wonderful turn of century 2 story farm house with hardwood floors throughout. 3 Bedrooms, Study, Wainscotting in Living Room,10 ft. tall ceilings, 4 covered porches, Dining Room features Built-in corner cabinet. 5 picturesque acres with Bank Barn that offers stalls, hay loft and implement parking area." On the market only four days and located in south central Owen County, this farmstead is priced at $95,900!

Even Homer and Marge Simpson are facing forclosure

In the world of not-real-news...

In this week’s new episode of The Simpsons, Homer and Marge’s adjustable-rate mortgage skyrockets and they have to put their home up for sale. The couple is in this jam because they financed their annual Mardi Gras parties using home-equity loans.

Homer explains his dilemma in a way that is pathetically close to what has happened to so many others:"It's a secret thing called a home-equity loan. I get all this cash ... and the house gets stuck with the bills!"

Later in the sad, but almost-true episode, he tells his mortgage broker: "When you gave me that money, you said I wouldn't have to repay it 'til the future. This isn't the future. It's the lousy, stinking now!"

Source: TheSimpsons.com (03/08/2009)

Zip Codes Where Housing Sales are Increasing

Housing sales are improving significantly in key ZIP codes around the country where prices have moderated, according to information compiled for BusinessWeek.com by First American CoreLogic.ZIP codes in California, Florida, Arizona and Nevada dominated the list, but there were also ZIP codes on the top 25 most-improved sales list from the suburbs around Detroit and Minneapolis and in the metro areas of Atlanta and Chicago.Inventories are shrinking and prices are stabilizing in several markets, according to the survey. Here are the top 10 ZIP codes with improved home sales:

94533, Fairfield, Calif. (Fresno)
92376, Rialto, Calif. (Riverside-San Bernardino-Ontario)
91342, Slymar, Calif. (Los Angeles-Long Beach-Santa Ana)
92126, San Diego, Calif.
33914, Cape Coral, Fla. (Fort Meyers)
93065, Simi Valley, Calif. (Oxnard-Thousand Oaks-Ventura)
95123, San Jose, Calif.
85379, Surprise, Ariz. (Phoenix-Mesa-Scottsdale)
93722, Fresno, Calif. (Madera)
95624, Elks Grove, Calif. (Sacramento-Arden-Arcade-Roseville)

Source: BusinessWeek.com, Prashant Gopal (03/05/2009)

Matthew Cole's Pick-of-the-Day New Listing

On its first day on the market, and with almost 4000 square feet located on just over an acre of land, this fabulous 5 year old home has 4 bedrooms and 4 full baths. Located in Cambridge Springs in the Maple Grove area of north west Bloomington, the listing agent has this to say:

"It is clear that the owners have spared no expense in maintaining the home which has been professionally painted throughout with warm, inviting colors, boasts custom window treatments, and a large gourmet kitchen with custom cabinets and Corian countertops. Well suited for entertaining indoors or out, the home has two decks and a pergola overlooking the lush landscaping and backyard."

Price: 429,900

A Sample of Today's Interest Rates

The rates are looking pretty good today. Below is a sample of interest rates from local lenders. And as always on the b-town Report, rates are for a 30 year fixed rate conventional mortgage and rates are subject to change.

Fifth Third Bank: 5.25%

Premier Home Mtg: 5.00%

Regions: 5.125%

United Commerce: 5.125%

In the words of Donna Summer: On the Radio...oh oh wo oh oh

Here's your link to radio real estate news:

http://www.retradio.com/

Real Estate Today offers pod casts, satellite radio and more. Follow the link and click away for national real estate information. Come back to the b-town Report for more local news. We're looking into our own radio cast...

ps. Donna Summer in concert at the original Woodstock concert location in New York this past summer was amazing. She's still got some pipes.

Mortgage Relief Resources for Homeowners

The Obama Administration just announced new details to help 7-9 million families avoid foreclosure by refinancing or modifying their existing mortgages. Wondering if you or someone you know qualifies for the "Making Home Affordable" program?

You may be eligible if either of these apply:

1. On your first mortgage, you owe about the same or slightly less than the current value of your home.
2. You are paying more than 31% of your gross monthly income on your mortgage.

Get more information:

• Mortgage Relief Plan: the details
• Self-assessment tool: see if you’re eligible for mortgage relief
• Homeowner’s HOPE Hotline for urgent help: (888) 995-HOPE

(Source: Trulia.com)