A Sample of Today's Interest Rates From Local Lenders

In an article from Realtor.org and RealtorMag:

The Federal Reserve announced at its regular meeting on Wednesday that it intends to keep its key short-term interest rate – the federal-funds rate – at or near zero for the foreseeable future.

"Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time," the Fed said.

One of the Fed’s primary goals is to keep mortgage interest rates low, giving real estate time to recover."They're in the implementation stage," said Laurence Meyer, vice chairman of Macroeconomic Advisers LLC, a forecasting firm.

Source: The Wall Street Journal, Jon Hilsenrath (04/30/2009)

Here are rates posted by some of our local lenders and as always on the b-town Report rates are for 30 year fixed rate mortgages and rates are subject to change:

• Fifth Third Bank (www.53.com): 5.00%
• Premier Home Mtg. (www.premierhomemortgage.com): 4.875%
• Regions (www.regions.com): 4.875%
• United Commerce Bank (www.unitedcommercebank.com): 5.00%

Neighborhood Watch...Elm Heights Update

Elm Heights, the historic neighborhood on the south side of the Indiana University campus is always popular for its location and architecture. And spring in Elm Heights is simply beautiful. The photo to the right was taken on First Street.

Currently there are only three homes available in Elm Heights:

• 528 S. Highland Avenue is a lovely 2 bedroom, 1 1/2 bath home that has been beautifully decorated. The lot is quite small but has a very private outdoor sitting area. Priced at $269,500
• 1040 E. Maxwell Lane is a unique home whose original structure is a 1957 Lustrum home. It now has 5 bedrooms and 2 full baths. The floor plan in non-traditional but very interesting. Priced at $285,000.
• 1212 E. First Street is a California ranch that has been fully renovated and is located on one of the areas most lovely streets. It has 5 bedrooms and 3 full baths and is priced at $549,900.
  
  

The 5 Major Cities with Major Price Reductions

According to Trulia.com, the nation's largest cities are having the greatest price reductions. Here are the numbers:

• NYC: Average home price $2,090,851...average price reduction 14%
• LA: Average home price $1,012,041...average price reduction 13%
• San Fran: Average home price $1,253,618...average price reduction 13%
• Boston: Average home price $706,739...average price reduction 8%
• Houston: Average home price $312,266...average price reduction 6%
  

A Sample of Today's Interest Rates...4.875% is the popular number of the day!

Interest rates are looking great so far this week. As always, rates are for a 30 year fixed rate conventional mortgage and rates are subject to change. Here are the first three rates received by the b-town report today:

• Premier Home Mortgage (www.premierhomemortgage.com): 4.875%
• Regions (www.regions.com): 4.875%
• United Commerce Bank (www.unitedcommercebank.com): 4.875%

Condo Sales Year-to-Date

Since the first of the year, 32 condo's/PUD's have sold in Bloomington, compared to nearly 200 single family homes. Here are some stats on those condos:

• High selling price: $240,000
• Low selling price: $55,000
• Average selling price: 96,597
• Average days on the market: 127
• Average price per square foot: $75.00

This category includes condos, townhouses and attached patio homes

Have New-Home Sales Found the Floor?

Direct from Realtor.org and Realtor Magazine On-line:

It looks like sales of new homes have finally bottomed out.The Commerce Department reported Friday that after hitting a record low in January — 74 percent lower than they were in July 2005 — new home sales rose in February and were flat in March.

"We believe that the bottom is at hand and that sales will begin turning in the second half of this year," writes IHS Global Insight economist Patrick Newport. "As previous recessions show, demand for new homes does not evaporate altogether, even in the hardest of times.

"Median sales prices are still falling, down 12 percent in March compared to the same month the previous year. Analysts say they are likely to remain low until inventory is sold off.

Source: The Associated Press, Alan Zibel (04/24/2009)

120 Kirkwood: Bloomington's Newest Urban Condos in the Heart of Downtown

The initial marketing has begun for Bloomington's newest urban condo building: 120 Kirkwood. The building will be on the corner of Kirkwood Avenue and Washington Street. The building will feature underground parking and first floor retail. Prices start just under $200,000 for one bedroom units and range up to $600,000 for penthouse units.

The location is fabulous for anyone who wants to be able to walk to every kind of entertainment, restaurant and gallery. Updates will follow with more exact details on the interior design plan. And coming soon: www.120Kirkwood.com