Ouch! Interest Rates are on the Rise

According to the Mortgage Bankers Association, mortgage applications fell 14.2% in the past week. Most of the decline reflects a falling number of refinance applications, which declined 18.9%.

And now rates seem to be on the rise, at least for a short time. Here is a sample of today's rates from local lenders. And as always on the b-town Report rates are for 30 year fixed rate conventional mortgages for consumers with super credit...and rates are subject to change:

• Fifth Third Bank (http://www.53.c0m/): 5.125%
• Peoples State Bank (http://www.peoples-bank.com/): 5.5%
• Premier Home Mortgage (http://www.premierhomemortgage.com/): 4.875%
• Regions (http://www.regions.com/): 5.125%
• United Commerce Bank (http://www.unitedcommercebank.com/): 5.00%
  

Existing Home Sales Jump

Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales — including single-family, town homes, condominiums and co-ops — increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. Yet, home sales were 3.5 percent below the 4.85 million-unit level in April 2008, according to NAR.

Lawrence Yun, NAR chief economist, says first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers.

“Most of the sales are taking place in lower price ranges and activity is beginning to pickup in the mid price ranges, but high-end home sales remain sluggish,” he says. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program.”

Source: NAR

120 Kirkwood Sample Floor Plan

Plans are moving ahead for 120 Kirkwood in downtown Bloomington. To the right is a sample floor plan for a 750 square foot one bedroom condo. Floor plans range from one bedroom up to three bedrooms for condos on the forth floor or your choice of 2nd, 3rd or 4th floor condos with two bedrooms and a den with closet (the lack of a window keeps it from being a legal bedroom).

Currently there are 16 condos at 120 Kirkwood available. The base price is $199,000 for the one bedroom as shown in the drawing to the right. Larger one bedrooms are priced from $265,000 to $285,000. Two and three bedroom units range in price from $335,000 to $550,000 depending on size and location within the building. Two penthouse units are being offered for $629,000 to $649,000.

In the Raleigh North Carolina market where downtown condos have been very popular, some of the penthouse condos offered were later reconfigured into multiple smaller units in order to sell.

120 Kirkwood is a needed addition to downtown living for those who choose the ease of condo living. Feel free to post your comments on this new project.

Grand Opening of the B-Line Trail is Postponed till June 26th

The grand opening of the downtown section of the B-Line Trail was scheduled for this month. But delays have made it necessary to reschedule the grand opening celebration till June 26th.

Come out and celebrate with your community as the City of Bloomington officially opens the downtown phase of the B-Line Trail, "the most significant economic development project on the City's agenda!"

Starting at 4:30 at the Farmer's Market Plaza enjoy live music and art, giveaways, and a chance to walk the Trail following a short program.

Sales Statistics for Bloomington Homes Priced from $120,000 to $140,000

• To offer a snapshot of sales in the Bloomington area, here are some statistics for three bedroom, two bath homes that have sold since the first of the year which were priced between $120,000 and $140,000:

• 
  
• Average home price: $132,499
• Average selling price: $128,768
• Average selling price per square foot: $92.00
• Average number of days on the market: 112
• Average selling price compared to list price: 97% of list price
• Average size/square feet: 1,441

One of the best values sold so far this year in this price category is the house in the photo above which is located in the Sweetbriar section of Winslow Farm. It was listed for $139,900 and sold for $136,900.

Overall for Bloomington so far this year, homes with three bedrooms and two baths sold for an average of $165,369. The homes averaged 1,688 square feet in size.

A Sample of Today's Interest Rates

Interest rates continue to be very favorable with most coming in below 5%. Keep in mind that rates posted are typically for individuals with a credit score of 740 or better. You will pay a premium or higher interest rate if your credit score is below 740.

Take in these rates, the first time home buyer tax credit and other programs that are available, this is such an ideal time to purchase a home or refinance if your rate is at or over 6% (like mine).

Here's a sample of rates from local lenders and as always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change.

• Peoples State Bank (http://www.peoples-bank.com/): 4.875%
• Premier Home Mortgage (http://www.premierhomemortgage.com/): 4.75%
• Regions (http://www.regions.com/): 4.875%
• United Commerce Bank (http://www.unitedcommercebank.com/): 4.75%
  

Bloomington's Parade of Homes this June

The Parade of Homes is coming to Bloomington on June 6 & 7 and June 13 & 14. For a complete list of the homes that will be on tour please go to: http://www.mcbaindiana.org/parade-09/index.html