A Sample of Today's Interest Rates

Lenders are still swamped with getting to many refinances closed and with today being the end of the month, some residential closings are being delayed. Rates have been higher in the past few weeks, but today they are looking a little better. And always remember that rates below 6% are historically low and excellent for fixed rate mortgages.

Here is a sample of today's interest rates from local lenders and as always on the b-town Report rates are for 30 year fixed rate conventional mortgages for folks with really great credit scores:

• Fifth Third Bank (www.53.c0m): 5.125%
• Monroe Bank (www.monroebank.com): 5.25%
• Regions (www.regions.com): 5.50%
• United Commerce Bank (www.unitedcommercebank.com): 5.375%
  

Home Prices Are on the Rise in Bloomington

In an article from Realtor Magazine, Alan Greenspan is quoted as saying that a true economic recovery will not happen until home prices start to climb. Bloomington is doing its part to help the recovery of the economy. Based on single family home sales for this year compared to the same period last year, prices are up:

• 2008 Average sales price was $186,538
• 2009 Average sales price was $193,336

This is an increase of 3.64% over last year. Here is the article from Realtor Magazine:

Economic recovery depends on staunching the downward flow of home prices, says former Federal Reserve Chair Alan Greenspan.

As long as home prices continue to decline, the economy won’t stabilize, he predicts.

"The bulk of conforming mortgages made since 2005 are close to being underwater," Greenspan says. "We can take another 5 percent decline in house prices without much macroeconomic impact. But if prices fall by 12 percent, more than 4 million additional home owners will be underwater.”

Source: The Wall Street Journal, David Wessel (06/25/2009)

The Downtown B-Line Trail is Open!

On Friday the downtown Bloomington section of the b-line trail officially opened. By Saturday morning it was in full use by walkers, joggers and bicyclists.

This is just another benefit to Bloomington which will only help grow the housing market. Anyone visiting the area to look at houses should see the b-line trail and the farmers market which is always bustling with activity on Saturdays.

What's the Most Expensive Home on the Market in Bloomington?

There are currently two homes priced at $2,950,000.00 in our MLS system. One of these two homes, pictured to the right, is a beautiful 9200+ square foot estate home featuring five bedrooms and five baths, all on 10.22 acres.

The amenities are endless and they include

• A two bedroom guest house
• A Japanese garden with water fall
• A $50,000 audio/visual system
• Wine cellar
• A master suit with a fireplace and sitting room
• and so much more

Located just minutes from downtown, this home has a super location. If you'd like to see this house, you'll have to be pre-approved by a lender for the purchase amount.

Market Statistics for Monroe County for the First Five Months

Here are some statistics based on information from the Bloomington Board of Realtors MLS for Monroe County (not including condos) for the first five months of 2009 :

• The highest number of pending sales in a specific price range are for homes listed between $125,000 and $149,000.
• The price range with the highest number of current active listings is homes priced from $125,000 to $149,000
• There are currently 53 homes on the market priced at $600,000 or more. Based on market data, it will take 63.3 months (or 5.275 years) to sell this inventory

What does the increase in interest rates mean to you as a buyer?

Here's a great link to a video that talks about the rise in interest rates and how that will affect your payments. Here's the link:

http://www.youtube.com/watch?v=_lnrH0WhCNo

A Sample of Today's Interest Rates

Rates have risen over the past couple of weeks. A post tomorrow here on the b-town report will show a video that talks about the effect that these new rates will have on your monthly expenditures. And keep in mind that these current rates are still amazingly low!

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

• Fifth Third Bank (www.53.com): 5.25%
• Premier Home Mortgage (www.premierhomemortgage.com): 5.25%
• Regions (www.regions.com): 5.5%
• United Commerce Bank (www.unitedcommmercebank.com): 5.375%