Prudential Midwest, REALTORS®

January Home Sales

Monroe 4 avg $101,250 avg 75 days on mkt
Janesville 22 avg $83,797 avg 82 days on mkt

Rockford 61 avg $100,375 avg 113 days on mkt

Freeport 11 avg $120,136 avg 231 days on mkt

Galena 9 avg $236,433 avg 333 days on mkt

WHEDA Home Loan Starst Mar 1

100% Financing

Low cost 30 yr fixed rate mortgages

$1000 min borrower contribution

No private mortgage insurance

For more details contact your Wisconsin lender today

Effective April 5, 2010

New FHA loans will require a 2.25% upfront mortgage insurance. That is 2.25% of the mortgage. Contact your local lender about these new HUD guidelines.

Freddie Mac Sees Mortgage Rates RIsing

Mortgage rates could increase to 6% by the end of 2010, or possibly sooner, according to Freddie Mac. Rates have been rising in recent weeks, and the average interest on a 30yr fixed mortgage has now topped 5% for the first time since the end of October. The Federal Reserve has been buying mortgage backed securities issued by firms such as Fannie Mae and Freddie Mac, which has helped keep mortgage rates at low levels, but the central bank plans to wind down these purchases in March. The Fed believes that gradually tapering their purchases will draw private investors back into the market and limit the increase in rates. Deputy Chief Economist at Freddie Mac expects private buyers to demand higher rate of return on the securities than the Fed did and believes that lenders may have to raise the rates they charge to consumers as a result.

Region Insulated from 2009 Foreclosures

Foreclosure rates in Freeport, IL and Monroe, WI areas continue to be low compared to other parts of the country, which could be because of inexpensive housing prices coupled with simple, old-fashioned Midwestern values. The key reason is home prices never "exploded into the stratoshphere" in central Wisconsin and Illinois. With relatively low house prices, residents were not forced to shoulder a huge amount of debt to buy their homes. Further observation that the central WI and IL econcomy have taken a hit during the recession, but not like the hit experienced nationwide. It's still not as bad here as what it is in some other parts of the country. Strong Midwestern ethics of paying off debts and responsibility play a role in insulating the region from the foreclosure mess.

Courtesy of University of Wisconsin study

Tax Credit EXTENDED & EXPANDED

Tax credit extension;

offers must be accepted by 4/30/10

up to $8,000 for first time homebuyers

up to $6,500 for current home owners

income levels increased to $125,000

We'll keep you posted as more details become available, see the attached files or the links on the bottom left.

Joys of Gardening

Ready to enjoy some Spring the area Master Gardeners and the University of Illinois Extension are hosting a Joys of Gardening workshop at Highland Community College in Freeport, for more information contact 815-235-4125 or https://webs.extension.uiuc.edu/registration/?RegistrationID=3995

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Aubra Palermo

Jackie Heinen

Nic Dearth

Prudential Midwest, REALTORS in Freeport, IL

Prudential Preferred, REALTORS in Monroe, WI

Do you know anyone looking for a Career?

We are currently interviewing for those interested in a Real Estate, send resumes to 26 S Galena Ave, Freeport, IL 61032. Also see attached IL Minority Real Estate Scholarship Program for those looking to enter real estate careers or improve their knowledge or skills.

For the Latest Info Check out our New Website

For the latest real estate news and market info, open houses, homes for rent, online seller advantage, market value estimators, links to our blog, past newsletters and more...

www.monroewihomes.com or www.freeportilhomes.com

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