Curtis Sleeper and his cave-dwelling family appear to have found a way to remain in their one-of-kind 15,000 square foot home inside a Festus, Mo., cave.

Associated Press reports that a 15-year low-interest mortgage contract has been offered to help the Sleeper’s extend their stay indefinitely, which is of course cause for celebration.

Here’s a snip from Mr. Sleeper on the positive development:

“We’re excited about it. We’re throwing a party at a friend’s cave…. It’s certainly been almost life changing — except I’m keeping my cave, so not that life changing. I’d love to hear the end of the story read, ‘and they lived happily ever after.’”

It sounds like it will. And he more than likely has himself to thank for it after an impressive local grassroots public relations effort turned into a major national story.

Indeed, his initial listing on eBay to sell the home, which is situated on a scenic three-acre lot, at a starting bid of $300,000, as well as his heartfelt story behind its creation, was an Internet and cable news sensation.

For more details on the amenities and all the blood, sweat and tears that went into building “Cave House” be sure to check out Sleeper’s very detailed Web site right here. And to check out the eBay listing go here.

But be sure to do it fast before the Sleeper’s spelunk back into the cozy confines of their cave and return to relative obscurity.

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Foreclosure-related sales are still going strong, according to the most recent housing report from the National Association of Realtors(R), accounting for nearly half of all real estate transactions in January 2009.

In fact, the increase in these types of sales caused the national median home price to dip 14.8 percent when compared to data from just one year ago, going from $199,800 in January 2008 to $170,300 last month. The national median home price is essentially the middle of the market — half of the homes sold for more and half sold for less than $170,300.

Here is a snip from NAR chief economist, Lawrence Yun, on the distressed real estate renaissance:

“It appears that in many instances a buyer can get a really good deal on a distressed sale … Home buyers are evidently competing for homes with deep discounts.”

Indeed, home prices on distressed real estate such as foreclosures are remarkable right now, coming in at up to 50 percent or more off normal market value. And we’re not talking about a few properties here and there — there are great deals sprouting up everywhere.

It’s now become the rule rather than the rare exception.

The interest in cheap foreclosure homes is also more than likely the reason Foreclosure.com has been experiencing record-setting traffic figures in the last few months. Our server has been getting crushed around the clock with curious bargain shoppers located throughout the United States.

That’s good news for us and them, as well as our nationwide network of real estate agents and brokers. We have assembled a dynamic team of industry professionals who are easy to contact and are always standing by to help our buyers make the best purchase decisions possible.

Check Foreclosure.com for possible steals available today in your area right here. To locate a foreclosure specialist in your area to assist with your search click here. Hurry up before it’s too late!

Here’s something we don’t see too often … nor will we likely ever see anything like it again.

Curtis Sleeper and his family have been building a one-of-kind 15,000 square foot home inside a cave in Festus, Mo., since 2003. However, he has recently listed his labor of love, which is situated on a scenic three-acre lot, on eBay.com for a thrifty starting bid of $300,000 because he no longer has the financial means to hold on to it.

Here is his reason for selling:

“We never considered an economic bomb to hit the country at the same time as our balloon note.”

That “balloon note” expires on May 1, 2009, which means that Sleeper and Co. now have 90 days or less to find a solution. Here are the options as he describes them:

1. Pay the previous land owners for the balance owed for the property, partially finance the purchase or investment in our property.
2. Sell our property and new house for as much as we can then pay off the balance owed for the property. Start a new adventure.
3. Hand over the property to the previous owners and lose 100 percent of our equity in the property and our total life savings.

The former sand mine is about as deep as a football field (100 yards) that has been split into three “chambers.” The front chamber is the living area with three bedrooms; the middle chamber is for storage and laundry facilities, as well as features a spare bathroom; and the third chamber is an open area with a stage where “Ted Nugent, Bob Seger, Ike and Tina Turner, the MC5 and many other bands performed.”

That’s because the “Cave House” used to be called “Cave Land” back in the day. It was once used as a concert venue, as well as a skate park.

Now it’s a house … for sale.

It’s a very interesting story that has captured major media attention recently for obvious reasons. To check out a video segment on ABCNews.com on the “Cave House” click here.

For more details on the amenities and all the blood, sweat and tears that went into building “Cave House” be sure to check out Sleeper’s very detailed Web site right here. And to check out the eBay listing go here.

Sleeper mentioned that he is close to securing the necessary $83,000 in financing needed to remain in the “Cave House” and is hopeful that his domestic spelunking “adventure” will continue.

We’ll pass along status updates on this situation as it unfolds.

“Why am I paying for them? We are very frustrated and scared. My husband and I always discuss, ‘Why do we try to better ourselves, when it seems if you do nothing, you get all the help in the world?’”

– Michelle Fry echoes a feeling that many responsible and hardworking homeowners throughout the United States are feeling in a recent FOXNews.com article on the $75 billion foreclosure rescue plan that President Barack Obama recently announced. Fry and her husband earn less than $100,000 combined and are currently upside-down on their home in Atlanta, Georgia. The couple, however, does whatever it takes to ensure that their bills are paid on time. Meanwhile, the national mortgage bailout plan “appears to reward people who bought more house than they could afford and can’t pay their bills.” In fact, according to the article, the foreclosure rescue plan would help eight to nine million mortgage holders — a fraction of the approximately 50 million mortgages outstanding. Is it fair? Should it be?