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?

Late yesterday Congress passed a revised version of the economic stimulus package, which is expected to create jobs (up to 3.5 million of them) and get the economy chugging once again.

The $787 billion plan will be likely signed into law on Tuesday, Feb. 17 by President Barack Obama.

We passed along news earlier this week that the proposed $15,000 tax credit for homebuyers was stripped from the bill even though it has received Senate approval. In a compromise, the existing $7,500 tax credit for first-time homebuyers was increased to $8,000 and extended five months from from July 1 to Dec. 1, 2009.

In addition, and perhaps more important, homebuyers who take advantage of the program are not required to pay back the $8,000 credit unless they sell their homes within three years.

That’s a tantalizing incentive for a lot of folks eager to achieve the American Dream and cash-in while home prices across the board at all-time low levels. Now, they can shave an additional $8,000 of the sale price, which is already drastically reduced if you search for deals on Foreclosure.com.

But what about the people who are struggling to remain in their homes?

President Obama has indicated that he will now shift his focus on the foreclosure issue, as well as other preventative housing initiatives. He is expected to outline his mortgage and foreclosure relief plan later next week during a speech in Phoenix, Ariz., on Wednesday, Feb. 18.

Stay tuned.

Last week, elected officials in Washington, D.C., proposed a new $15,000 tax credit to encourage people to start buying homes and, in turn, jump start the national housing market.

It was a nice incentive, which would have provided all homebuyers (not just first timers) with up to $15,000 (or 10 percent of the value of new or existing residences) to put toward their real estate purchases.

Unfortunately, the money-saving measure was today cut from President Barack Obama’s $838 billion economic stimulus package, which had recently received bipartisan support from Senate members. The House of Representatives trimmed the bill to $789 billion and left the $15,000 tax credit on the cutting room floor.

The good news is that there was a compromise — the $7,500 tax credit was bumped up to $8,000. This program provides first-time homebuyers with monetary incentive to purchase foreclosures. In addition, under the terms of the new language in the revised bill, the $8,000 does not need to be repaid (previously it had to be paid back at zero interest within 15 years).

It’s expected that a final vote on the revised $789 billion economic stimulus packaged could come as early as tomorrow (Friday). If it is approved it would then head to the desk of President Obama where it would more than likely be officially signed into law.

Stay tuned.