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Rocket Mortgage’s Issues Forecasted for Other Mortgage Lenders
/in Detroit, SE Michigan /by Tracy WillisRocket Mortgage’s struggles are evident in the earnings report released Thursday evening by Rocket Companies Inc., and they are not likely to be unique as other mortgage companies face challenges. According to Rocket CFO, Julie Booth, the rise in rates had a big impact on rate and term refinance demand. The 30-year fixed mortgage rate has experience its steepest and fasted rise in 50 years. While drastic, Rocket’s diminished earnings were not surprising. Henry Coffey, an analyst with Wedbush Securities, says the same will most likely be true for United Wholesale Mortgage and Home Point Financial when they report earnings next Tuesday and Thursday. Detroit’s Rocket Mortgage is the nation’s largest mortgage lender, generating a record $351 billion in closed loan volume in 2021.
Rent And Occupancy Rates Are on The Rise in Metro Detroit
/in Detroit, SE Michigan /by Tracy WillisApartments are a hot commodity in Detroit with supply falling short of demand. Rent costs and occupancy rates in the metro area are increasing. According to the Detroit Multifamily Real Estate Figures, occupancy rate is at 96 percent for multifamily residences in Detroit. The asking rental rate per square foot has increased from $1.64 to $1.72 over the last six quarters. Supply and demand issues, as well as new developments and redevelopment of existing property, are impacting rental rates. Suburban rental rates follow a similar pattern.
New Nonprofit To Support The Joe Louis Greenway
/in Detroit /by Tracy WillisDetroit’s new Joe Louis Greenway Partnership is a new nonprofit conservancy that supports the 30-mile-long Joe Louis Greenway. The conservancy will connect residents in Detroit, Hamtramck, Highland Park and Dearborn to the Detroit River. The Joe Louis Greenway Partnership will help with fundraising, care of the path, programming and community outreach. The nonprofit was incorporated with the state in January. Once it’s approved by the IRS, the conservancy’s nonprofit status will allow it seek more philanthropic support.