Michigan Real Estate News

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Evictions are a Looming Reality

The New York Legislature has passed a comprehensive and controversial anti-eviction law. The new law bans tenant evictions for a least another 60 days and offers some foreclosure protection to small business owners, as well as renews tax exemptions for elderly or disabled  homeowners. Critics feel the law goes to far and doesn’t require proof that financial hardships are due to the pandemic or define income limitations to qualify for eviction protection.

 

Community Builders, a Grand Rapids-based nonprofit, is partnering with the city’s Homeless Outreach Team to coordinate short-term accomodations and support service for the area’s homeless population. The Geographically Targeted Housing Outreach intiative (GTHO) is funded in part by the city of Grand Rapids Emergency Solutions Grants under the federal CARES Act.

 

A Detroit Free Press investigation discovered gaps in the state’s safety net designed to prevent renters from losing their homes. Although the number of evictions has decreased when compared to 2019 data, 4 factors are crippling the state’s evction protection measures: A lack of comprehensive statewide data, missing key information to track communities that have not received aid, local judges who fail to follow the state Supreme Court order, and landlords who are finding leasing loopholes.

Mortgages Ripe For Foreclosure Escalate

The raw number of mortgages in active forebearance rose last week, driven by the share of loans in forebearance and rising from 5.2% to 5.3 % in private label securities or banks portfolios. The share of FHA and VA loans in forebearance also increased. Fannie Mae and Freddie Mac maintained their 3.5% portfolio share from the prior week.

Business is Booming in the Retail World For Pets

Southeast Michigan-based Pet Supplies Plus has purchased 40 Pet Valu locations in seven states, including Michigan. CEO Chris Rowland expects to top $1 billion in revenue for the second stratight year. With a record year in growth, Pet Supplies Plus plans to add more than 100 locations in 2021.