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Michigan Mobile Home Owners Feel The Pinch As Lot Rent Increases
/in National, SE Michigan, Uncategorized /by Tracy WillisAcross the U.S., private equity investors are buying up manufactured housing communities and driving up lot rents. Many mobile homeowners have lower or fixed incomes, and increases in rent make it difficult to meet expenses. Older mobile home residents are particularly impacted, often lacking money for adequate food. A series of Michigan bills could hamper those investors’ actions by creating more protections for mobile homeowners and updating the state’s manufactured housing law. Mobile home ownership is one of the few affordable housing options in rural and urban areas.
Mortgage Demand Dips Past Great Recession Levels
/in National, SE Michigan /by Tracy WillisAccording to the Mortgage Bankers Association, as Washington, D.C.-based industry trade group, the demand for mortgages has dropped lower than any time during the Great Recession over ten years ago. The severe housing shortage continues in Michigan and across the country, limiting the availability of existing homes. Soaring interest rates are also impacting the mortgage market. According to a study from Up for Growth, Michigan is almost 87,000 houses shy of where it should be. Data from Realcomp reveals record-high sale prices in Wayne, Macomb and Oakland counties, as well as in Detroit.
Hotels Offer New Perks To Business Travelers
/in National /by Tracy WillisHotels are experiencing a revival of leisure travel. This May marked the third consecutive month that U.S. hotel profitability exceeded 2019 levels. However, business travel isn’t rebounding as quickly and isn’t expected to reach pre-pandemic levels until 2024. Detroit and Cincinnati’s markets are experiencing losses close to 23 percent. Larger cities like New York City and Chicago are weathering losses around 50 percent. Hotels are getting creative to encourage business travel by offering “bleisure” perks (business + leisure). They’re offering incentives like co-working spaces with luxury hotel amenities, special access to exclusive local museums, one-on-one exercise training sessions with an Olympic medalist, and welcoming pet policies,