Michigan Real Estate News

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Millions Face Eviction & Uncertainty

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As states challenge the federal moratorium on evictions, families across the U.S. don’t know if they’re going to have a place stay.  An avalanche of evictions could soon become a reality as renters owe $53 billion to landlords. The Texas Supreme Court lifted the moratorium on evictions on March 31. As a result, the Dallas-Fort Worth area has the third-most eviction filings in the country. The moratorium is scheduled to be lifted on June 30. According to the Aspen Institute, 40 million Americans are at risk of losing their homes.

 

Nicole Curtis’ Years-Long Dispute Decided

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HGTV star and Lake Orion native Nicole Curtis was awarded the Islandview property she’s been fighting to save. The decision ends a years-long dispute in which Curtis sued the Detroit Land Bank Authority in March to recoup her investment. Her Detroit Renovations LLC purchased the property from a private owner in 2017 for $17,000. The following year, she discovered that the Detroit Land Bank Authority argued that it actually held the title to the property. Once this was discovered, Curtis and the land bank entered negotiations to fix the issue, but talks broke down. After two rulings in favor of the Land Bank, an order awarding the property to Curtis’s company was entered this week.

Investors Continue to Bet on Commercial Real Estate

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A year after the start of the pandemic, high-rise office buildings are near vacant, one of every two hotel rooms is unoccupied, and malls continue to struggle. However, by most measures, the U.S. commercial real-estate market is in solid shape. Prices are already rising again, and the number of foreclosures barely increased. The federal government’s efforts to support the economy protected landlords from steep losses. The support won’t last indefinitely, and investors may be in for a rude awakening when it begins to wane.