Michigan Real Estate News

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Group Halts Work on Historic Mill Site

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Rezoning of the historic Glen Arbor Mill faces opposition.  A group was able to successfully halt work on the site for 30 days while they collected signatures to add a referendum on the November ballot. The property owner intercepted an email in an effort to discredit the group. The rezoning of the historic property remain controversial.

To Buy or Not to Buy? That is the Question

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In 15 of the 50 largest metro areas across the country, buying is still a better option than renting. The relative price of buying a home hasn’t changed much, even with the historic growth in home prices over the last year. This is due to incredibly low interest rates. Realtor.com looked at the median listing price in each of the 50 largest metro areas, compared it to the monthly cost of renting in those same areas, and then compared those numbers to local incomes. Cities in the South and Midwest offer cheaper homes and a lower cost of living. Southeast Michigan is in the Top 10 of metro areas in which buying makes financial sense vs. renting.

Housing Counselors Prepare for Surge

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Calls from homeowners concerned about foreclosure have fallen while interest from homebuyers has surged. The trend points to an uneven economic recovery and the hidden impact of lost jobs and lower income. When federal foreclosure and eviction protection ends, housing counselors aren’t sure what to expect, as they are currently just guessing at the financial state of homeowners who may also be grappling with delinquent utilities, insurance, and car bills.