Mortgage Companies Expecting Leaner Year in 2022
/in National, SE Michigan /by Tracy WillisThe year 2022 promises to be a leaner year from mortgage companies. The mortgage industry rebounded in 2020 and 2021, propelled by rock-bottom interest rates and consumer demand. In 2022, things are changing. Mortgage rates increased to a level not seen since December 2018. The average 30-year-loan increased from 4.42 percent last week to 4.67 percent on Thursday. Rates have increased more than a percentage point and a half since the new year. Fewer consumers in the refinance pool and the limited housing inventory are contributing to the rate increase.
Utility Companies Seek Land For Solar Farms
/in Grand Rapids, Northern Michigan, SE Michigan, Uncategorized, Western Michigan /by Tracy WillisMichigan utility companies are securing real estate to expand their solar energy generation capabilities as consumer demand accelerates. DTE Energy Co. needs 20,000 to 35,000 acres of southern-facing flat land to erect solar arrays over the next 10-15 years. Consumers Energy Co. currently generates 40 megawatts of electricity from solar and plans to be at 8,000 megawatts by 2040. That will require between 40,000-56,000 acres of land. Customer demand and land usage is a balancing act that Lansing policymakers haven’t yet addressed. Industry leaders anticipate some community resistance.
Spring Homebuying Season Accelerates
/in SE Michigan /by Tracy WillisThe metro Detroit housing market is off and running in the spring homebuying season. Redfin is reporting that almost 3/4 of homes on the market in metro Detroit are receiving multiple offers. Buyers are offering well above list price, free occupancy for sellers who are waiting for their next home purchase, and appraisal guarantees. Some are even paying closing costs. First-time home buyers and those financed with government-backed loans are at a disadvantage.
Google Joins Ford as Founding Member of Michigan Central
/in Detroit, SE Michigan /by Tracy WillisTechnology giant Google announced on Friday that it will be part of the mobility district at the former Michigan Central Depot in Corktown. Ford has emphasized that the campus will be a collaborative district where other companies will work on mobility products and services. Google’s involvement will focus on workforce development for local high school students and job seekers. It will also provide cloud technology for Michigan Central’s mobility projects, including a new Code Next Lab to teach computer science to high school students. Google is also partnering with local nonprofits to offer a career 3-6 month certification designed to equip participants with skills for in-demand fields. Ford will recognize the certificate and consider program graduates for jobs.
Bedrock CEO Shares Ways to Attract Innovative Talent to Detroit
/in Detroit /by Tracy WillisAccording to Bedrock CEO, Kofi Bonner, Bedrock has an opportunity to grow a globally significant innovation district in the heart of Detroit. The Detroit area has the land, talent and necessary capital to sustain growth. Bonner cites advantages in next generation technologies that impact mobility, defense, clean energy, cybersecurity, fin tech, agricultural science and life science sectors. Over the last ten years, Rocket Companies and other finance and technology companies distributed throughout the Bedrock portfolio have completed the first phase of a “business-led” downtown district. The next growth phase will emphasize attracting special units of higher education, advanced global research institutions and technology labs, as well as contain programming to build close relations between scientists, companies and startups.
Rochester Community Schools To sell Historical Administration Building
/in SE Michigan /by Tracy WillisRochester Community Schools is selling a 4.43-acre parcel of land and a 133-year old historical building. The RCS Administration Building is a three-story structure that contains 89,716 square feet of gross building area. Purchase proposals must be submitted in writing by 5 p.m. on March 28. The original building was built in 1889. The last renovation of the building took place in 1988. A community committee studied options for the future of the building and its artifacts. The committee determined the process a prospective buyer will follow to bid on the property, and it’s also focused on identifying artifacts for preservation.