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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.
Median Home Prices Reach New Heights in Detroit
/in Detroit, SE Michigan /by Tracy WillisDetroit’s median sales price for a home topped $100,000 in June. According to the CEO of Realcomp, it’s the first time values have been that high, and it’s an important benchmark. The median sales price of $100,250 in Detroit is based on June sales figures. Wayne, Macomb and Oakland county values have also reached new heights with increases ranging from 10.1 to 17.6 percent increases. While the increases benefit homeowners, it leaves many first-time buyers grasping at straws. Inflation, high demand for housing, and the scarcity of new construction have contributed to the issue.
Birmingham Couple Files Race Discrimination Lawsuit in Federal Court
/in SE Michigan /by Tracy WillisBirmingham couple, Jeffrey Hall and Deann Nash have filed a federal lawsuit alleging housing discrimination. They purchased property in Paint Creek Estates in Oakland Township and submitted plans for a stone house to the neighborhood’s architectural review committee. The committee rejected the plans. The HOA insists the rejection is about design and not race. Hall is Black and Nash is white. They are claiming violations of the Fair Housing Act. Their plans follow the community’s bylaws, while a white-owned home that did not follow the bylaws in square footage and brick color was approved.