Michigan Real Estate News

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Sterling Heights City Council Approves Lakeside Mall Redevelopment Plan

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Following two hours of discussion, the Sterling Heights City Council approved a redevelopment plan that will raze Lakeside Mall.  The proposed Lakeside Town Center project will include 150,000 new square feet of retail and dining space. Miami-based Out of the Box Ventures will tear down the shopping center and replace it with more than 2,800 residential units, and new retail, office and hotel space over the course of 12 years. The project has a $1 billion price tag. A $45 million public bond will be issued to pay for public infrastructure improvements at the site located at Hall and Schoenherr roads.

 

Mortgage Rates Surge Upward As Q3 Earnings Post

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Rising interest rates are having a big effect in Southeast Michigan. According to Freddie Mac, the 30-year fixed mortgage rate is higher than 7%. This surge hasn’t been seen since April 2002. The U.S. Federal Reserve is hiking rates in order to control inflation. Detroit-based Rocket Mortgage parent company Rocket Companies Inc. will soon be reporting its third-quarter earnings on Nov. 3, providing a better picture of how mortgage companies will fare in the future months. Ann Arbor-based Home Point will report its earnings on Nov. 10. Pontiac’s UWM has not released the date of its third-quarter report.

 

As Mortgage Rates Rise, Demand Drops

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The S&P 500 bounced back from the 2022 lows. The 10-year U.S. Treasury bonds yield hit 4.337% on Friday. Following a Wall Street Journal report that some Federal Reserve officials are uneasy with the pace of the central bank’s interest rate increases, treasury yields slid down to close out the week. The Mortgage Bankers Association reported that U.S. mortgage demand dropped to a 25-year low, and the average rate for a 30-year fixed-rate mortgage rose to 7.15%. The S&P 500’s price to earnings ration is 15.5 which is below its 10-year average.