Detroit Development Projects, Real Estate Investments Are Booming In 2013

June 6, 2013 by · Leave a Comment 

Detroit Development Projects, Real Estate Investments Are Booming In 2013

Midtown has arguably become Detroit’s most successful — and talked about — district for new commercial and real estate ventures. Mixed-use projects like The Auburn apartments and Willys Overland Lofts are filling their ground floors with new retail ventures, and new construction is ramping up at sites like the former Stone Pool Park, slated to become an apartment complex. In Detroit’s downtown, hotels like the Milner and residential buildings are getting major upgrades. Meanwhile, Quicken Loans honcho Dan Gilbert seems as eager as ever to pick up, develop and promote commerce at properties in the suddenly resurgent city core. Austin Black, President of the City Living Detroit real estate brokerage, told The Huffington Post that residential demand in downtown and Midtown has increased steadily over the last three years. He calls the opening of the Whole Foods grocery store in Midtown, in particular, “a game changer” that has encouraged people to start... 

Housing Markets That Will Be Strongest by 2014

August 10, 2010 by · Leave a Comment 

Housing Markets That Will Be Strongest by 2014

By Venessa Wong, Bloomberg Businessweek Aug 4, 2010 Where will prices rebound most by state? A housing market rebound seems tenuous following the expiration of the home buyer tax credit, and consumer confidence remains weak due to lackluster employment, but David Stiff, chief economist at Fiserv, says the bottom is near. Home prices in the U.S. have declined 29.5 percent over the past four years, according to the Fiserv Case-Shiller Indexes. Stiff says prices should form a trough early next year, when median prices will be down an estimated 32.9 percent from the 2006 peak. By early 2014, they will have climbed about 7.2 percent from 2010 levels, according to the indexes. Fiserv and Moody’s Economy.com base the housing forecast on factors that include income growth, demographic trends, unemployment rates, foreclosure rates, and construction costs. Of 384 places surveyed, the Bremerton–Silverdale area in Washington State had the highest four-year growth forecast, with... 

60 Minutes Episode: Mortgages Walking Away

May 14, 2010 by · Leave a Comment 

60 Minutes Episode: Mortgages Walking Away

It’s estimated that one million Americans walked away from homes “underwater” or worth less than their mortgages even though they could afford the payments. Morley Safer reports on this trend, called strategic default, that threatens the economic recovery. Extra: Are Mortgage Walkaways Going Viral? Extra: YouWalkAway.com Extra: The Case For Walking Away From Your Mortgage Extra: Walking Away From A Mortgage

Bank offers mortgage relief

March 27, 2010 by · Leave a Comment 

Plan is part of Countrywide settlement BY IEVA M. AUGSTUMS ASSOCIATED PRESS CHARLOTTE, N.C. — Bank of America is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure. The bank, the largest mortgage servicer in the country, said Wednesday it will forgive up to 30% of some customers’ total mortgage balance. The homeowners must be at least 60 days delinquent on their loans and owe more than 120% of their homes‘ value. The plan is part of an agreement the Charlotte, N.C.-based bank reached 18 months ago with state attorneys general to settle charges over high-risk loans made by Countrywide Financial. The loans were made before Bank of America acquired the mortgage lender in mid-2008. Bank of America has since stopped making those loans. Although the motivation for Bank of America’s announcement was to resolve legal problems, it has the potential of setting a precedent for other banks to also start forgiving principal... 

U.S. to increase housing loans

March 27, 2010 by · Leave a Comment 

$14 billion to help jobless owners refinance via FHA BY GRETA GUEST FREE PRESS BUSINESS WRITER The Obama administration said Friday that it would widen the reach of its home loan modification program, which could help thousands of unemployed and underwater Michigan homeowners. The Home Affordable Modification Program, criticized for its slow pace and low number of modifications, would put $14 billion toward the program by helping those who owe more on their homes than they’re worth get new loans backed by the Federal Housing Administration. Unemployed people would get a temporary break, with lowered mortgage payments for three to six months. The FHA refinancing program would be available to those with credit scores as low as 500, said Vince Parlove, president of First Preferred Mortgage in Bingham Farms. The programs are expected to be available in the fall. Drew Sygit, a certified mortgage planning specialist who leads the Lending Edge Team at First Michigan Bank in... 

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