News

Federal mortgage insurer to lay off nearly half of its workforce The Trump administration is planning to lay off at least 40% of the workers at the federal agency that provides mortgage insurance on loans for people who otherwise wouldn’t qualify for one, according to two sources familiar with the agency’s plans. Federal officials are…

Fed holds interest rates steady, awaiting further cooling of inflation Federal Reserve officials held interest rates steady Wednesday, pausing to assess the inflation outlook following a string of rate reductions last year. The Federal Open Market Committee voted unanimously to keep the federal funds rate in a range of 4.25%-4.5%, after lowering rates by a…

Former Kmart HQ redevelopment may soon take the next step The redevelopment of the former Kmart Corp. headquarters site could take a step forward next month. The proposal in Troy to turn the 40-acre site into a mixed-use development called Somerset West goes before the Planning Commission for a public hearing and expected vote on the long-in-the-works…

Interest rates and materials costs were already driving up housing prices. Then came tariff threats. Michigan’s homebuilders fear tariffs will complicate matters for an industry already struggling to build affordable housing after the pandemic drove up materials costs and interest rates. President Donald Trump on Feb. 1 announced across-the-board 25% tariffs on Canadian and Mexican…