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30-year mortgage rate drops to lowest level since March The average rate on a 30-year mortgage loan dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. The rate fell to 6.77% from…
Feds set new rules for mortgage lenders’ tech-fueled appraisals Home mortgage lenders will have to meet a new set of standards designed to ensure that their tech-fueled appraisals don’t build in flaws that might produce faulty estimates or discriminate against borrowers. The Federal Reserve and five other federal agencies announced the new demands in a…
New Plymouth Township Meijer takes step forward with sale of part of prison site The state has finalized the sale of a portion of the former Detroit House of Corrections site in Plymouth Township to a local developer. Southfield-based Redico LLC, run by Dale Watchowski, paid $2.4 million for about 87 acres of the old…
Struggling Southland Center in Taylor hits the market Southland Center in Taylor is for sale following a loan default. The shopping mall on Eureka Road between Telegraph and Pardee clocks in at about 905,000 square feet and would become the most recent Southeast Michigan shopping mall to change hands in the last several years, following…
Owning a home is a keystone of wealth… both financial affluence and emotional security.