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Mortgage rates drop for the first time in 6 weeks Mortgage rates in the U.S. fell this week, switching direction after five weeks of increases. The average interest rate for a 30-year, fixed loan was 7.09%, down from 7.22% last week, Freddie Mac said in a statement Thursday. Homebuyers are getting a bit of a…
Metro Detroit hovers near the top for fastest-rising home prices in U.S. Home prices continue rising quickly in Southeast Michigan amid a shortage of inventory and a rise in bidding wars for what is on the market. In February, home prices in metro Detroit grew 8.9% from one year earlier, far outpacing the U.S. national…
Small Midwestern cities dominate hot home markets — and Ann Arbor’s is downright ‘scary’ In late February, a 4,000-square-foot home on the east side of Ann Arbor listed for $850,000. Barely three weeks later, the house had sold for $1.1 million, a roughly 30% premium. Such activity is becoming the norm in the Southeast Michigan…
Detroit’s largest home headed to auction The Bishop Mansion, believed to be the largest single residence in Detroit, will head to an auction process next month. After a year on the market without a sale, the property in Detroit’s exclusive Palmer Woods neighborhood that’s been home to leading religious figures and pro basketball stars has been pulled…
Owning a home is a keystone of wealth… both financial affluence and emotional security.