Posted by Staff Writer on 7/26/2017 to
Real Estate
IncSmart Michigan (Small Business and Startups) - Detroit real estate investors are banking on the Trump economy. Investors from all over the world are buying up homes in Michigan. The blighted neighborhoods with low prices has made Detroit very popular with property investment. Eighty eight percent of the homes sold in Detroit are purchased by investors. This is prompting an inventory shortages in some neighborhoods in addition to the U.S. Treasury buying more than $381 million in Michigan for demolition.
The housing market in Michigan is attracting rental landlords, as these investors are now dominating these housing markets. Renters now make up a majority as U.S. home ownership is at aa 50 year low. The rental property industry has at least stabilized the Michigan housing market, after the foreclosure crisis. Detroit unemployment Rate is still high at 9.80%, compared to 9.10% last month and 13.10% last year, and mortgage rates for Michigan are at 3.65% APR.
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By IncSmart Staff Writer
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