Michigan Mortgage – What to Expect When Buying a Home in Michigan
Maybe youre buying your first home in Michigan, or perhaps youre relocating to Michigan from another state. Either way, its important that you educate yourself on Michigan home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in Michigan:
In 2005, Michigan was the only state in the nation to report declining job-growth rates for consecutive years. Additionally, the personal income growth of Michigan residents is amongst the lowest in the nation, and rates of bankruptcies and foreclosures are above the national average. In 2004, downtown Detroit commercial office vacancies were the highest in the nation.
Weak employment conditions and slow population growth in Michigan have had an effect on the housing market. The rate of home appreciation in Michigan is well below the national average. Additionally, the price of homes in Michigan varies widely between zip codes. For example, in Detroit, Michigan, the median price of a home in the summer of 2005 was $160,000; however, in Ann Arbor, Michigan, the median price of a home was...
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