Detroit continues to stand out as a blip on the radar when it comes to America’s housing recovery, which should come as no surprise. And while the city does display some improvement, according to experts at Zillow, Detroit’s housing situation is not only stuck, it is deeply troubling.
The fight against residential blight isn't over in Michigan. The state is about to get an injection of federal funding to continue its efforts to clean up the neighborhoods that were the hardest hit by the economic downturn.
Detroit’s housing market was one of the most severely attacked during the financial crisis, leaving a wasteland of foreclosed and abandoned homes. But a new ruling might help give the city the extra boost it needs.
“Today’s action sends a clear and simple message, that quid pro quo agreements for real estate referrals are illegal,” said CFPB Director Richard Cordray. “The Consumer Bureau will continue to take action to ensure that the mortgage market is a level playing field where everyone plays by the rules.”
Dan Gilbert, the founder and chairman of Quicken Loans, is still pushing to save the city of Detroit. He's invested millions in the revitalization of Detroit's downtown area and the results of his efforts are having a real impact on the recovery of the city and on Quickens Loans' business too.
“Nearly every part of the real estate process has been transformed by technology except for home financing. Getting a mortgage is still manual, frustrating and confusing,” said Nick Stamos, CEO and founder of Sindeo..
Legacy insurers are headed toward solid ground, with some experiencing their first full year of profitability since the housing crash. New entrants, meanwhile, are raising capital, entering the fray and gaining market share. Read More
First, I’m not suggesting totally yanking FICO or Vantage Scores or anything like that. What I am recommending is the adoption of other models that would equally, or even more effectively, determine who can repay a loan. Read More