Detroit reaches a recovery milestone in 2018, topping 1,000 mortgages for the first time in many years. The Detroit Land Bank Authority's Interim Director of Inventory Robbie Linn keeps a close eye on housing market data as part of his role; he was the first to call attention to the trend this fall.
DLBA records show that in 2014, just 490 Detroit homebuyers secured mortgages, out of 3,742 home sales. This year the mortgage count is likely to reach 1,100 by December 31st. Even if you aren't in the market for a mortgage, the uptick is good news. Mortgages are a key indicator of housing market health, and banks' confidence in a local economy and its buyers. That all translates to more power for Detroit residents. "The key for me is the opportunity this creates for existing residents in the city's neighborhoods. Home equity is a powerful financial tool for residents," says Linn.
For more information on Detroit's mortgage milestone, check out this article in Model D.