Quote Originally Posted by 401don View Post
I do find it interesting that all this new construction is apts and not condos. Is it really that hard to get a mortgage with continued near record low interest rates? I understand about rehabs taking advantage of the 5 yr. tax credits before converting, but new construction? Here in the Toronto area, all highrises are condo. The buyers are either investors who rent them out, empty nesters or young people who borrow some of the down payment from parents. There's also a lot more young families downtown, but then schools are not so much an issue.
You have to wonder if owner occupied housing has any real future in this state. Ironic because the largest percentage of people owning their own home in America was a large contributing factor to Detroit being one of the best cities ever half a century ago and now it seems as though nobody cares about that economy from both Lansing conservatives and Urban liberals.

I know enough skilled Michiganders working in the trades to have anything done on my home, the only problem is they live in Arizona, Florida or Colorado where the work is.

As you said interest rates really can't get significantly lower.