housing market

Steve Carmody / Michigan Radio

At first it doesn't sound that great: 1 in 3 people who have mortgages still owe at least 25% more on their house than it's actually worth.

But a year ago, it was even worse. At that time, more than half of all Michiganders with mortgages were in that position.

The Great recession and the accompanying housing meltdown changed the way many of us think about home-ownership. For decades, owning a home seemed to be part of the American Dream, but that dream has changed. On today’s show -- the rise of renters and what it means for the state’s housing market.Then, this month marks the 100 year anniversary of one of the most painful chapters in Michigan’s labor history. We explored the Copper Country Strike of 1913 later in the hour.

And, the U.S. birth rate is at a record low as more and more married couples choose to remain child free. We spoke with the director of the Childless by Choice Project about what goes behind this choice and what are the future consequences.

First on the show, Back in 2010, the State Board of Education approved the Common Core State Standards for Michigan — a set of math and English goals for K-12 students.

School districts across the state have spent the past three years integrating the standards into their curriculums. At the same time, we've heard a lot of political debate about Common Core, mostly about the involvement of the federal government in our classrooms.

But in October of this year, state lawmakers OK'd funding for Common Core, and now it is becoming a reality in Michigan classrooms.

We wanted to find out: What does this mean — day-in, day-out — for Michigan's students?

What does a school year under Common Core really look like?

Joining us is Naomi Norman, the executive director of Achievement Initiatives at Washtenaw Intermediate School District and Livingston Educational Service Agency.

Steve Carmody/Michigan Radio

If you're a baby boomer, chances are you grew up with your parents pounding one basic truth of life into your head, and that truth was that you are always better off owning your own home rather than renting.

Well, the Great Recession and its housing meltdown certainly gave us some new thoughts on renting versus buying.

An Oakland County developer remarked that of late, he's seen more baby boomers deciding to skip home ownership and go with renting.

We wondered how things are looking in Michigan, the housing market and renting versus buying.

Daren Blomquist, Vice President of RealtyTrac, joined us today.

Listen to the full interview above.

Katy Batdorff

One of the common traditions as we end one year and begin another is taking stock — reviewing where we've been and figuring out where we want to go in the New Year.

A good place to focus that review would be finances, and the prospects for the housing market.

A consumer credit forecast was released today that can give us a look into where Michigan’s market may be headed in 2014.

Listen to the full interview above.

Steve Carmody / Michigan Radio

If you’re having a hard time finding a home to buy right now, you are not alone.  The supply of houses for sale in many markets across the state are hitting near all-time lows.

Interest rates remain low, but there are not enough homes available to meet the demand.

“In most recent history I can’t recall ever being in a market like this,” said Terry Westbrook, president of the Grand Rapids Association of Realtors.  He’s been selling homes in Grand Rapids for 40 years.

The supply of homes in Grand Rapids hasn’t been this small in a decade.

A new report says housing prices are climbing in Detroit.

Home sale prices in major cities increased by about 4 percent from October 2011 to October 2012, and Detroit is rebounding more than twice as quickly.

However, news isn't all good for the city's housing market. Detroit still has the least expensive houses of any major U.S. city.

That's according to the Standard and Poor's Case-Shiller Home Price Indices. The monthly report tracks the prices of existing, single family houses in metropolitan areas.

David Blitzer works on the index. He says Detroit has seen the largest housing recovery of any city since it bottomed out.

"It has rebounded substantially, but it's certainly not rebounded even to where it was in the year 2000," he said.

Lindsey Smith / Michigan Radio

Dozens of rental property owners and housing advocates are expected at a meeting in Grand Rapids this week. The rise of foreclosures could prompt the city to change parts of its housing code.

The city inspects rental properties with two or more units. They check for fire alarms, peeling or chipping lead paint, and other safety hazards. But single family homes for rent are exempt from inspections.

(photo by Steve Carmody/Michigan Radio)

Michigan’s foreclosure rate continues to fall. A new report shows another month with a sharp decline in foreclosure filings in the state. RealtyTrac reports home foreclosure filings in Michigan declined by 15% from June to July. The filings were down 42% compared to July 2010.   

A foreclosure industry analyst says one reason for the decline is banks are taking advantage of government programs designed to keep people from losing their homes. Government anti-foreclosure programs have been the target of critics who say the programs have not kept people from losing their homes.  

But Daren Bloomquist with Realty Trac says this year’s downward trend in home foreclosure filings is probably due at least in part in part to the much maligned anti-foreclosure programs.  He says banks and other lending institutions are becoming more interested in taking part in those programs. 

“A short sale…a loan modification….is looking a lot better in their eyes than it was even last year.   It’s looking like a much better alternative than foreclosure to them.”

Bloomquist says the glut of repossessed homes will continue to depress home sale prices through probably 2015. He says keeping more homes from being repossessed may help reduce the glut of homes clogging the housing market.

Sarah Hulett / Michigan Radio

There’s a David-and-Goliath story about to play out in federal court in Detroit.

Oakland County Treasurer Andrew Meisner says Fannie Mae and Freddie Mac are illegally dodging millions of dollars in taxes. The government-backed mortgage giants were created by the federal government, but they were spun off decades ago as hybrid enterprises with a policy mission and a profit motive. 

Just where Fannie and Freddie sit on the public-private spectrum is the central issue of the court case. And the court fight could be a bellwether for similar battles in other states. 

Realtors are hoping an uptick in home prices reported on Tuesday is the beginning of a turnaround, but industry experts say it's too soon to tell if the improvement is anything other than a seasonal blip.

The Standard & Poor's/Case-Shiller home price index reported that prices in April rose in 13 of the 20 cities tracked. Washington, D.C., saw the biggest price increases, followed by San Francisco, Atlanta and Seattle.

The index, which covers metro areas that include about 50 percent of U.S. households, rose 0.7 percent, the first increase since July 2010.

Photo by Steve Carmody/Michigan Radio

Things continue to look bad for the Midwest housing market. Seven of the lowest performing major markets in the nation are from the Midwest and Detroit leads the pack. Sean McSweeney is with Clear Capital, a national real estate valuation company. McSweeney says while Detroit faces many challenges, there are still reasons Detroit home owners should be hopeful. 

Michigan home prices continue their downward slide and the trend shows little sign of stopping.

Home prices in Michigan declined about 9% in the third quarter, a downward trend that started in April as government buying incentives began to dry up.

Michigan’s home foreclosure rate has stabilized, but is still much higher than the national rate. One out of every 98 homes in the state is in the foreclosure process.

Daren Bloomquist is a spokeman for RealtyTrac, a company that tracks foreclosures.

“In Michigan I would say the number one issue is unemployment. It's still there and so that's still pushing people into foreclosure. Until we solve that problem, you're still going to see an elevated level of foreclosures in Michigan," Bloomquist said.