michigan association of realtors

Steve Carmody/Michigan Radio

The federal government shutdown could soon start affecting Michigan’s real estate industry.

The problem is government agencies that verify the identities and tax returns of people taking out mortgages are closed by the shutdown. That means banks and mortgage companies are unable to finish their paperwork on home loans.

Bradley Gordon / Flickr

Housing prices in Metro Detroit are up 45% over last year according to data released on Monday by the Realcomp listing service.

Allen Daniels is the director of the Michigan Association of Realtors. He says home prices are up because the number of properties for sale are down.

Daniels says limited supply combined with low mortgage rates and an improving economy are raising home prices.

(campusmartius.org)

Michigan’s realtors say communities need to rethink how they design and use public spaces.    They say it could affect Michigan’s future economic growth.

It’s a concept called ‘placemaking’.     The idea is to make public spaces, like small parks, into places people want to be that become magnets for business investment.

Detroit’s Campus Martius  is cited as an example of how this has been done well.