Households Real Estate Asset Value Falls for Third Consecutive Quarter

The Federal Reserve may pause its interest rate hiking campaign. What that means for you.

Freddie Mac launched a new mortgage product to support members of Native American communities. HeritageOne℠ will provide affordable financing options for single-family properties on tribal lands in rural areas, creating greater access to homeownership. It will also provide financial counseling and other resources to members of Native American tribes, especially first-time homebuyers. The intent behind HeritageOne is outlined in Freddie Mac’s 2022-2024 Duty to Serve Plan, which specifically details the company’s commitment to provide housing support for tribal members in rural tracts within Indian Country.

US Housing Market Needs More Than 300,000 Affordable Homes for Middle-Income Buyers The U.S. housing market is missing about 320,000 home listings valued up to $256,000, the affordable price range for middle-income buyers (households earning up to $75,000). Middle-income buyers can afford to buy less than a quarter (23%) of listings in the current market. Read More

Biden-Harris Administration Partners with Agricultural Producers to Strengthen Markets and Create Jobs for Producers in 19 States  

USDA is making investments worth $320 million to strengthen food supply chains and create more opportunities for producers and entrepreneurs in 19 states: Alabama, California, Connecticut, Iowa, Idaho, Kentucky, Massachusetts, Michigan, Minnesota, Montana, North Carolina, North Dakota, New Hampshire, New York, Ohio, Oklahoma, Pennsylvania, Texas and Virginia. To learn more, read the full news release.

Another down quarter for independent mortgage banks Numbers are up from record lows in the preceding quarter, but still far below recent norms

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NMP Magazine - June

Mortgage Banker Magazine

Scotsman Guide Residential Magazine

Governor's Executive Directive 2023-3: Helping Michiganders Pay for College

Gov. Whitmer Statement on Another Strong Jobs Report  

Unemployment rate drops to 3.7%, labor force increases by 26,000, 82,000 jobs added year over year  Governor Gretchen Whitmer issued the following statement after the release of the latest economic numbers showing Michigan’s unemployment rate fell to 3.7% in May, remaining below 4% for only the third period in nearly 50 years. Michigan’s labor force participation rate continued increasing, the labor force increased by 26,000, and the economy added 82,000 jobs year over year. 

“Our unemployment dropped to 3.7%, remaining below 4% for only the third period in nearly 50 years. With our strong labor market, working people can keep finding good-paying jobs, companies can grow in Michigan, and families have more money in their pockets for the kitchen-table essentials. 

“In 2023, the majority in Lansing has cut taxes by $1 billion for seniors and working families, powered strong economic development efforts, and made record, bipartisan investments in housing, community revitalization, and workforce development. 

“Let’s keep our foot on the accelerator to deliver another balanced budget, grow our economy, and ensure anyone can ‘make it’ in Michigan.”