Families Considering Buying Their First House Have Limited Time to Save Thousands of Dollars on New Home Purchase This Year

Washington, D.C. - July 2, 2009 - (RealEstateRama) — Congressman Gary Peters, the Michigan Association of Realtors and a local family who recently closed on their first home today gathered at the family’s new house to discuss the tax credit available—for a few more months—that can save first time homebuyers thousands of dollars on the purchase of a new home.  The American Recovery and Reinvestment Act, the economic recovery plan Congress enacted in February, created a temporary tax credit worth up to $8,000 for first-time homebuyers to help families become homeowners in tough economic times and to spur home sales in a sluggish housing market.  Southeast Michigan foreclosure rates are among the highest in the nation (according to RealtyTrac, Oakland County’s foreclosure rate is in the top 5 percent among all counties nationwide), so encouraging the purchase of empty homes is extremely important for the region. more »

WASHINGTON, DC - June 30, 2009 - (RealEstateRama) — U.S. Senators Carl Levin (D-MI) and Debbie Stabenow (D-MI) today hailed news that the U.S. Department of the Treasury has awarded $2 million to Communicating Arts Credit Union in Detroit through the Community Development Financial Institutions (CDFI) Fund. The funding will be used to expand lending and services in the Highland Park community. more »

June 30, 2009 - (RealEstateRama) — The Michigan Department of Human Services, Bureau of Children and Adult Licensing, Friday issued an order of summary suspension and notice of intent to revoke the certificate of registration of a Wayne County family child care home provider, Shantequia Shreve, #DF820292729, 44104 Harsdale, Canton. This action resulted from a recent investigation of a complaint of the family child care home. more »

LANSING, MI - June 26, 2009 - (RealEstateRama) — The Senate today unanimously approved bipartisan legislation that would strengthen existing requirements for loan officers in Michigan, said Sen. Randy Richardville, chair of the Senate Banking and Financial Institutions Committee. more »

Funding Will Speed Adoption of Efficiency and Renewable Energy Technologies

Battle Creek, MI - June 22, 2009 - (RealEstateRama) — U.S. Department of Energy Secretary Steven Chu today announced more than $32 million in Recovery Act funding to support energy efficiency and renewable energy projects in Michigan. Under DOE’s State Energy Program, states have proposed statewide plans that prioritize energy savings, create or retain jobs, increase the use of renewable energy, and reduce greenhouse gas emissions. This initiative is part of the Obama Administration’s national strategy to support job growth, while making a historic down payment on clean energy. more »

LANSING, MI - June 19, 2009 - (RealEstateRama) — Sen. Randy Richardville, chair of the Senate Banking and Financial Institutions Committee, today participated in a bill signing ceremony for legislation that will help save more homes in Michigan from foreclosure. more »

June 18, 2009 - (RealEstateRama) — The Michigan Association of REALTORS®, along with many other state REALTOR® associations, has received many questions and concerns regarding site condominiums and FHA loan approvals. Recently, HUD released Mortgagee Letter 19 on the Condominium Approval Process for single family housing.  Included in the letter is guidance on how to treat site condominiums.  Under the letter, site condos do not need to be approved as condo projects, but FHA loans for site condos still need to include a condominium rider in the loan package for insurance endorsement. more »

June 15, 2009 - (RealEstateRama) — New regulatory guidance designed to streamline the Federal Housing Administration’s approval process for condominiums nationwide is expected to have an immediate impact in the state of Michigan, where single-family projects are frequently developed under a condominium structure, according to the National Association of Home Builders (NAHB).While most of the new rules announced on June 12 by the U.S. Department of Housing and Urban Development will not take effect until October 1, a provision that eliminates the need for FHA approval of “site condominiums” that are prevalent in Michigan, but may also exist in other states, will take effect immediately, opening the door for thousands of home buyers to use low-downpayment FHA financing to purchase new single-family homes. more »

In radio address, lieutenant governor says improving transportation infrastructure crucial to growing Michigan economy

LANSING, MI - June 12, 2009 - (RealEstateRama) — Lt. Governor John D. Cherry Jr. said today’s groundbreaking for a project to widen I-94 in Kalamazoo County illustrates the real and positive impact that the federal Recovery Act is having on Michigan. Cherry made his remarks in delivering this week’s radio address on behalf of Governor Granholm. more »

WASHINGTON D.C. - June 12, 2009 - (RealEstateRama) — Vice President Biden concluded a two-day, three-state “Road to Recovery” tour with Transportation Secretary Ray LaHood today in Kalamazoo, Michigan, where they attended the groundbreaking ceremony for the I-94 widening and Westnedge Avenue interchange reconstruction project. The Vice President and Secretary LaHood were joined by Governor Jennifer Granholm and United States Senators Carl Levin and Debbie Stabenow. more »

LANSING, MI - June 9, 2009 - (RealEstateRama) — Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross has placed Northwestern Financial Corporation into conservatorship and named OFIR Director of Receiverships James Gerber as conservator. The Commissioner also directed that the company cease and desist from doing business. more »

LANSING, MI - June 4, 2009 - (RealEstateRama) — Southwestern Michigan College is one step closer to renovating its Kairis Technology Building today after the Joint Capital Outlay Subcommittee approved the planning documents, announced Sen. Ron Jelinek and Reps. Sharon Tyler and Matt Lori. more »

LANSING, MI - June 4, 2009 - (RealEstateRama) — Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross has ordered the state’s insurance companies to submit to OFIR, prior to use, all new or revised personal automobile and homeowner insurance documents and forms. more »

WASHINGTON, DC - May 29, 2009 - (RealEstateRama) — Foreclosures continue to drag down our economy, and Michigan has one of the worst foreclosure situations in the nation. To address this issue, Congress passed and President Obama recently signed into law the Helping Families Save Their Homes Act of 2009. more »

TAYLOR, MI - May 29, 2009 - (RealEstateRama) — ProVisions, LLC and the State of Michigan will host a groundbreaking ceremony at 10 a.m. on June 2, 2009 to announce the Taylor Business Center (www.taylorbusinesscenter.com) as the Michigan Department of Human Services’ new office facility. The ceremony will take place at the Taylor Business Center’s location at 25637 Ecorse Road in Taylor, Michigan. The event’s speakers include Ismael Ahmed, State of Michigan Director of the Department of Human Services, and Murray D. Wikol - ProVisions, LLC President and CEO. more »