News
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HUD/Site Condo Update
June 18, 2009 Posted by Michigan RealEstateRama
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
Home sales rise
November 13, 2007 Posted by Michigan RealEstateRama
Sales of homes and condominiums rose slightly in October for southeast Michigan. In October, 4,452 units were sold, a 0.4% increase over October 2006 sales of 4,436, according to Farmington Hills-based Realcomp. Sales in the city of Detroit rose 26% to 792, up from 628 in October 2006, while sales in Livingston, Macomb and Oakland […]
