For the past decade, it’s been almost impossible for aspiring Detroit homebuyers to get mortgages.
But that appears to be changing. The city notched a real estate milestone of sorts last year, recording more than 1,000 new home mortgages in 2018.
That’s according to the Detroit Land Bank Authority. Its data show that 1,221 homebuyers purchased homes with traditional mortgages last year.
The land bank’s Rob Linn says it’s the first time the city has reached more than 1,000 mortgages since the 2008 financial crisis.
Subsequent waves of mortgage and tax foreclosures decimated Detroit’s housing market and rendered traditional mortgages almost non-existent, with banks often refusing to lend even to qualified homebuyers.
But Linn says there’s been a steady…