For many of the past 50 years, Detroit, Michigan has been a grim symbol of America's industrial decline, but that was yesterday. Today's Motor City is on the rise, and local property values are surging. This is especially true for Detroit's predominately Black neighborhoods, which disproportionately bore the brunt of the city's decline in the 1970s, 1980s and 1990s. A recent University of Michigan Poverty Solutions Report shows that home values increased by 80% in Detroit's African American neig
The conventional wisdom in real estate has long been that there is no money to be made in building affordable housing, but Andrew Schwartzberg, a partner in one affordable housing conglomerate, would beg to differ. Schwartzberg recently purchased a $38 million estate on the luxurious Malibu, California, coastline. The purchase is the fourth-largest transaction in California this year. Schwartzberg is a veteran of the affordable housing rental industry with an impressive resume. He is managing pa
Since March 2023, 625 commercial loans have been foreclosed on — a 117% increase over the previous year, according to real estate research and data analysis firm ATTOM. It's another data point illustrating how deep the commercial real estate sector's problems go. It's also alarming because the volume of commercial debt that can still go bad is massive. The implications for the economy are frightening to contemplate and each day, America's commercial real estate sector takes another step toward t
Mortgage rates have been so low for so long that it's created a lock-in effect where people don't want to sell their homes to buy new ones for fear of losing their attractive rates. That's made it "almost impossible" for first-time homebuyers to enter the housing market, U.S. Treasury Secretary Janet Yellen said during her testimony before the House Ways and Means Committee. "With house prices having gone up and now with much higher interest and mortgage rates, it's almost impossible for first-t