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It's hard to remember that just a few decades ago it was difficult, if not impossible, for a woman alone to take out a mortgage. Federal legislation changed that.
And yet, it's still surprising to learn how dominant single women have become in the housing market today: Their share is second only to married couples, and twice that of single men.
— npr.org
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In Detroit, there were 3,500 sales of single-family homes in 2014. Only 462 of them received a mortgage. That means that nearly 87 percent of sales were in cash — and that doesn’t include homes sold in foreclosure auction. Comparatively, the overall metro area saw only 53 percent in cash sales the same year. Nationwide, it was 43 percent.
“The number one issue that we, in the end, identified in Detroit is that it’s incredibly hard for homebuyers to get a mortgage right now,” say Svenja Gudell..
— Next City
Related coverage:U.S. Pavilion at the 2016 Venice Biennale, "The Architectural Imagination", now open for submissionsParticipating architects announced for the US Pavilion of the 2016 Venice BiennaleHow Detroit can learn to revive its derelict industrial sites from other citiesDetroit issues... View full entry
