DETROIT-Detroit homeowners are adopting a new strategy by renting out their properties to repay their mortgage loans due to sluggish demand for the purchase of real estate. As a result, the number of leases accounted for 20% of all deals in the Detroit market compared to a lesser than 5% in a normal market.
Most of the homeowners employ realtors to handle the lease transactions, while some do it themselves to avoid the cost of paying a realtor. For the full story, go to The Detroit Free Press.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
