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Report: Home loans drop in Michigan, U.S. in the 4th quarter of 2021

For sale sign in front of home
Sean Locke/seanlockephotography - stock.ado
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Housing prices were through the roof in 2021.

Most Michigan housing markets are mirroring a national downward trend in new home loans.

ATTOM is a business that tracks trends in the real estate industry. Its latest report finds mortgage, refinancing and home equity loans in the final three months of last year were down 13% from the fourth quarter of 2020.

“The drop-off in purchase loans seems to flow from a lack of housing supply rather than the housing market boom ending,” said Todd Teta, chief product officer at ATTOM.

In Michigan, Ann Arbor, Grand Rapids and Kalamazoo all recorded year over year double digit declines in the fourth quarter. Detroit and Lansing posted single digit declines.

Flint is the lone Michigan housing market to actually post an increase in new home loans in the final three months of last year.

Steve Carmody has been a reporter for Michigan Radio since 2005. Steve previously worked at public radio and television stations in Florida, Oklahoma and Kentucky, and also has extensive experience in commercial broadcasting.