Millennials Love Downtowns, Naturally.

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CoreLogic’s Loan Performance Insights report for January was released, showing loans 30 days or more past due decreased and seriously delinquent loans remained stable. Some metros may have faced natural disasters recently but otherwise, the decrease in unemployment rate, increase in wage growth, and increase in home appreciation (equity!) have really helped delinquencies and foreclosures decline.

As for areas affected by natural disasters, the U.S. Department of Housing and Urban Development announced it is awarding $28 billion—a record amount—to nine states, Puerto Rico and the U.S. Virgin Islands to support long-term disaster recovery.

Millennials love to set trends and we always knew they’d make a statement when they enter the housing market. Now, in Detroit, they’re steadily moving back to the city center. It’s all about lifestyle. Millennials love places with a downtown—the walkability, transportation, entertainment, authenticity, etc.—and we’re seeing them move into the area and its outer-lying metro area. Think Ferndale, Royal Oak, Birmingham, and Plymouth. Another reason: living space. Millennials aren’t looking for big homes with lots of square footage. They’re looking for homes that require little maintenance, care, and cleaning. Can’t blame them there! It will be exciting to see the developments starting to pop up to support this trend.

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