Interest rates here in Central NY from local banks in 1979 were 14%-16% for fixed-rate, and VA mortgages/loans were around 9-10%. A friend of mine bought a farm here in 1979 with a VA loan at 9%. I remember thinking how 9% seemed so low it was almost beyond belief.
10 years ago I bought 60 acres of mixed woods and pasture here for $400 per acre. Now it would probably sell for $1500 per acre.
My daughter bought a HUD house. It had a 120K mortgage against it. She got it for a total sale-price of $59K. They GAVE her (or got her) a $10K down-payment. NOT a loan - a give-way. So, she got the house at $49K, they put in a new heating system and a new roof (no charge and no loans), a 20 year mortgage with a fixed rate of somewhere around 6%. Her only requirement is she has to live there for at least 5 years (or something like that). If she bails out early, she will owe a lot of extra money.
As to home prices in Northern Michigan? I had my pick of many pretty good houses in rural and semi-rural areas for as low as $10,000. There are many bank-owned foreclosures available. I took my time because I wanted something with a good pole barn and some land. I passed up an old farm, farmhouse, 40 accres of fields (no woods) and natrual gas available for $25K.
I also saw many good homes for sale in the City of Alpena - also northern MI. They too were available cheap if foreclosed on. To the converse, my inlaws bought a rural 10 acre river-front lot in Alpena Township (outside city limits) for $10K in 1995. Now those 10 acre lots are selling for $50K to $75K each.
By the way. . . the old farm house that I bought here in 1979 for $12K . . . just sold to a couple from Colorado for $175K. It's in nicer shape now - but not that much nicer.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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