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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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