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Thu May 26, 2011
In this morning's news...
Wet Weather Continues
Rain and storms are expected to continue in many parts of the state today. Most of the region is under some type of flood advisory, watch, or warning during the morning hours. Yesterday, rain caused flooding throughout the Southeast. Yesterday, "thunderstorms... dumped more than 4 inches of rain on parts of southern Michigan, causing widespread flooding of streets, expressways and basements,” the Associated Press reports.
State Senate Completes Budget
The Michigan Senate handed a state spending plan over to the state House yesterday, Laura Weber reports. From Weber:
That leaves just a couple more steps before the budget bills go to Governor Rick Snyder for his approval. The arguments on both sides of the aisle in the Legislature have been cyclical in recent weeks; Republicans have offered up departmental spending plans with deep cuts, and Democrats have said the cuts help businesses and hurt working poor families and children. Overall the complaints of Democrats have had little impact on the budget process. The party lacks enough votes to get in the way of a budget that has thus-far rolled quickly through the Republican-controlled Legislature.
Foreclosures Hurting Michigan's Real Estate Market
Foreclosed homes continued to drag down home sale prices in the state in the first quarter of the year, Steve Carmody reports. “Realty Trac reported nearly 32 percent of homes sold in Michigan in the first three months of 2011 were repossessed homes. The average price for a foreclosed home was just a little more than $70,000. That price is about a third less than similar homes on the market. A Realty Trac spokesman says that is keeping home prices from appreciating. Michigan is among a dozen states where foreclosed homes accounted for at least 25 percent of the homes sold during the first quarter of the year,” Carmody notes.