Detroit pulls back from the brink... again
In another down-to-the-wire showdown, an Ingham County Judge ruled yesterday that Detroit's top lawyer had no standing to halt a consent agreement between the state and the city. If she had been successful, there were warnings the city would go bankrupt in a matter of days.
Sarah Cwiek follows the Detroit drama for Michigan Radio and she caught up with Mayor Dave Bing after the judge's ruling:
“We need to get on with running the city," Bing said. "The city is still in a crisis. And we can’t have all of these distractions and think we’re going to bring the city back.”
The first steps: convening the city’s nine-member financial advisory board. That’s a key provision of the consent agreement. Bing says they’ll meet for the first time Friday.
Signs of improving housing situation in Michigan
Bank repossessions of homes in Michigan have dropped more than 40 percent over the last year.
Michigan Radio's Steve Carmody reports the Metro Detroit area's home foreclosure rate fell faster last month than any other of the nation’s 20 largest cities.
Carmody spoke with Daren Bloomquist, a Realty Trac vice president:
“We’re seeing about the same number of properties start the foreclosure process in Michigan as we saw a year ago,” says Bloomquist, “But, we’re seeing fewer...much fewer of those actually make it to a completed foreclosure where the property is repossessed by the bank.”
Michigan's unemployment rate ticks upward
Michigan’s unemployment rate for May increased by two-tenths of a percentage point to 8.5 percent.
What does it all mean?
The Michigan Department of Technology, Management & Budget says it means more people are actively looking for work, which means they get counted as "unemployed" (you only get counted as unemployed if you've been searching for a job in the last month):
“Michigan’s labor market in May and throughout early 2012 has been stable,” said Rick Waclawek, director of the Bureau of Labor Market Information and Strategic Initiatives. “The minor upturn in the state’s jobless rate in May was partially due to individuals entering or reentering the workforce looking for jobs.”