2010 was the worst year in a decade for home foreclosures in Michigan, according to new data out today. And 2011 is expected to be worse.
One in 33. That’s how many Michigan homes received a foreclosure notice in 2010.
Realty Trac ranks Michigan as having the 7th worst home foreclosure rate in the nation last year. Daren Bloomquist is with Realty Trac. He says Michigan’s foreclosure numbers should be worse this year.
The former NBA great toured Cobo Center... checking out the latest offerings from companies including General Motors and Ford. He says a comeback for automakers such as GM, Ford and Chrysler is positive for the city and the state.
Bing is just one of many politicians who have visited the show over the past few days. Governor Rick Snyder visited the show yesterday and members of Michigan's Congressional delegation, including Democratic Representatives John Dingell, Sander Levin and Gary Peters, have also visited Cobo Center this week.
Governor Rick Snyder visited the North American International Auto Show in Detroit yesterday. He sat in a Chevy Volt, stopped by the Ford and Prius pavilions, and visited with Fiat-Chryser CEO Sergio Marccione. Rick Pluta was at the show and filed this report:
Governor Snyder cheered the rebound in the auto industry from where it was at this time last year. Snyder says he does not want to play favorites when it comes to economic development -- that Michigan should make all entrepreneurs feel equally welcome. But the governor also says he recognizes how big the car business still looms in the state’s economy. Snyder said:
The role of manufacturing and the auto industry in Michigan’s future is critical. I don’t walk away from it all. Actually, I embrace it. That is part of our heritage. That is something we have world-class people in.
The governor says he will call for lower taxes and less regulation and will reveal more details of his economic plan next week when he delivers his first State of the State address
The show opened for media previews on Monday and opens to the public on Saturday.
The head of President Obama’s Auto Task Force paid a visit to the North American International Auto show. Ron Bloom is also the President’s top advisor on manufacturing policy. Bloom and Michigan Senator Debbie Stabenow toured Detroit automakers’ exhibits at the auto show. Bloom says the Obama administration is “cautiously optimistic” about the U.S. auto industry’s recovery. He says automakers’ profits are “better than expected," but admits that job growth is slower than he’d like. Still, he’s optimistic.
General Motors is stepping up its advertising budget for major sporting events. GM says it has reached a deal with NBC to be the exclusive domestic automotive advertiser during the 2012 London Olympics.
General Motors invested heavily in Olympic advertising in the past, but that spending dipped as the automaker has struggled in recent years. That reduced spending also included the Super Bowl.
The 2011 North American International Auto Show is in a decidedly upbeat mood.
After two years of somber shows, automakers are rolling out new products and showcasing an unusual level of variety and innovation. And they're bullish about how consumers will respond to all those new choices.
Chrysler might be the poster child for the resurgent feeling at this year’s show.
Last year, the automaker barely had a presence, and Chrysler Brand President Olivier Francois remembered how that felt.
Today president of GM North America, Mark Reuss spoke with Michigan Radio's All Things Considered Host, Jennifer White.
The Chevy Volt won the "Car of the Year Award" at the Detroit Auto Show. White asked Reuss why the auto company has put so much into the development of the Volt.
"If you look at the electric and hybrid car piece of the industry, it's been steadily gaining in popularity as time goes on. But what does it take to go beyond hybrid? To go beyond the traditional electric car and produce something that really has an exteded range with the gasoline and the battery on board, so you don't have to worry about an electric engine on board?"
Reuss said they accomplished that with the development of the Volt, and that GM remained focused on the Volt through some rough times.
When asked about the prospects for the new car market, Reuss was upbeat because he says there are a lot of people driving older cars, so there's "pent up demand" for new cars:
"And the reason why I say this is because if you look at the cost to operate some of the newer vehicles from a fuel efficiency standpoint, they're much, much lower than some of the vehicles these people are forced to hang onto."
Reuss said, in the past, the company has been good at engineering and building trucks and some of the "truck variants," but today they're re-focusing their efforts on smaller cars:
"We have refocused with the launch of things like the Volt, and the Sonic for Chevrolet, and then the Verano for Buick. We've really refocused our efforts into excellence in the small and compact car markets. And you're going to see those as really good alternatives in the market as we go forward."
Reuss was asked how he views the automotive industry today. Here's his response:
A new report says repealing the federal health care law will cost Michigan consumers and small businesses a lot of money.
PIRGIM, the consumer advocacy group that issued the report, says individuals could see their premiums go up by 20% by 2016 if the repeal goes through. The repeal would also increase the cost of offering employer-based health insurance over the long term by more than $3,000 a year.
Meghan Hess is with PIRGIM. She says rolling back the law "would also terminate the establishment or expansion of over 184 community health centers across the state, and these community health centers help fill gaps in access to care, giving more people the ability to seek preventive care instead of going to the emergency room."
Here's a video of Carl Brower, editor-at-large of Edmunds.com talking about the Chevy Volt winning the "Car of the Year Award."
Update: 10:11 a.m.:
Michigan Radio's Steve Carmody spoke with Edmunds.com editor-at-large, Carl Brower. Brower headed the jury of auto industry journalists who picked the Volt. Brower said:
"I think the Volt represents not only a break from traditional drive train technology, but a break from the manufacturing image. It's a hybrid plus. It's beyond a hybrid. And I don't know how many people would have believed that a big domestic auto maker like GM could pull this off a few years ago."
Finalists for the car award were the Volt, Hyundai Sonata and Nissan Leaf. Truck finalists were the Dodge Durango, the Explorer and Jeep Grand Cherokee. Forty-nine auto journalists from the U.S. and Canada made the picks. The vehicles are judged on innovation, design, safety, handling, driver satisfaction and value.
The NAIAS opened this morning for media previews. The show is open to the public on Saturday and runs through January 23rd.
Ford Motor Co. on Monday is expected to announce it will hire 7,000 workers in the U.S. over the next two years, according to a person familiar with the matter. Ford President of the Americas Mark Fields is expected to confirm the news at the auto maker's presentation before the North American International Auto Show in Detroit, this person said.