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Home Sales
9:05 am
Thu December 2, 2010

Foreclosed home sales slow in Michigan

Fewer people bought formerly foreclosed homes in Michigan in the third quarter of the year. 

Federal home buyer tax credits spurred home sales in Michigan and the rest of the country during the first half of the year.  Daren Bloomquist with Realty Trac says July through September home sales slumped without those incentives.  He says Michigan’s foreclosed home sales dipped 26%.

Bloomquist says:

Some of the sales you would have seen in the third quarter were pushed forward to the second quarter.  So, there was a little artificial inflation in those numbers. These numbers in the third quarter are a little bit lower than normal.

People who bought one of the 95 hundred formerly foreclosed homes that sold in Michigan in the third quarter of the year got a good deal.  The average sale price was about 41% cheaper than similar homes sold at the same time.

City Budgets
8:44 am
Thu December 2, 2010

Pontiac closer to shutting down Police Department

The city of Pontiac is a step closer to shutting down its Police Department
Nikonmania/FLICKR

The city of Pontiac is one step closer to shutting down its Police Department and having the Oakland County Sheriff's Office take over the city's patrols.

Pontiac faces a projected $9 million budget deficit and Michael Stampfler, Pontiac's state-appointed emergency financial manager, has asked the Oakland County Sheriff Department to take over policing the city.

The Detroit Free Press reports:

A committee of the Oakland County Board of Commissioners voted 4-3 Wednesday to approve the $10-million contract. The county's Finance Committee will consider the plan today, and the full board is to vote on it Dec. 9... Undersheriff Mike McCabe said the department is expected to hire more than 60 of the Pontiac department's 70 employees and operate out of the city's headquarters in downtown Pontiac.

If approved, the Oakland County Sheriff Department would takeover on January 1st, 2011.

Auto Sales
2:49 pm
Wed December 1, 2010

Good numbers for U.S. car makers

Auto sales are up
Lester Graham Michigan Radio

Ford sales are up 24%, Chrysler sales are up 17%, and GM's are up  11%. It's been a good news week for the "Big Three" (can we still call them that?). Chrysler and GM also announced they plan to hire more workers in Michigan, and the Brookings Institution says Metro Detroit is recovering.

Here are some figures from a number-laden Detroit News article on auto sales:

  • Sales for Chrysler's Jeep brand were up 58 % for November compared to a year ago
  • Ford's year-to-date sales total 1.74 million vehicles - growing at a pace double the industry average
  • Ford's F-Series trucks were up 26 %
  • GM's big brand Chevrolet was up 18 % for the month compared to a year ago, its sales strengthened by the new compact Cruze and popular Equinox and Silverado
Flint Budget
11:17 am
Wed December 1, 2010

Firefighters reject contract concessions, police sent layoff notices

Flint firefighters reach a tentative agreement with city's emergency manager.
Steve Carmody Michigan Radio

A contract dispute between Flint's mayor and the city's public safety unions escalated Tuesday.



Tuesday, the city of Flint sent layoff notices to 20 police officers. The city and the police unions have not been able to agree on major contract concessions to help reduce a projected budget deficit.


Read more
Nurses vote yes on contract
11:14 am
Wed December 1, 2010

Sparrow Hospital nurses approve new contract

Nurses at Lansing's Sparrow Hospital overwhelmingly approved a new contract with the hospital.

The contract approved Tuesday came after a sometimes contentious negotiations between the two sides.

"There was a very diverse opinion about the details of the contract about what was good and what was bad," says Robert Kolt, a spokesman for the nurses union, "They had to agree...that patient safety was a top priority."

The contract contains a modest wage increase for the nurses and other support staff.

Auto Industry Jobs
5:05 pm
Tue November 30, 2010

Chrysler plans to add 1,000 new jobs

Chrysler headquarters in Auburn Hills, Michigan
flickr user fiatontheweb creative commons

Today executives at General Motors announced they plan to add 1,000 jobs in Michigan.

Now, Chrysler executives have announced they also plan to add 1,000 jobs.

The Wall Street Journal reports:

Read more
Auto Industry Jobs
11:16 am
Tue November 30, 2010

GM to hire 1,000 in MI

General Motors has just announced that it will hire 1,000 engineers to work on battery technology in Michigan. The jobs include helping to develop batteries for hybrid, electric and hydrogen fuel cell vehicles. Most of the jobs will be at a technical center in Warren.

The Detroit Free Press reports the jobs come as GM:

…prepares to deliver the first Chevrolet Volt extended-range electric cars next month… GM plans to build 10,000 Volts by the end of 2011 and at least 45,000 in 2012. Initially, the Volt will sell in California, New York City, Washington, D.C., and Austin, Texas. Next spring, those markets will expand to include Michigan, New Jersey, Connecticut and the rest of New York and Texas. Within a year and a half, GM plans to sell the Volt nationwide.

Unemployment Benefits
8:27 am
Mon November 29, 2010

Unless Congress acts, thousands of Michiganders will lose jobless benefits this week

Jobless benefits will expire for tens of thousands of unemployed Michiganders this week unless Congress approves an extension.



Many of those losing their benefits are expected to turn to Michigan food banks and other non-profit groups.



"Those safety nets are really not prepared to take on all of these extra families," says Judy Putnam, with the Michigan League for Human Services."


Economy
9:27 pm
Sun November 28, 2010

Michigan nonprofits bank on holiday giving

With the holiday season now underway, Michigan nonprofits are making their big end-of-year push for financial donations.
elstudio creative commons

Over the next couple of weeks, chances are you’ll find lots of letters in your mailbox asking for charitable donations. That's because nonprofits across Michigan are doing their annual end-of-year holiday push for financial donations.

Kyle Caldwell is with the Michigan Nonprofit Association. He likes to call the holiday season the “giving season.”

Read more
Holiday shopping
11:07 am
Sat November 27, 2010

Holiday shopping moves online

Michigan retailers have been busy this weekend with the beginning of the holiday shopping season. But Monday could be a very big day as well.

The National Retail Federation coined the term ‘Cyber Monday’ five years ago to describe the growing trend of holiday shoppers flooding store websites on the Monday following thanksgiving.  A recent survey found more shoppers planned to shop online  Monday than stand in line on the Friday after Thanksgiving.  

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Jobless benefits extension
12:55 pm
Thu November 25, 2010

Kildee: Congress will pass jobless benefit extension

Michigan congressman Dale Kildee expects congress will approve extending jobless benefits for the long-term unemployed next week. 


An extension would allow people who’ve been receiving jobless benefits for more than 26 weeks to continue to receive financial aid.   The current extension expires next Wednesday.    Hundreds of thousands of unemployed Michiganders will stop receiving unemployment checks unless an extension is approved. 

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GM invests more for Chevy Volt
4:11 pm
Wed November 24, 2010

UAW celebrates new GM investment in Flint and Bay City

General Motors formally announced today that it is investing more than 160 million dollars in plants in Flint, Bay City and in Defiance, Ohio.


 The three plants produce components for the Chevy Volt, Cruze and a third unnamed Chevrolet small car.


 Bill Jordan says GM’s announcement is an early "Christmas present.”   Jordan is the president of United Auto Workers local 599.    He says GM’s investment shows workers are doing the job right. 

Read more
Flint's budget woes
3:51 pm
Tue November 23, 2010

Layoff notices going out in Flint

 


The city of Flint has started sending out layoff notices to city employees.
But so far, none of the notices have gone out to those who work in public safety.
The city of Flint is wrestling with an estimated 5 million dollar short fall in this year’s city budget.    The mayor wants the city’s unions to absorb about half of that deficit with double digit wage and benefit concessions.

Read more
Black Friday Shopping
11:33 am
Tue November 23, 2010

Shopping on the menu for Thanksgiving

Michigan retailers are optimistic that holiday sales will be better this year.

The first real test comes this week. 

 Thanksgiving is such a pivotal time for Michigan retailers many aren’t waiting for their customers to finish their turkey dinners.

K-Mart, Sears and other retailers plan to be open on Thanksgiving day.   Many other stores, like Banana Republic and the Gap will open their doors Thursday night.

Read more
Economy
10:29 am
Tue November 23, 2010

Michigan to stop taking extended unemployment applications

Unemployment benefits will run out for millions of Americans this spring if Congress doesn't extend the unemployment insurance program (an unemployment line in California in 2007).
Michael Raphael Flickr

The Associated Press reports that the state "will stop taking new extended unemployment benefit applications after Saturday because Congress has failed to renew the program."

Read more
Changing Gears
2:50 pm
Fri November 19, 2010

Pittsburgh and steel's lovechild - Gary, Indiana: Part 5

Monument to steel in Gary, Indiana
Michael Puente Changing Gears

By Michael Puente, Changing Gears

All this week, Changing Gears has been looking at reinventing Pittsburgh. We recently heard how Detroit has borrowed some of its ideas. In its final report, they head to Gary to see if this smaller Steel Town can learn from its industrial mother, Pittsburgh. They found old habits are hard to break.

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municipal finance
1:00 pm
Fri November 19, 2010

Hamtramck ratchets up bankruptcy debate

Businesses in Hamtramck, Michigan
Ian Freimuth creative commons

The city of Hamtramck is ratcheting up the pressure on the state to allow it to file for bankruptcy.

Hamtramck’s city attorney has sent a letter to Governor Granholm urging her to issue an executive order allowing the city to seek federal bankruptcy protection. The letter also says appointing an emergency financial manager would not give the city the tools it needs to correct its financial problems.

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GM IPO
11:32 am
Fri November 19, 2010

Just what does GM's IPO mean for Michigan

General Motors

General Motors (GM) stock returned to trading on Wall Street yesterday for the first time since the company collapsed, declared bankruptcy, and was rescued by an infusion of fifty billion taxpayer dollars.

While Michigan has been focusing on diversifying its economy to make up for the loss of jobs in the auto industry, GM's return to public trading suggests that the auto industry in Michigan will continue to be a major economic player in the region.

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Changing Gears
10:37 am
Fri November 19, 2010

Can Detroit use lessons from Pittsburgh? - Part 4

Judy Davids launched her business PostEgram in Detroit with financial help from a business incubator.
Sarah Hulett Michigan Radio

All week we’ve been looking at the reinvention of Pittsburgh. Now, we move west to see whether the ideas that worked there can work in other places. One such city is Detroit.

Like Pittsburgh, Detroit has always faced a challenge in convincing its talented citizens to stay. Many business owners try to buck the odds and keep their businesses in the city, only to find the hurdles too high. Others find it is simply too daunting to head out on their own.

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GM IPO
5:10 pm
Thu November 18, 2010

GM IPO largest on record, taxpayers recover billions

GM Shares will start trading at $33 per share after the largest IPO on record.
Roland Weber Creative Commons

Update: 5:10pm

The New York Stock Exchanged closed.  AFP News reports "GM stocks closed at 34.19 dollars, up 3.6 percent from GM's initial sale price announced on Wednesday, but below session highs of 35.60 dollars a share."

Update: 3:00pm

The Detroit News reports the GM executives who attended the opening day for GM stock on the New York Stock Exchange bought hundreds of shares in the company themselves.

GM North American chief Mark Reuss called it an emotional day, saying he was proud to work for GM and thanking taxpayers for giving GM "a second chance."

The News reports the GM execs will head back to Detroit "after today's events in order to attend a private employee celebration at the company's Renaissance Center headquarters."

Update: 11:04pm

GM  executives rang the bell and played a recording of a Chevy Camaro revving its engine to open trading at the New York Stock Exchange this morning. As of this writing, the stock, bought during the IPO at $33 per share, has jumped to $35 per share in trading. Here's how it's tracking next to Ford's stock (F): 

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