January 2007

Inside Veritas -
Article 1 - Association's "Builders' Initiative 2007" Kicked Off December 15th
Article 2 - Existing Housing Market Activity
Article 3 - Housing and Economic Briefs: GDP off; Fed's Words "Kill"
Article 4 - Housing Market Index Chief Indicator of Stock Prices
Article 5 - Taxation and Finance by Rachor; Purman & Tucker CPAs
Contributing to Charity? New tax rules could affect you
Article 6 - DMX Clear #4; "Ford Watch" Begins
Association News Update
New Construction and Sales Activity
BS: Still about Nothing in particular
Would you like to see a previous Veritas Issues? Click Here

Association’s “Builders’ Initiative 2007” Kicked Off December 15th

Twenty-two member builders met at the BAMF office to discuss industry needs and create new, realistic, initiatives to promote residential construction activity. That first meeting in mid December focused primarily on 2 issues: Reducing inventory and the inclusion of remodeling in association promotional activities.
While some of the attendees were interested in the remodeling aspect, most were clearly focused on inventory liquidation, which consumed most of the discussion. Thus, we’ll have two initiative groups that will meet regularly, with some builders taking part in both.
The next meeting will be set in mid January, when we’ll be putting together alternative plans for an inventory reduction promotion to run in late winter. While some of the participants favored an inventory clearance sale, running as a 2 weekend event (somewhat on the line of a Parade), others were looking at an area wide auction.
At the mid January meeting we will have both options on the table, and should be able to report in full at the January General Membership meeting on the 24th.
We’ll also be moving on the remodeling sector this winter, which has a number of advantages in under current market conditions: Particularly that a buyer of remodeling services doesn’t need to sell a home; and, we’ve finding that a high percentage of potential new home customers already live in the community they would be purchasing in. Therefore, as we’ve observed in recent Parades, the potential home buyer has frequently become a remodeler’s client.

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Existing Housing Market Activity

Distortions in Housing data often raise our ire, particularly since market conditions and decision making are often based on such faulty assumptions. So, while existing home sales’ reports have been reflecting what we’ve been forecasting all year, we’d be remiss if we didn’t point out one of the obvious distortions that made our forecast the correct one.
When the National Association of Realtors released November’s data on existing sales, it was the day following the surprising report by the Commerce Department that showed new homes up 3.4% from the previous month. Thus, when the report showed a small (0.6%) gain from October, media attention was somewhat lacking in comparison.
However, despite the modest gain, sales were off 10.7% from November ‘05, while the median price was down 3.1% on a year over year basis.
The price ($218,000) decline represented the 4th consecutive month prices fell below their ‘05 level, an event the “Realtors” said would take place as recently as June. How-ever, despite the fact that we’ve been stating for more than a year that price levels can’t be maintained, we do have a certain sense of sympathy for the Realtors’ position, due to the same type of market distortions that had serious impact on Genesee County prices in previous years.
Perhaps some of you recall the period at the end of 1999. Home prices were rising faster in Michigan (and particularly Genesee County) than nearly any place in the nation. However, the Flint area’s price level began to tumble in November, and it continued well into the first quarter of 2000.
What we found was that surging sales in the City of Flint was dragging the county’s price level down, despite the fact that Flint prices were actually up at a rate more than 20% above the previous year. However, as the City’s homes were priced well below average, the surge in activity (from 23% to 26% of total if I recall correctly) brought the overall price level down.
Now, let’s fast forward to the present on the national scene. In November ‘04, Cal-ifornia homes were selling at a rate of over 652,000 units, roughly 9.6% of the nation’s sales that year. This year, however, they’re selling at a 451,000 unit rate, roughly 7.2% of the U.S. market.
Since nearly every home that sells in the “Golden State” is above the national median (its median price in Nov. was $555,300), its sharp decline in sales drags the over all median price sharply downward, similar, in effect, to the impact of soaring Flint sales on Genesee County in ‘99 and ‘00.
When we consider the California impact, along with the crunch in Southern Florida, it’s easy to understand why prices are off. What isn’t as easy to understand, however, is why the nation’s top housing economists couldn’t see it coming.
If there was some semblance of “good news” in the report, it was a modest decline in inventory of 40,000 units. Still, that was up 33% since the first of the year.
State and Local
Michigan’s November data haven’t been reported yet, but we do have some interesting local data. The 409 units sold during the month represent a rate of 5,177 units, up dramatically from the previous month.
Furthermore, it’s the second consecutive month sales were above their 2005 level. Of course, as we always note, one months’ sales in a relatively small market don’t necessarily reflect any trend. Also, those data still leave a 16.4 months supply listed.

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Housing and Economic Briefs: GDP off; Fed's Words "Kill"

The Commerce Department reported growth in third quarter GDP fell to 2% (from its earlier estimate of 2.2%), lowest since the 4th quarter of 2005. Noted for the “deceleration” of growth were higher imports and “a larger decrease in residential fixed investment” (no surprise there), as “real residential investment” fell 18.7% (compared to falling 11.1% in the 2nd quarter).
However, the bright spot in the final report related to inflation, as real prices were up 2.2% during the quarter, down from 4% during the previous period. And, excluding food and energy, price levels were also as 2.2%, down from 2.9% in the 2nd quarter.

Seldom are the opinions of economists worth the paper they’re printed on. In fact, forecasts of economic activity based on “Graduate School” principles have proven to be as reliable as Matt Millen’s draft picks.
However, when a group of so called experts meet as the Federal Reserve Board, there musings can (figuratively) “kill.”
On Wednesday the financial markets reopened after the long Holiday weekend (extended by President Ford’s funeral) with a proverbial “Bull Market” blaring away. The “Dow Jones industrials” were up more than 100 pts. and NASDAQ was up 35. Then, that afternoon, came the release of the minutes from the Federal Reserve meeting noting there were risks to growth in the economy but, still, “all participants remainded concerned about inflation.” In other words, it was unlikely the Fed would cut interest rates in the immediate future.
Well, the markets plunged in response, despite there was nothing in the minutes that hadn’t been said before. And nearly every stockholder in America was affected.
From a housing perspective, the news was positive, as bond yields fell which is good for fixed rate loans.

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Housing Market Index Chief Indicator of Stock Prices?

Late last year we received a fascinating chart from Joel Mallery of MorganStanley, an association Patron, comparing directions of NAHB’s Housing Market Index (HMI) with stock prices as measured by the “Standard and Poors 500.” Titled “Just a Coincidence?,” the chart, produced by Charles Schwab, showed the HMI as a “remarkably accurate” predictor of stock prices in the coming 12 months.
For those who don’t recall, the “HMI” is derived from NAHB’s monthly survey of Homebuilder confidence, measuring member sentiment regarding sales, both current and expectations, along with model traffic.
Graphing the HMI since late ‘94, then covering it with a graph of the “S & P 500 index” starting a year later, we find a disturbingly accurate indicator, up to the end of ‘06: We use the term “disturbingly,” due to the HMI’s plunge in late 2005. In October 2005 the HMI stood at 68. A year later is was in the 31 range. Consequently, if the S & P index follows suit, it’ll fall to the 550 range from its current 1,410, and that’s disturbing!
Of course, we’ve also noted a relationship between stock price levels and the Super Bowl winner. Perhaps the HMI is an indicator as to, whether or not, an original “AFL” team wins the big game. We’d suggest there’s a “Hedge” fund out there coupling bets on the Chargers, Jets and Patriots!

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Taxation and Finance by Rachor; Purman & Tucker CPAs
Contributing to Charity? New tax rules could affect YOU

The Pension Protection Act of 2006 (PPA) took a long time to get through Congress and, when all was said and done, pensions weren't the only subjects it covered: It also included changes to the rules applying to charitable contributions. Here's a brief look at some of those changes.

Back Up Cash Contributions
Starting in ‘07, charitable deductions for a contribution of money will require a record of the contribution, no matter the amount. The record can be either a written communication from the charity that includes the charity's name, the date of the gift, and the gift amount or a bank record, such as a cancelled check.

Gifts of Clothing and Household Items
PPA provides, basically, that no charitable deduction will be allowed for contributions of clothing or household items made after August 17, 2006, unless the gifted items are in good used condition or better. The law also notes that the IRS has the authority to issue regulations denying deductions for the contribution of items having "minimal" monetary value.

Tax-free Charitable IRA Distributions
Another interesting aspect of the new law is a provision allowing income-tax exclusion for distributions from traditional or Roth IRAs to charities for tax years 2006 and 2007 only. These tax-free IRA distributions can be authorized by individuals who are at least 70 ½, and the upper limit on such contributions is a generous $100,000.
This annual limit is based on the aggregate amount of an individual's charitable "IRA gifts" in a year, so the tax-free IRA donations may be made up of a number of distributions from one or more IRAs, given to one or more charities. The contributions must consist of IRA distributions that are made directly by the IRA’s trustee to charity.
No itemized charitable contribution deduction is allowed for “IRA donations,” nor can such donations be made from simplified employee pensions (SEPs) or SIMPLE IRAs.

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DMX Clear #4; “Ford Watch” Begins

Historically, when it comes to the South-east Michigan housing market, auto sales have been nearly as important as housing data. Thus, in early ‘04, we raised our focus on happenings in the auto industry, including a 30 month “Toyota watch,” to see how long it would take the Japanese company to join the “Big 3” in America.
Ironically, the one “U.S.” auto company that’s increased its market share over that period is Chrysler. However, its market share is a full 1% below Toyota’s.
Now, as we look at 2007, we find Ford is on its way to falling below the Japanese giant in Domestic sales, while GM will, in all likelihood, become the #2 auto maker in the world market.
Overall, U.S. auto sales slipped 2.5% in 2006 as compared to the previous year. The 16.56 million units sold were a relatively solid number, though the lowest in recent years. However, the continued de-mise of the American auto industry refuses to take a break.
While much has been written about the problems facing the U.S. industry, nothing illustrates it better than the comparison of GM and Toyota’s domestic sales’ activity over the past 4 years. GM sales slumped 13.6% over that period, off 640,000 units. Toyota’s sales rose 670,000 units (36%) at the same time.
Recently, someone noted that the number of GM employees in the U.S. is nearly the same as the number the company employed locally in the 1960s.
In December, Toyota’s sales rose 12% from a year earlier, while GM’s and Ford’s plummeted 13%. Is it any wonder we’re now on a watch to see how long it will take for it to rise to #2 in America?

Barry

Beyond Seinfeld: It�s still about "Nothing" in particular

Vatican to buy a “Football” team?

We were somewhat intrigued to see a Reuters report noting the “Vatican may be the world's smallest state, but it is thinking of mustering a soccer team that could compete with the world's best,” according to its Secretary of State.
"The number two to Pope Benedict recently said the Holy See could form ‘a magnificent team’ by drawing on the hundreds of Brazilian students at its pontifical universities around the world,” according to the report.
But who would run that team? Well, as we now know, most of the world calls soccer “football.” And, we have just the Football executive for the Pope’s team. After all, the Vatican cares for the downtrodden ... and, what could help Detroit’s “downtrodden” football fans more than taking Matt Millen off their hands. Well, on second thought, do they need an owner as well?

"Seinfeld" Brief:

Now that the Lions’ season is mercifully over, we thought it appropriate to reprint part of this column from 9-2-03: “While most of us remember that JFK was assassinated November 22, 1963, it’s another event of that day that’s tormented Michigan for 40 (now 43) years. You see, hidden behind the next day’s headlines was the news that William Clay Ford bought the Detroit Lions in full.”
In late August ‘03, “Free Press columnist Drew Sharp wrote about the special shareholders meeting 11/22/63, where Ford invoked purchased the Lions for $4.5 million. “It was a sad, terrible day,” Ford recalled.” YES it WAS!
The title of Sharp’s column? “After 40 years, Ford is down to his last chance.” Well, four seasons have passed since, and the Lions have won 19, LOST 45 (29.7%)! Of course, that’s an improvement over the previous two seasons.

SPRAWL: The new “Front Line” in the nation’s War on Drugs?
After all the attacks on the housing industry for destroying farmland, we’ve often taken note of agricultural news. Thus, we were fascinated by a Reuters’ report noting “Marijuana is the largest cash crop in the U.S.,” with $35 billion worth produced annually, “more than corn and wheat combined!”
What we find even more fascinating is the breakdown on the “crop’s” producer and retail prices: $1,606 per lb. v $2,400 to $3,000 (50% to 87%, all without taxes).
So remember, the next time you’re accused of chew-ing up farmland, just tell the accuser that $35 billion of the $106.6 billion in annual crop sales comes from marijuana, so you’re just helping win the “War on Drugs!”

Barry

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Association News and Events by Laura

‘07 Kick’s Off with Installation and Honoring Retiring Officer

There’s little question that Ted Macksey, of Lexington Proper-ties, is taking on a tremendous challenge in ‘07. After all, the Davison Builder & Developer will lead the Flint area building industry at a time activity’s at a 15 year low.
But in recent weeks Ted and the association’s leaders have been working on plans to ease the impact of the local economy on association members, with the intent to assure BAMF builders get the greatest share of local home sales.
On Wednesday, January 24, when former President Steve Steffey passes the ceremonial gavel to his successor, we will already have been off running on new projects for the early part of the year.
At the January meeting, as we traditionally honor the outgoing board and welcome the new year’s leadership, another challenge for Ted and the association will be immediately evident as 2nd Vice President Bob Vance receives his Officer’s Plaque for the ninth and final time. Bob’s been an integral part of this association for more than 3 decades, serving Presi-dent’s since the mid 1970s as the representative of the Flint Journal. He was in-ducted on to the BAMF “Wall of Fame” in 1997, a particularly unique honor since it was primarily for his years of service to the association and industry “prior” to his election to the Board of Directors, and 15 years after his first “Associate of the Year” award.
So, join us January 24th at Brookwood as we recognize our 2006 Officers and Directors, install our 2007 Leaders, hear about the plans for the year, and honor a friend and a leader who’s provided distinguished service to the local home building industry for over thirty years.
The evening begins at 6:00 p.m. with hors d’oeuvres and open bar, sponsored by Franklin Bank.

Exhibitors’ Night spaces are starting to fill up. As we announced earlier, the event will be held at Brookwood this year, on Wednesday, February 28th, with the special menu (Burgers, Brats, Pizza) and complementary beer, wine and soft drinks throughout the evening. Normally more than 240 attend this event, which is held each February. This year it’s on the 28th, beginning at 4:00 p.m. and running until 7:00., with door prize drawings throughout the evening.
Exhibitors’ prices are $225 for a 6 foot table; $275 for an 8 footer. If you’re interested, call Tracey or Laura (810.603.2200).

Finally, look for Parade of Homes applications (and even Housing Quarterly ad contracts) near the end of the month. If you don’t receive one and wish to participate, call the association office.

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New Construction and Sales Activity

When November’s New Home sales were released, the media went wild with stories of a “surprising” turnaround. Not only had sales climbed 3.4% from October, median prices jumped to $251,700, the highest level since April.
Euphoria spread to the stock market, while bond prices fell, raising long term interest rates. After all, these data suggest the housing sector already reached bottom ... or, did it?
There was one particular section in the Commerce Depart-ment’s report that appears to have escaped the “experts.” In recent years, of all new homes sold, roughly 24% of them are “completed” at the time of sale. However, in November, as with the previous three months, the “completed” percent of homes sold was 35%, suggesting significant numbers of highly discounted (higher priced) homes were sold, raising the median price to the current level.
Furthermore, normally 40% of sales are for homes not started. But that was down to 36.1% in November. So, while sales are down 15.3% in comparison to last November, the number of sales of homes “not yet started” was down 21.2%, which takes us to the housing construction report a week earlier.
While single family starts were up from October, they were off 28.6% from November ‘05. But the section that was down even further was permits, down 3.1% from October, and 33.3% from a year earlier, not only reflecting on the weak housing market, but the decline in sales of homes “not yet” started as well.
In all, single family permits are down 17.1% year to date; starts are off 14%; with sales -17.3%. Through October the numbers were -15.8%; -12.5%; & -17.9% respectively, suggesting there’s a way to go before we can actually say we’ve bottomed out.
Inventory continued to decline for the 3rd consecutive month, with 552,000 units on the market, 8.7% above November ‘05.
Genesee County
Normally we’d boast if local permits rose 50% in a month. When the rise is from 30 to 45, our enthusiasm’s easy to curb.
As you can see in the graph above, November provided the first monthly rise since May as our year to date numbers rose to 670, 59.9% below last year’s level of 1,670.

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Look Here for Previous Issues of Veritas

Volume 19 Issue 1 January 2007 - Association's "Builders' Initiative 2007" Kicked Off December 15th, GDP off; Fed's Words "Kill", Contributing to Charity? New tax rules could affect you, DMX Clear #4; "Ford Watch" Begins
Volume 18 Issue 12 December 2007 - Articles include (MICIM Sponsored Open House Warms the Holiday Spirits, Existing home prices finally reflect national market conditions, Manufacturing contraction?, Plan for '06/'07 tax years)
Volume 18 Issue 11 November 2006 - Articles include (Parade closes with pleasantly surprising traffic results,
GDP weakest since '03; Jobs "strong?", Appeals' Court: "Don't tax new public improvements", Energy Tax Credit Revisited)
Volume 18 Issue 10 October 4, 2006 - Articles include (Parade opens with perfect weather; surprising traffic, Job Growth didn't fizzle; But HPI did, I "gave" to the tax collector, When buying a building)
Volume 18 Issue 9 September 5, 2006 - Articles include (Building Opportunities; New Venue: Highlight Sept. 20th, Price growth slows; income too, Voters "Generosity" Continues, Start Tax Planning Early )
Volume 18 Issue 8 August 8, 2006 - Articles include (Fall Parade promotes “New” builds - Deadline August 17 th,
Housing and Economic Briefs: GDP falls taking mortgage rates lower, Regulators often need monitoring )
Volume 18 Issue 7 July 12, 2006 - Articles include (Fall events take on greater promotional significance,Analysis: Region’s home sales’ are stronger than popular perception, It’s Time to “Just Say NO” to Millage Requests
Volume 18 Issue 6 June 9, 2006 - Articles include (Parade traffic presented sense of optimism; Golf ‘on the clock’, Distortions rule first quarter price data; but not with Michigan, When to Deduct Entertainment Expenses)
Volume 18 Issue 5 May 12, 2006 - Articles include ("Vegas Night" a winner; Parade opens May 13; Golf outing next, Look behind the NAR verbiage and check actual price & inventory data)
Volume 18 Issue 4 April 7, 2005 - Articles include ("Vegas Night" Set for April's General Membership Meeting,
Coming this month: The opportunity to "wager" on housing prices, Look at a Simplified Employee Pension )
Volume 18 Issue 3 March 3, 2006 - Articles include (MAHB Government Affairs V.P. to speak on 'Energy Code', Government's House Price Index Reports "Real" Story on Values?, Deductions for Charitable Activities )
Volume 18 Issue 2 February 4, 2006 - Articles include (9th Annual BAMF "Exhibitors' Night" opens at 4:00 p.m., Year end 2005 single family/condo data only tell "half" the story, Why Corporate Officers' Should Not Cover "Company" Costs, 30 years of housing say '05's quite strong)
Volume 18 Issue 1 January 9, 2006 - Articles include (Annual Installation & Awards' Presentation; January 18th, Soft landing? Or, could U.S. price levels decline in the new year?)
Volume 17 Issue 12 December 6, 2005 - Articles include (BAMF says "Thanks" with 5th Annual "Holiday Open House", Factory home sites; Jobs' GDP soar, Michigan Home Price Index: 51st in U.S.)
Volume 17 Issue 11 November 4, 2005 - Articles include ( Tax “Reform” Proposals Hold Serious Danger for Housing, Income; GDP; above forecasts, New Tax “Credit” for Energy Efficient Homes)
Volume 17 Issue 10 October 7, 2005 - Articles include (Milestone Fall Parade Brings Reflection on Past 2 Decades,
Production activity deduction: '04 "Jobs Act", Katrina's Impact)
Volume 17 Issue 9 September 8, 2005 - Articles include (2nd Quarter price reports give an illustration of state's woes, '02 Sewer/Water case over? Also, checking August auto sales, Production activity deduction: '04 "Jobs Act" )
Volume 17 Issue 8 August 4, 2005 - Articles include (Contrary thoughts on the Kelo v. New London Ruling, What about those record July auto sales and “employee” pricing?, Taking your spouse on a business trip)
Volume 17 Issue 7 July 7, 2005 - Articles include (Mandatory Education/Higher License Fees -- In YOUR Future, What about that dreaded IRS audit?, Economy seems too fragile )
Volume 17 Issue 6 June 3, 2005 - Articles include (House Price Index Shows More Disparities, Auto Sales Report - May, ISM index falls! Who cares? )
Volume 17 issue 5 May 12, 2005 - Articles include (Parade Kicks Off with Sunny Skies; Great Attendance, Commuting Expense, Growth Slows; Sales Soar )
Volume 17 Issue 4 April 8, 2005 - Articles include (Why does manufacturing get all the breaks?, New Housing Activity, Q1 auto sales; same story )
Volume 17 Issue 3 March 4, 2005 - Articles include ( Incredible Numbers Show Housing Impact, Energy Code Victory, GM; Ford Problems Continue: Losing Sales & Market Share, Fastest Growth Since 1999 )
Volume 17 Issue 2 February 4, 2005 - Articles include ( Exhibitors' Night: Event grows each year; expect 40+ displays, Housing Opportunity Index Highlights Price to Income Disparity, Existing Market Activity)
Volume 17 Issue 1 January 5, 2005 - Articles include ( Despite Fed; Spring warnings; '04 rates held at historic lows, Will the Top 10 Builders Control 40% of the U.S. Market by 2010?, Can You Build "Affordable" Housing?)
Volume 16 Issue 12 December 8, 2004 - Articles include (Auto/Manufacturing Downfall�s Impact on Regional Economy, State House Prices Continue to Lag, Are homes selling 58% faster than in the �90s?, �04 Tax Bills: Breaks for Individuals)
Volume 16 Issue 11 November 10, 2004 - Articles include (3rd quarter housing data solid, but real concerns developing, Affordability decline at wrong time, BAMF Directors 2005, Auto Sales Strong but U.S. Share Shrinks)
Volume 16 Issue 10 October 8, 2004 - Articles include (Strong September Auto Sales Tempered by Incentives; Share, Appeal of a Code Ruling, BAMF Director Nominations, IRS Rules: Child Tax Credit, MAHB Warns on Energy Code)
Volume 16 Issue 9 August 26, 2004 - Articles include (Dangerous Tax Reform Plans on 2nd Bush Term Agenda?,
DEQ Loses BIG!, Talk about the BIG Hype!, State Manufacturing Jobs at New Low,States/Locals Depend on Housing)
Volume 16 Issue 8 August 11, 2004 - Articles include (Michigan Supreme Court Really Does Stand for Property, Rights, Auto Sales Up, Location; Location; LoWhat?, Pay Now ... or, Pay Later?, Jobs� outlook keeps deteriorating)
Volume 16 Issue 7 July 8, 2004 - Articles include (�Big 3� Still Losing Market; But Find New Ways to Move Jobs,
Building Homes with Robotic Labor?, New IRS Audit Initiatives, Jobs� data raises political concerns )
Volume 16 Issue 6 June 7, 2004 - Articles include (1st Quarter Metropolitan Price Data Raises Serious Questions,
What about North America�s Border War?, May Auto Sales Up?, �Pistons:� Economy�s Last Defense?)
Volume 16 Issue 5 May 14, 2004 - Articles include (Parade Opens: Response defies weekend's stormy weather, Awesome Facility sets up �Empire� to Strike Back, New IRS Audit Initiatives, Jobs strong for 2nd month; Rates?)
Volume 16 Issue 4 April 14, 2004 - Articles include (Proposal �A� 10 Year Coverage Lacked Sense of Facts; History,
Builders Note: Grand Blanc Sewer/ Water; Mich. Code, State Funding Begets Desperation)
Volume 16 Issue 3 March 5, 2004 - Articles include (4th quarter existing home prices plunge while home values soar, Warning! OSB Price Replay?, Auto Sales: Still the Same Old Story, Audits � New IRS Audit Initiatives)
Volume 16 Issue 2 February 6, 2004 - Articles include (Vehicle Sales Tell Different Story, Taxation and Finance - Supplying a Company Auto to Employees, Growth strong; but those markets?)
Volume 16 Issue 1 January 7, 2004 - Articles include (Treasury �Witch Hunt� Targets Michigan�s Builders, Building Remains Target, Price v Value May Suggest �Base� Interest Rate, Keeping �growth� in perspective )
Volume 15 Issue 16 December 2, 2003 - Articles include (Michigan�s home appreciation still lags behind the nation, Housing Industry News Briefs � November, New tax revisions make year end review particularly important in �03)
Volume 15 Issue 15 October 30, 2003 - Articles include (Grand Blanc Moratorium Ends as BAMF Accepts Twp. Agreement, Regarding Veritas� Schedule, Tax Act of 2003 � Dividends and Capital Gains Rate Reductions)
Volume 15 Issue 14 September 2, 2003 - Articles include ( Meeting will Focus on Michigan Land Use Council�s Report, Maybe Warren Buffett has a Point; California Property Taxes too Low?, Business and Nonbusiness Bad Debts)
Volume 15 Issue 13 August 18, 2003 - Articles include (No surprise as Land Use Council Ignore�s Causes of Urban Decline, �Peoples� Republic� Jumps First; Ann Arbor Plans Green Belt �Mote�, Selling Investment Property)
Volume 15 Issue 12 July 30, 2003 - Articles include (Brace Yourself: �Land Use Council� Report Coming in August, Sprawl and �Flynt�s� growth industry, Gephardt: New "Monarch" in Waiting, Signs point to improvement -- but!)
Volume 15 Issue 11 July 8, 2003 - Articles include (Faulty Federal Jobs� Data May Invigorate �Anti-Sprawlers�, �Metro Home Sales Sputter�, Gephardt: New "Monarch" in Waiting, Investment Property, Employment Degeneration Continues)
Volume 15 Issue 10 June 24, 2003 - Articles include (Habitat House Dedicated; Case Family Become Homeowners, �Metro Home Sales Sputter�, �Mein Kampf� Dogma Evident In Sprawl; Smoking Attacks)
Volume 15 Issue 9 June 3, 2003 - Articles include (House Deflation: Economists haven�t figured it out yet,
�03 Tax Bill � Breaks for Individuals, Growth ; manufacturing; deficits )
Volume 15 Issue 8 May 14, 2003 - Articles include (CCIF Decision Critical for Fight Against Anti-Sprawl Forces, Auto, Prices and other briefs, Myron Orfield: U-M�s Second Coming of Ed Martin?, Economy sluggish but still growing)
Volume 15 Issue 7 April 23, 2003 - Articles include (April Speaker to Focus on that Chronic Building Crisis, Water rates; autos and other briefs, MAHB�s Policy; The Irony of it All, Auto industry impact really shows )
Volume 15 Issue 6 April 3, 2003 - Articles include (Granholm Enlists her �Republican Guard� in War on Sprawl (action needed), Changes in the Michigan Single Business Tax, War news impact beats economics)
Volume 15 Issue 5 March 17, 2003 - Articles include ( Newly Published OFHEO Data Highlights Impact of Proposal �A�, MAHB�s Policy; The Irony of it All, Promotional Expense Deduction Limit, Weak jobs' data shakes confidence)
Volume 15 Issue 4 March 3, 2003 - Articles include (8 month nightmare could soon be over with County bond resolution, MAHB�s Policy; The Irony of it All, Now business side showing strength)
Volume 15 Issue 3 February 12, 2003 - Articles include (Biggest �Exhibitors� Night� Ever!, Crisis Management Plans for 2003, Sewer and Water Update, So, the jobless rate dropped 0.3%?)
Volume 15 Issue 2 January 23, 2003 - Articles include (Tell Your Story! Meeting to Focus on Sewer/ Water Impact, Local activity skewed by �Top 20�, What�s with these local rentals?, Sewer/Water Focus Shifts to County)
Volume 15 Issue 1, January 8, 2003 - Articles include (Granholm�s dilemma: Can�t slow �sprawl� and balance the budget,
GM gains market share again in �02, What�s with these local rentals?, Crisis Management Plans for 2003, Sewer/Water Focus Shifts to County, Manufacturing sets off stock rally)
Volume 14 Issue 22, December 19, 2002 - Articles include (Health Benefits� Costs Up 14.7% in �02; A drag on employment?, BAMF/Habitat for Humanity: In Progress on Nichols Ave, Health Insurance: It�s �Deja Vu�, Planning 2002 Stock Capital Losses)
Volumce 14 Issue 21, December 3, 2002 - Articles include (3rd quarter appreciation down slightly: �Flint� leads Michigan, Planning 2002 Educational Expenses, Sewer and Water Update, Confusion adds to confidence woes )
Volume 14 Issue 20, November 13, 2002 - Articles include (Guess who�s under attack from California�s environmentalists?
2002 Elections� Anecdotes, Planning 2002 Educational Expenses, Pretty Quiet for an Election Year)
Volume 14 Issue 19, October 29, 2002 - Articles include (New Home Sales break record for second consecutive month
Leadership Set for 2003, Cost Segregation, Pretty Quiet for an Election Year, Housing impact even more dramatic)
Volume 14 Issue 18, October 10, 2002 - Atricles include (Steve Easley to Speak: �Mold and Mildew, a Growing Concern�, Area�s Industry was Base for WSJ article, Options for Business Auto Expenses)
Volume 14 Issue 17, September 24, 2002 - Aricles include (�Habitat House� taking shape after active framing weekend, Moratorium Still in Affect, Squeezing Small Builders, When legal action�s the only alternative)
Volume 14 Issue 16, Septenber 9, 2002 - Articles include (Jeff Wright to speak: Moratorium, water line, head 9/18 agenda
Squeezing Small Builders, Your Company's Business Plan: Roadmap to Success, Jobless rate falls, so does confidence)
Volume 14 Issue 15, August 22, 2002 - Articles include (Despite denials, housing "bubble" could burst; but probably not here, Sewer/Water Moratorium, Education Savings Program, Indict Secretary "Don" Evans,Was Commerce "cooking" the books?)
Volume 14 Issue 14, July 30, 2002 - Articles include (MAHB directors run for cover on statewide sewer and water crisis,
Sewer/Water Moratorium, Three Critical Primary Races, Weak employment - weak confidence)
Volume 14 Issue 13 July 16, 2002 - Articles include (Moratorium draws focus to statewide sewer and water crisis, The Feeling of Helplessness, Job Applicant Background Check, Insurance Premiums Choking Employment?)
Volume 14 Issue 12 June 25, 2002 - Articles include (Your health insurance premiums now finance European socialism, After 12 Painful Years, Relief on the Architects� Seal, Financial Records' Retention, Insurance Premiums Choking Employment?)
Volume 14 Issue 11 June 6, 2002 - Articles include (The "Real" winners in Income Growth: Gaines/Argentine Twps,.Census exposes "Farm" legend, Financial Records' Retention, Dollar's decline is cause for concern)
Volume 14 Issue 10 May 29, 2002 - Articles include (Revenue Sharing: What the State Withholds; Housing can Give Back, Cancellation of network news?, New 2001 Audit Statistics, Road Commission's Subdivision Development Progress online)
Volume 14 Issue 09 May 9, 2002 - Articles include (Farm Bill Legacy: As Always, Policy Comes in Second to Politics, Court Strikes Rogue Law, Home Office Deduction Rules, Growth Up; Jobs Down; Markets Schizoid)
Volume 14 Issue 08 April 29, 2002 - Articles include (Sewer and Water Capacity: The Primary Issue for Michigan Growth, �Fortune� knows �Flint� 2002, Employees Called to Active Duty, Local Existing "Prices" Soar)
Volume 14 Issue 07 April 3, 2002 - Articles include (Can't clone your best employees? profiling can be the next best option, What about North America's Border War?, Local Existing "Prices" Soar)
Volume 14 Issue 06 March 20, 2002 - Articles include (Michigan's leadership in home appreciation values seems over, "Max Bickford" Educates America on Sprawl, Early Withdrawal from Individual Retirement Accounts)
Volume 14 Issue 05 March 5, 2002 - Articles include (When National Retailers Bring About Blight, Rules for Deducting the Cost of Computer Software, Home Builders� Liability Crisis, Is it �Dewey Defeats Truman;� Circa �01?)
Volume 14 Issue 04 February 20, 2002 - Articles include (Little Change in Local Housing Trends as South/East Dominate, Independent Contractors; how to classify workers,Warning! Grand Blanc Builders)
Volume 14 Issue 03 February 5, 2002 - Articles include (More than thirty exhibits set for fifth annual �exhibitors� night�, Need a different type of economic thinking, Benefit: Group - Term Life Insurance, Reality: area activity fell in �01)
Volume 14 Issue 02 January 23, 2002 - Articles include ( Local housing data surprises, Local affordability slips in Housing Opportunity Index, �02 Rates for Mileage; FICA threshold, As signs point up; why the uneasiness? )
Volume 14 Issue 01 January 7, 2002 - Articles include ( Former Governor/Ambassador to speak at January 16th meeting,
State�s #1 in Home Ownership, How times change in 12 years, 1 negative quarter a recession makes?)
Volume 13 Issue 23 December 10, 2001- Articles include (State Housing Activity Plummets in Fall, �Recession� Aside: It�s mostly a banner year for housing, There�s Tax Relief for Bad Debts, 1 negative quarter a recession makes?)
Volume 13 Issue 21 October 31, 2001 - Articles include (State�s New Housing Activity Down 5.8%, A New Danger Lurks in Detroit, Tired of Unsolicitated Mail, Telemarketing and E-mail?, Anti-Sprawl issues take �back seat�)
Volume 13 Issue 20 October 18, 2001 - Articles include (Parade shows little fallout from Sept. 11, Most Important Parade: Ever!, Charitable Donations and Tax Deductibility, Anti-Sprawl issues take �back seat� to economics)
Volume 13 Issue 19 October 5, 2001 - Articles include (�Flint� area activity still leads the state, Most Important Parade: Ever!, Thought there were no inflation worries?,�big� question; what�s the impact of 9/11?)
Volume 13 Issue 18 September 19, 2001 - Articles include (Housing comes together for victims, The day we learned so much!, Sales and Use Tax for Contractors, What if home prices collapse?, �big� question; what�s the impact of 9/11?)
Volume 13 Issue 17 September 4, 2001 - Articles include (U.S Real Estate values soar 8.6% in Q2, Farmers whine; Americans pay!, New Rules Regarding Making Mid-Year Plan Elections,What if home prices collapse?).
Volume 13 Issue 16 August 17, 2001 - Articles include (Administration imposes 19.3% tariff, Biting the Hand that Feeds You, Assisted living residents� monthly fee deductibility, Economy weakens and sentiment rises)
Volume 13 Issue 15 August 1, 2001 - Articles include (State Housing activity may be sliding, The industry that defies gravity, BAMF Truck for local events?, GDP falls, but corporate profits could rise)
Volume 13 Issue 14 July 17, 2001 - Articles include (Senate Bill 351 gets immediate effect, Nightmare on Pennsylvania Ave, Education Tax Breaks in 2001 Tax Act, Sprawl Battle: State v County, Vanishing Surplus is story of the week)
Volume 13 Issue 13 July 2, 2001 - Articles include (State/region: single family activity falls, Rulings explain last fall�s �big $�, Employee v. Independent Contractor or �W-2 v 1099�, Gasoline Prices + Confidence = Growth?)
Volume 13 Issue 12 June 19, 2001 - Articles include (Did weather hurt existing home sales?, They should read there own paper!, Opportunities & Pitfalls: �Tax Relief Act of �01�, Slowdown: continuing or bottomed out?)
Volume 13 Issue 11 June 5, 2001 - Articles include (East Coast/N. Calif: Prices go Wacko, Left Wing Attacks on NAHB Staffer, New Retirement Plan Distribution Rules, Surprise! Confidence up; jobless down)
Volume 13 Issue 10 May 23, 2001 - Articles include (The �New Frontier� of Metro-Detroit?, Census data made economists look like morons, Greenspan limbo: How low will he go?)
Volume 13 Issue 9 May 8, 2001 - Articles include (Spring Parade Opens Saturday, Business News & Issues, Term limits + new salary = pension opportunity, Taxation and Finance, GDP�s growing, and so are jobless lines)
Volume 13 Issue 8 April 24, 2001 - Articles include (Local tax base growth exceeds population, Housing gets its due; but are �they� listening?, Consumers are spending; but business?)
Volume 13 Issue 7 April 2, 2001 - Articles include (County plan calls for $1,000 tap-in Fees, Home values soar; area prices recover, The Equity Affect & America�s Economic Psyche, Michigan Legislative Update)
Volume 13 Issue 6 March 20, 2001 - Articles include (Does �Fed� action impact mortgage, How much power over private business is legit?, MRC Delay: New Target - 7/31, How big will tomorrow�s rate cut be?)
Volume 13 Issue 5 March 5, 2001 - Articles include (State's appreciation rate below U.S. in '00,Venice: A 21st Century Atlantis?/Michigan�s �Greens� take action, Economy: Recalling a mid �50s commercial)
Volume 13 Issue 4 February 21, 2001 - Articles include (An historic 1st: Local economy�s in 6 year period of stability,
New housing stand�s alone?, �Triggers� to protect from surplus� euphoria, Stair Geometry Confusion?)
Volume 13 Issue 3 February 6, 2001 - Articles include (Michigan housing activity off by 1620, Local; Regional permit decline in line with state & nation,�Chrysler� situation brings bad memories, Single State Code Coming May 30th?)
Volume 13 Issue 2 January 16, 2001 - Articles include (New code is focus of 1st meeting of �01, Cost of business operations, �Exec� government in county�s best interest, Environmentalists attack Interior nominee)
Volume 13 Issue 1 January 3, 2001 - Articles include (3rd quarter existing home prices soar, Building Officials� 2 Day Training, Will surging economic fears be self fulfilling?, The big question: soft landing, or recession?)
Volume 12 Issue 23 December 7, 2000 - Articles include ( Time for another burning of �Money?�, Building Officials� 2 Day Training, Economic expectations often unrealistic, Is the Fed getting ready to cut rates?)
Volume 12 Issue 22 November 16, 2000 - Articles include ( 3rd quarter local data show prices fall, Vehicle sales showing softness, Perhaps election results were definitive, Economy strong amid �modest� slowdown)
Volume 12 Issue 21 October 31, 2000 - Articles include (Building activity down 17.8% thru Sept?, County Leaders deserve reelection, Vote �divide and conquer�: its our only hope, Q�3 GDP cools; but is slowdown imminent?)
Volume 12 Issue 20 October 17, 2000 - Articles include (Beyond Prescription Drugs & Education, The $230 billion surplus: real or fantasy?, Looks like growth may well have returned)
Volume 12 Issue 19 October 3, 2000 - Articles include (Campaign: �Housing is Forgotten Issue�, Job Creation study�s analysis ignores local economic reality, Preserve America�s Sanity: End soft money, Poverty low; Spending up; etc)
Volume 12 Issue 18 September 19, 2000 - Articles include(Despite rates, sales still near record, Job Creation study�s analysis ignores local economic reality, Maybe it is time for a County Executive)
Volume 12 Issue 17 September 5, 2000 - Articles include(Area�s �affordability � continues slide, NAHB comes to S.E. Michigan, Save our forests: Cut rather than burn, Some act like the economy surrendered )
Volume 12 Issue 16 August 15, 2000 - Articles include(County wide home prices fall again, Primary results teach important lesson, Selling Investment Property Like Kind Exchanges, More Indications of cooling economy)
Volume 12 Issue 15 August 2, 2000 - Articles include(Housing starts fall throughout region, Locally, Primaries are crucial, Surprise: Fieger party attacks high court, Suspicions on Flint sales confirmed, 2nd quarter growth surge puzzling?)
Volume 12 Issue 14 July 17, 2000 - Articles include (Jobs� discrepancies could be explained, Illinois farm town gives grants to extend �Sprawl�, More proof that BAMF serves the public, Local control or minority rule?)
Volume 12 Issue 13 July 5, 2000 - Articles include ( An end to the claim that housing �costs�, �Suburban Beauty ... Why Sprawl Works�, Taxation and Finance .. by Rachor, Purman & Tucker, Psychotic world of economic analysis)
Volume 12 Issue 12 June 21, 2000 - Articles include (May Housing Activity Declines from '99, Past two weeks said much about the area�s future, Attacking the goose who lays golden eggs, State still tops in appreciation)
Volume 12 Issue 11 June 6, 2000 - Articles include (�How builders buy (political) access, influence", Business Briefs: Sugar update; autos roll on ...,Why Developers Contribute in Local Races, So, the economy�s slowing, you say?)
Volume 12 Issue 10 May 19, 2000 - Articles include (Builders Now Oppose Farm Preservation Bill, Business Briefs: Sugar update; autos roll on ..., Now Rosie�s �My Friend;� Where�s Kathie Lee?)
Volume 12 Issue 9 May 4, 2000 - Articles include (State Windfall from Proposal �A� is Enormous, Business Briefs: Why Agriculture always wins, Parade, Housing Quarterly & Industry Pride, Tax Planning for the year 2000)
Volume 12 Issue 8 April 19, 2000 - Articles include (Town Hall meeting on Sprawl bombs badly, Where Government Appreciates Housing, �Inflation is back!� says Disney News)
Volume 12 Issue 7 April 7, 2000 - Articles include (Final Answer? �Cows don�t go to school.�, Briefs: With local industry impact, Mr. Gore: It's Still "The Economy Stupid!", Equity v Savings; Plastic Timber; & More)
Volume 12 Issue 6 March 15, 2000 - Articles include (State's Home Values soar fastest in U.S., Briefs with local industry impact, Finally, that NIKE factory makes sense)
Volume 12 Issue 5 February 29, 2000 - Articles include ("Sprawl"; Its "costs" may be benefits, Briefs with local industry impact, Policy v Politics: The latter Usually wins)
Volume 12 Issue 4 February 16, 2000 - Articles include (Auto World II? or Legitimate Venture?, Briefs with Local Housing Industry or Economic Impact, The Dilemma that Killed the Coronation)
Volume 12 Issue 3 January 31, 2000 - Articles include (Table Top Exhibitors Nearly Double, Single Family/Condos: Up 14.6%, The "Era of Big Government" is Back!)
Volume 12 Issue 2 January 19, 2000 - Articles include (Local Single Family/Condo Activity Up 9.7%, Special Interest beats another development, Downtown Ramada up for Auction)
Volume 12 Issue 1 January 4, 2000 - Articles include (Local Housing Data Stronger Than Expected, State Code Brings Immediate Change, New Challenges for a Totally Different Era)
Volume 11 Issue 23 December 14, 1999 - Articles include (Housing's Incredible Growth Marked '90s, Proposal A Made Michigan #1, Oh! How U hate to see the nineties go)
Volume 11 Issue 22 November 17, 1999 - Articles include (No Resolution of Single State Code, Water Control in the 21st Century, Term Limits? Bring back the Pros!)
Volume 11 Issue 21 November 2, 1999 - Articles include (Genesee continues to lead region, Governmental Affairs Update, Editorial Credibility: Free Press Blows It!)
Volume 11 Issue 20 October 21, 1999 - Articles include (Single State Code Makes it to Floor, Judge adds $20 million in Novi Case, Government Policy and a fragile economy)
Volume 11 Issue 19 October 5, 1999 - Articles include (NAHB's HOI finds "Flint" at midpoint, Battle over States' Ability to violate Federal Law, Time for a builder/developer President?)
Volume 11 Issue 18 September 16,1999 - Articles include (Sprawl Forum sets agreeable tone, Are we losing another institution?, and Wonder what conference they were at?)
Volume 11 Issue 17 September 1, 1999 - Articles include (County home prices take 12% leap, The Image that just keeps on Haunting, and "A Bumper Crop of Subsidies")