February 3 , 2006

Inside Veritas -
Article 1 - 9th Annual BAMF "Exhibitors' Night" opens at 4:00 p.m.
Article 2 - Year end 2005 single family/condo data only tell "half" the story
Article 3 - Housing and Economic Briefs
Article 4 - Existing Market Activity
Article 5 - Taxation and Finance by Rachor; Purman & Tucker CPAs
Why Corporate Officers' Should Not Cover "Company" Costs
Association News Update From Laura
New Construction and Sales Activity
BS: Still about Nothing in particular
Editorial - 30 years of housing say '05's quite strong
Would you like to see a previous Veritas Issues? Click Here

9th Annual BAMF "Exhibitors' Night" opens at 4:00 p.m.

It’s become one of the most successful, enjoyable evenings of the year as our annual Exhibitors’ Night “trade show” continues to grow, attracting over 240 members in recent years. In 2005 we had 38 exhibitors, and expect a similar number at the February 15th (Wednesday) event at Bonapartes’, for our special buffet (burgers, Brats, Pizza), complementary beverages (beer, wine, soft drinks), and drawings for some incredible prizes donated by exhibitors.

The event begins at 4:00 p.m., and runs to 7:00. Plan to attend on the 15th, and we ask that you RSVP by noon Thursday (February 9th) so we can assure enough food and drink.

Note: There may be tables available for exhibitors. Call 603-2200 if interested.

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Year end 2005 single family/condo data only tell "half" the story

Judging by Sunday’s (1-29) Flint Journal report, along with the data we’ve received from Housing Consultants, it’s safe to say that new housing activity was right where expected, around 1,800 single family and condo units last year.

While we haven’t had the opportunity to check out the discrepancies, only two are significant (Forest and Fenton Townships) and those are likely on the high side, suggesting the 1,800 number is reasonably accurate.

However, the year-end data fail to tell the story of housing activity in Genesee County, or in the Southeast region of the state, because the rate of de-cline was distorted by a number of factors. First, concerns about a new energy code had a dramatic impact on the first quarter, when ‘non-rental’ permit activity soared 39% locally as compared to 2004. However, even with the push from “energy code” concerns, the region as a whole was already down 7.5% quarter’s end.

By the time the year was half over, the Flint area remained 2.2% ahead of 2004, while the region was already off 13.5% year to date.

However, under the premise that “energy code” distortions were no longer impacting permit data by the 3rd quarter, we can get a more accurate look at the industry in the 2nd half and, what we find is that sales as well as permits, fell off dramatically. For example, Housing Consultants’ data show a 31% drop in Genesee County permit activity during the final 6 months, and an incredible 42.3% decline in the fourth quarter alone. And realtors’ data show local sales falling 7.7% in the 2nd half, 12.5% in the fourth quarter. So, the trend is obvious.

Despite the drop, 2005 still represented a solid year for area builders, as will the 1300 to be built in ‘06. However, the decline of 800 units over two years will have a serious impact on the local community in jobs (equivalent to 1,900) and rising tax base (that made up for declines in state revenue sharing in recent years). Per-haps that will give some of our ‘anti-growth’ communities reason for a change of heart.

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Housing & Economic Briefs

U.S. Economic growth tumbled during 2005’s fourth quarter as Gross Domestic Product grew at an annual rate of 1.1%, its slowest level since the end of 2002. For all of ‘05 GDP grew at a rate of 3.5%, down from 2004 but up from ‘03’s 2.7%.

Critical to the anemic growth was plummeting auto sales that fell 17.5%, the deepest decline in 18 years, leading to surprisingly weak consumer spending that grew (ironically) 1.1% after (also ironically) rising 4.1% (the same level as GDP) in the 3rd quarter.

What was most fascinating regarding the GDP report was the market reaction: Indexes roared as the Dow Industrials jumped 96 points on the findings, supposedly based on hopes for an end to Federal Reserve interest rate hikes. On the other hand, some of us are more concerned that the decline in spending signifies that higher costs for oil, utilities and housing are severely impacting disposable income and consumers ability to spend.

If you turned to Governor Granholm’s “State of the State” address last month, you probably checked the channel to see if you’d turned to ESPN’s cheerleading finals by mistake. The way the governor was gushing about the economy you may, as a “Free Press” columnist (Brian Dickerson) wrote, “wonder from what parallel universe she was speaking?”

Most shocking to some was the claim that 99,000 jobs were created in Michigan since January 2003, when Granholm took office (particularly if you’ve read our frequent reports of the loss of 300,000 jobs since ‘00). Well, that’s the problem with the federal government’s “jobs’ data:’ it tells two stories.

The normally accepted measure of employment comes from the government’s payroll survey of thousands of businesses, but excludes “farm” payrolls and a number of self employed. This is the report we’ve been using for decades, and it shows Michigan lost 96,500 jobs since Dec-ember ‘02. The other measure (which unemployment rates are based on) takes a much smaller sample of “households,” and its reliability is highly suspect. But, it does maintain a rise of nearly 95,000 jobs over the same period. So, the governor’s claims, however absurd, may be without merit, but not without documentation.

Couldn’t help but take notice of the California Realtors’ sales’ report for December, showing a dramatic decline in activity during the final month of the year. Perhaps it was due to the rains in the North, but while sales had been running at a 650,000 rate for most of the year, it tumbled around 18.2%, to 532,000, at a time the median price remained at November’s level ($548,400).

The California data are significant because the state’s been responsible for around 9% of all U.S. sales, so the large decline took about 1.6% off the NAR’s December report.

Auto sales: Again, we’ve published before the month’s sales are released, but Merrill Lynch projects GM was down 10% in January (compared to last year) with its market share falling two points to 24%; Ford? down 5%, with its market share down to 18.2%...check Veritas update.

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Existing Market Activity

Once again, there were some very newsworthy bits of data in the National “Realtors’” monthly report on December’s existing home sales. However, as we’ve come to expect, that’s not what was reported.

While the month’s sales’ rate was off 6.6 million (5.7%) from November, it was enough for the new all time record of 7.072 million for the year. However, what’s truly “newsworthy,” but has gone un-recognized, is the fact that the median price not only fell for the second consecutive month, but is actually down for the final half of 2005.

December’s median price was $211,000, up 10.5% from December ‘04, down from a 13.2% rate the previous month. So, as we’ve come to expect, media reports focused on the declining rates of sales and price increases. But, the real news was the fact that the median price of an existing home was down 4% from August; 2.8% from June. At a time the NAR continues to deny evidence of a “bubble,” and forecasts a rise in prices of 5.1% this year, we’re about to see a real drop in median price in the 4th quarter as compared to the third.

While that doesn’t signify an actual decline in home values, it does signify that costs are finally having an impact on the market. In other words, not only are fewer homes being sold, buyers have turned to purchasing lower priced inventory.

Furthermore, while inventory fell to 2.8 million units, the supply of homes on the market was would take 5.1 months to sell, up 34% from 3.8 months’ at the beginning of the year.

Local Sales Tumbled in Q4
Through the first 3 quarters of 2005 it appeared that Flint area home sales would break the re-cord of 5,967 units set in 2004. Homes were selling at a rate of 6,200 through most of the year, and only a steep drop near the end could derail a 2nd consecutive record.

Well, with 401 units recorded in December, the fourth quarter numbers (1,268 sales) equated to an annual rate of 4,858, and brought the year-end total down to 5,867, or a 1.7% decline.

What’s perhaps more telling is that, on an adjusted basis, 4th quarter sales fell 19.4% below the 3rd quarter level (much like new housing). So, while ‘05 was a solid year for sales, the trends suggest weakness in 2006.

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Taxation and Finance by Rachor; Purman & Tucker CPAs
Why Corporate Officers' Should Not Cover "Company" Costs

In general, you cannot deduct an expense you incur on behalf of your corporation, even if it is a legitimate "trade or business" expense and even where the corporation is financially troubled. This is because a taxpayer can only de-duct expenses that are his own. And since your corporation's legal existence as a separate entity must be respected, the corporation's costs aren't yours and thus, can’t be deducted even if you in fact pay them.

What's more, the corporation won't be able to deduct them either because it didn't pay them itself. Accordingly, please be advised that it shouldn't be a practice of your corporation's officers or major shareholders to cover corporate costs.

On the other hand, if a corporate executive incurs costs which relate to an essential part of his duties as an executive they may be deductible as ordinary and necessary expenses related to his "trade or business" of being an executive. If you wish to set up an arrangement providing for such payments and safeguarding their deductibility, a provision should be included in your employment contract with the corporation stating the types of expenses which are part of your duties and authorizing you to incur them. For example, you may be authorized to attend out of town business conferences on the corporation's behalf at your personal expense.

Alternatively, to avoid the complete loss of any deductions by both yourself and the corporation, an arrangement should be in place under which the corporation reimburses you for the expenses you incur. This will at least allow the corporation to deduct the amount of the reimbursement.

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

Cuckoo’s Nest to Luxury Living?

“Complementary poster of Nurse Ratched with purchase agreement!” Money magazine’s 101 dumbest moments in business caught our eye for ‘05 as its “#1 dumbest” was AvalonBay Communities’ conversion of a boarded up Mental Institution to a luxury housing complex in Danver, MA. While the item itself was interesting (to say the least), we found the notation in accompanying story particularly quotable: “The nuthouse-to-yuppie-house trend currently sweeping North America, with conversions also planned in Detroit, New York, Vancouver and Columbia (SC), where the centerpiece of development is an original brick building with the word ‘asylum’ chiseled into the facade.” What more needs to be said?

With super bowl weekend approaching, we can’t help but feel for 24 year old Nathan Mallet, the “Browns” fan who rushed the field and was body slammed by a “Steeler” ... Mallet was sentenced to a 5 year ban from Cleveland games, and to spend this year’s “Super Bowl Sunday” in jail, where he’ll miss the game.

Of course, if the crime had taken place in Detroit, we’d ask, where’s the punishment?

“Alan Greenspan”

No name has graced the pages of Veritas (or its predecessors) over the past 27 years because no person’s had so continual an impact on the U.S. economy. His words moved markets, and economic decision making around the world.

While I became a Greenspan fan during the Ford Administration, most only knew him as the “Maestro,” which he was dubbed for the way in which he orchestrated Federal Reserve activity (and the U.S. Economy) since ‘87.

Well, he’s leaving his post today (Jan. 31) and the fact that he has a 72% approval rating as (arguably) the 2nd most powerful person in the world is probably testament enough. However, the accolades will still continue to pour in for weeks.

But when I think of Greenspan, it’s not as Fed Chair, but as a private economist in the early ‘80s. While few seem to recall, it was Alan Greenspan who noted during the recession that consumer spending was still running at a solid clip, and savings were not rising, which was unusual for a recessionary period. Why? Greenspan concluded that Americans had so much equity in their homes, that they didn’t feel the imminent need to save.

That was the first time I’d ever heard of an economist noting the analogizing equity to savings which, ironically, became a cornerstone of his eventual success in steering the economy through the dangers of the early 2000s as “housing,” particularly the conversion of equity to cash, was credited for the consumer spending that kept us, originally out of recession, then keeping the “recession” mild.

No one recognized the importance of housing’s impact more than Alan Greenspan, and we can only hope his lessons are not forgotten!

Barry

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Association News and Events by Laura

On January 18th Steve Steffey was installed as the association’s 2006 President, while Dave Crawford was not only presented with his outgoing President’s gift and plaque, but was reinstalled as the association’s Secretary. The evening included Crawford’s recognition of the outgoing leadership team’s efforts, and Steffey’s plans for the year, noting the need to “think outside the box” in assuring BAMF members claim a bigger share of 2006’s housing market.

While Ted Macksey (1st V.P.), and Bob Vance (2 V.P.) were also installed, it was announced that long time Treasurer Larry Corbett had retired from Republic Bank & would become a resident of Cape Coral by the end of January (per the by-laws, a new treasurer will be appointed from “elected” directors). We thank Larry for his decade of service to the association, wish him, and wife Toni, the best in retirement.

Contracts for the Spring Parade (May 13 - 28) were mailed to BAMF’s builders on January 19th. The 1st deadline to enter is February 15th (Exhibitors’ Night). After that date, the fee rises to $2,900.

We also mailed contracts for Housing Quarterly magazine on January 31st. If you’d like to participate in either the Parade or HQ and haven’t received (or misplaced) the mailing, give us a call at the BAMF office --- 810.603.2200.

See you at “Exhibitors’ Night”

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New Construction and Sales Activity

New Home Sales “Rise”

A rather interesting headline appeared on the front of CNN’s web last Friday: “Bubble? What bubble? New home sales soar.” The line linked to the article telling new home sales rose 2.9% in December. The 1.269 million unit rate brought the total 2005 estimate to a new record: 1.282 million, beating last year’s level by 6.6%.

Of course, the “bubble” theory doesn’t refer to the number of sales, as much as price. And, last month we noted a “builders advantage,” pointing out prices of new homes sold in November were barely above price in the same month a year earlier. Well, in December, the median price was $221,800, which was 1.5% below November’s. How-ever, that was 3.4% lower than the median price for December 2004, during the period existing home prices were up 10.5%.

So, we should hardly be surprised that new home sales are stronger than existing homes’ at this point. However, on page 3 we show that (even) existing home prices have begun to fall. Therefore, we can hardly find the new home sales’ report as “evidence” that a “bubble” isn’t an immediate threat.

Single Family Starts fall 12%

As you can see in the graph to the left, single family starts tumbled at the end of ‘05, down 12.3% from November’s level, and nearly 8% from December 2004. However, the historically solid month was strong enough to bring the year-end estimate of single family activity to 1.714 million units, up 6.4% from ‘04’s record.

While no month, and particularly December, can indicate a trend, we can still be somewhat concerned by the sharp decline after several months of relatively stable data.

Region/Genesee County

The local and regional market continued its decline in December, according to Housing Consultants monthly survey with an even greater rise in the gap between‘05 and ‘04. Through the year, Southeast Michigan was 22% below ‘04 for “non-rental” permits, with Genesee County down 15.2%.

What’s probably more indicative of the market was the continued decline in December in comparison to December 2004. Regionally we were off 37.1%, while locally it was 29.1%.

As you can see above, Gene-see County activity plummeted in the 2nd half and was down 31.4% for the period (730 in ‘05 v 1,064 in ‘04). The region as a whole was down 29.8% for the final six months, 3,780 permits below the same period in 2004.

Note to readers in Government The 5,361 unit decline likely had the employment impact of losing 13,000 jobs for the year, along with $1.4 billion in taxable property values from Clio to Ohio!

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30 years of housing say '05's quite strong

When the “Journal” had pretty much completed its survey of municipalities’ housing activity for ‘05, the reporter asked if it was a “particularly bad” year? After all, the 1,800 new single family/condo units represented a 14% decline in permits, and the lowest level since 1997.

‘97? The question shows just how short collective memories are as they relate to housing in the Flint area, because “1,800” is a level we never thought we would reach after the late ‘70s.

In the early 1970’s, with factories humming and jobs available to everyone, our industry was building 2,200 single family homes in and around Flint. But that first energy crisis, ‘73’s Oil Embargo, showed just how dependent local housing was on the auto industry. Cutbacks in auto production from declining car sales hit the area hard, and housing activity plummeted 65% from those early ‘70s to ‘74/’75. However, auto jobs and, subsequently home building, returned in the strong U.S. economy of the late ‘70’s, with local single family activity rising to 1,831 units in 1978.

But then came the recession of 1980. Michigan, (particularly the Flint area) was devastated, and starts fell 88% from ‘78 to ‘82. At that point we never expected 1,000 units again, but a surge in Metro Detroit economic activity brought a resurgence of the local market in the ‘90s.

Now, we’re stuck with a Metro economy that’s shed 190,000 jobs in 5 years, and the impact on housing is severe. But, as is evident in the 30 year history to the left, even the 1,300 starts I expect in ‘06 (let alone 2005’s 1,800) shouldn’t be considered as a “bad” year from an historical perspective.

Barry

Look Here for Previous Issues of Veritas

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")