October 2006

Inside Veritas -
Article 1 - Parade opens with perfect weather; surprising traffic
Article 2 - Existing Market Activity
Article 3 - Housing and Economic Briefs: Job Growth didn't fizzle; But HPI did
Article 4 - I "gave" to the tax collector
Article 5 - Taxation and Finance by Rachor; Purman & Tucker CPAs
When buying a building
Article 6 - Housing's Michigan tax impact
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

Parade opens with perfect weather; surprising traffic

If ever there was a time to be apprehensive about the opening of an association event, it was this past weekend. After all, we only had 19 Parade of Homes’ entries and there’s little question the market’s seen far better days.

However, everything must be kept in perspective. The last time we had fewer than twenty homes in a Parade was Fall of ‘92, of which we wrote: “As the deadline approached, the association received a pleasant surprise ...... as 18 homes were entered in the event.”

What was a “record” for participation then, is now considered small, at least by 21st Century standards.

However, what really stresses the differences between the Parades in the early ‘90s and those of recent years, are not the numbers, but the products and designs that were exclusive to the highest priced homes back then, that (now) are commonplace in the 21st Century market. And, that’s what we promoted as attractions for this event.

Well, it seemed to work, as hundreds of people came out to the homes over the weekend, showing there remains a solid interest in new housing and the amenities that make them special today.

And we also experienced the kind of growth in web site traffic we normally expect at the opening of a “Parade.” In fact, the Friday and weekend visits to the site (450 daily on average) were just slightly under the spring average (when we had 44 homes).

Of course, more critical than traffic are sales, and we’ll be monitoring any results over the next couple months. The quality of this year’s entries are phenomenal, with several unique items. We’d note that Darrin Lum’s entry is the first totally “handicap accessible” home, Steve Steffey’s model is only accessible by a bridge built over a private lake, and U.P. Builders’ models are in an upscale “neo-traditional” development. The event continues thru October 22nd. Parade Awards Winners: Due to the size of the events, we only had 3 categories: Aurora, Pinnacle, and Summit.

The winners were:

Aurora

Platinum - Lausman Homes

Gold - Valley Ridge Const.

Silver - Lexington Properties

Pinnacle

Platinum - SonRise Homes

Gold - Fischhaber Builders

Silver - SonRise Homes

Summit

Platinum - Pine Hollow Homes

The awards will be presented at October’s General Membership meeting.

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Existing Market Activity

While existing home sales fell less than expected (0.5%) during August, the major story was the median price, falling $5,000 from July and $4,000 from last August according to the monthly National Association of Realtors’ report. However, what we can’t help but find humorous was the NAR’s release verbiage: “while home prices showed an anticipated decline.” Wasn’t this the same organization that’s been saying the industry was headed toward a “soft landing, with price increases moderating in the 6% range” for 2006?

Of course, all that was said in a time that prices were already in decline (as their data reflected in the graph to the right illustrates). So, we could assume, by the re-port, that the NAR was deliberately misleading the media …. and, why not? After all, that’s the same media that never seemed to want to look behind the verbiage in previous releases. (By the way, NAHB totally concurred with the NAR’s “soft landing” and price expectations)

Anyway, sales were at a 6.3 million unit level in August, down 12.6% from the rate a year ago, which has serious implications regarding the inventory level of existing homes.

According to the trade group, there are now roughly 3.9 million homes on the market, a rise of 37.9% over last August. What’s more troubling, is that inventory’s up 35.9% since January.

However, at the current rate of sales, the inventory data represent a “7.5 months’ supply” of homes on the market. Last August, the sales’ rate was 7.2 million and inventory represented a 4.7 months’ supply. So, over the past year, while inventory’s up a whopping 37.9%, the likely time a home would be expected to remain on the market soared by 59.6%. (Note: the 7.5 months is the highest since April 1993).

State and Local

As of noon Monday, the Michigan Association of Realtors had not posted August sales data .... however, we doubt there’s been much change since July’s data continued below..Check BAMF’s Web Site for the new sales data which we’ll note when posted.

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Housing and Economic Briefs: Job Growth didn't fizzle; But HPI did

September’s jobs’ report was somewhat disturbing as it came in well below expectations, and at the lowest level in 11 months. And, the media reports primarily focused on the issue that, while U.S. payrolls grew by 51,000 for the month, it represented the lowest figure since last October.

However, the September re-port wasn’t all bad. It included an upward revision of 60,000 in August. So, the combined total, of the growth plus revision, was 111,000 jobs, just slightly below forecasts, and considered basically solid and sustainable numbers. In fact, we can see that in the reaction of the bond market.

Normally weak employment reports create a rally in bond prices. But Friday’s report led to just the opposite, as bond suffered their worst retreat in several weeks.

Manufacturers cut 19,000 jobs during the month. However, surprising to some, auto industry companies showed a 1,700 increase. Why? While the “Big 3” are cutting production, Asian auto makers seem to be stepping up.

Another surprise was construction. With housing activity way off 2005 levels, some were shocked to find 8,000 additional workers last month. However, the gain was in the non-residential sector. Residential and speciality companies saw employment slip by 15,600.

We covered the Government’s 2nd quarter House Price Index in the fall issue of Housing Quarterly (page 20) in depth, but will reflect on the Michigan situation here.

As you can see in the chart directly, Michigan’s HPI has been in decline since the 2nd quarter of ‘05. The state’s rate of appreciation has remained below 1% for each quarter since late 2004, and actually had negative growth in spring.

However, despite the 2nd quarter, values remained up (though just 1%) on a year-to- year basis.

What may have caused major concern regarding state and local home values was the NAR’s quarterly report showing three Michigan metros, all with year-to-year price declines: Detroit (-8%); Lansing (-1.5%) and Grand Rapids (-1.9%).

In reality, each of these metros showed gains in value, (admittedly small), but market conditions distorted the price levels. For example, the ‘Detroit’ market takes in at least eight realtors’ boards. While the three Oakland County boards reported sales declines of 1,500 units in the first half, Detroit experienced 700 more sales than a year earlier. So, with declining sales in the areas with a $225,000 average price, coupled with growing sales in the area with an average price of $63,800, the impact on the median price (mid point) was dramatic.

What may be the real Michigan surprise is Ann Arbor, the one area in the state with positive economic news (Google, Toyota). The area’s appreciation rate was dead last, #275 of 275 metro areas covered by the House Price Index.

Et Tu Chrysler ? As we’ve all seen volumes about Ford’s and GM’s cuts in employment and production, we found in the middle of last month that Chrysler’s expecting to lose $1.5 billion in the third quarter due to, what’s sounding like a broken record: slow truck sales and health care costs. Well, Businessweek reported in its October 2nd issue that the “company chopped production by 16% for the second half of the year, and may turn to permanent job and output cuts.” If you missed it, it was due to being announced on the same day Ford said it would speed up its slashing the 30,000 workers, and that it was raising its white collar cuts to 14,000.

With cars on our minds, we were amazed to hear that two companies are working on cutting edge technologies to allow an auto to determine if the driver is “to drunk to drive.” Nissan is considering a breathalyzer, as well as more sophisticated systems like cameras to monitor a driver’s behavior. A Toyota spokesman said his company is not only looking at a breathalyzer, but a way of testing for alcohol through the steering wheel using (get this) “onboard computers to monitor driving style.” We’ll try to have a demonstration when it’s ready!!!!

Will cheaper oil result in higher interest rates? That’s a real possibility, since oil producing nations have been putting much of their recent profits into U.S. Treasuries, which is one of the primary reasons long term interest rates have remained so low.

However, as falling oil prices bring less money into those nations, they’ll have to spend a higher percentage (of fewer dollars) at home, leaving less for the U.S.

So, the federal government would likely borrow at higher rates, driving all long term rates (including fixed mortgages) upward.

While we may not be getting much in the way of Asian auto plants in Michigan, we were amazed to find the growing engineering, design and development activity taking place between Detroit and Ann Arbor. Turns out that Toyota’s Camry, Sienna minivan, and Avalon, as well as its new Tundra truck were all designed locally. So are Nissan’s Titan, Altima and Versa.

And, soon there will be Kia and Hyundai models designed in the Korean auto makers’ Ann Arbor facilities. There’s also a Suzuki center in Wixom, and the likelihood of a Chinese facility coming to the area.

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I "gave" to the tax collector

Last month in this spot we referred to area voters’ “generosity,” for passing another Property Tax initiative. Well, subsequently we were shocked to discover a study that says we’re one of the least “generous” states.

Newtithing.org says that, while Michigan ranks 11th in wealth, we’re 33rd in charitable giving.
And, it also found that all the wealthiest states seem to lack when it comes to “charity.”

However, with the exception of Texas, we find the other states with “wealth” seem to give a lot, but not in the same way.

For example, for each pack of cigarettes in Michigan, we present a donation of $1.25 to education. And, with each property tax bill, we give to senior citizens, physically challenged bus riders, parks and, of course, our children’s education.

Furthermore, we’ve seen tax structures of similar proportion in other “non-giving” states, like PA, NJ, CA and NY (to name a few). So, we say to Newtithing. org/, you better compare apples to apples before making these judgements. After all, we doubt Utah residents, which rank first on the “generosity” scale, pay much in vice or property taxes, leaving them much more to tithe on weekends.

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Taxation and Finance by Rachor; Purman & Tucker CPAs
When buying a building

As a business expands, the owners often decide that the time is right to buy a building. Then, too, real estate can be an attractive investment even when a company doesn't need space for expansion. Before committing to a purchase of real estate, however, owners of regular "C" corporations should consider the potential tax consequences.

Rather than having the corporation buy the property, it usually makes more sense to purchase the property individually or through a limited liability company or partnership. Here's why. To avoid double taxation. A future sale of the property could result in double taxation of any gain realized on the sale - first to the corporation (at the corporation's regular tax rate) and second to the shareholders when the proceeds are distributed to them as dividends. Holding the property individually or in a "pass-through" entity such as a limited liability company avoids the corporate-level tax.

To avoid PHC treatment. If the property is to be rented, receipt of rental income by the corporation could cause it to be taxed as a personal holding company (PHC). Undistributed PHC income is subject to a 15% penalty tax in addition to regular income tax.

To facilitate a future sale.
Holding real estate along with operating assets in a corporation can complicate a future sale of the company, especially if a stock sale is contemplated. This issue is avoided if the real estate is owned individually or by another entity.

To save family taxes. The tax basis of property held by a corporation is not stepped up to fair market value upon the death of a shareholder. In contrast, assets held individually receive a basis step-up, which could save substantial taxes when the surviving family sells the property.

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Housing's Michigan tax impact

While Granholm and DeVos continue to play Michigan’s voters for idiots with their respective commercial babble about “jobs” (he moved them to China, she lost them), both continue to ignore the real issue the next administration will face: Growing costs of government with steeply declining revenues. One of the major items impacting the state’s immediate future is the decline of housing growth (along with values of existing homes).
In spring of ‘05 I wrote an article titled “While housing pays the bills, manufacturing gets all the breaks,” showing the direct tax revenues that went to state and local governments from new home construction, along with indirect revenues. The conclusion was that “direct” revenues alone brought more than $1 billion in 2004, and a “10% cut in single family construction would result in a decline of more than $101 million in state and local tax revenue.
Well, this year we’re likely to be down 45% on a state wide basis from ‘04. The decline in direct tax revenue of $450 million (much anticipated in the government budgeting process) will create big shortfalls in communities across the state (as well as the state itself) in ‘07. And, while housing’s growth replaced the lost tax revenues from manufacturing job losses, nothing is there to replace lost housing revenues. We can only say “we told you so!”

Barry

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

"American Union of Pizza Delivery"

With union membership in decline locally, we couldn’t help but be intrigued by the CNN story out of Pensacola (FL) about a “Domino’s” Pizza delivery driver. Apparently Jim Pohle was mad as hell and wouldn’t take it anymore when he discovered a competitor was offering 25 cents more per hour and his bosses wouldn’t match it. So, rather than quit, he formed the nation’s first “Pizza Delivery” union, and now represents 11 drivers as its President.

Pohle, a 37 year old ex-Marine, “who delivers pizzas because he likes to sleep late and smoke on the job,” contacted a St. Louis (MO) labor attorney who coached him on Union law, and submitting a petition to the NLRB, which recognized the union this summer.

A spokesman for the NLRB further told the Associated Press there’s a petition pending from other Pensacola pizza makers wanting to join.

A spokesman for Domino’s (in Ann Arbor) points out that franchises are “independently owned,” but the company was “disappointed” by the vote and does not believe a union is “necessary” in their industry.

Of course, we’re wondering how much longer it will be until we’re told to “look for the Union Label” on our pizza boxes? And, with that, will they still sell 3 pizzas for $15 with all the toppings?

“Seinfeld” Briefs:
A new “Irony Defined:” A bumper sticker on a car leaving the “Grande Blanche” post office read: “Outsource DeVos ... Not Michigan Jobs.” Unfortunately, the driver wasn’t one to practice what she preached. Her car just happened to be a Swedish built Saab.

*****

Couldn’t help but laugh at a returned copy of Veritas by the postal service last month. We don’t know where the copy of the July 2005 Newsletter had been floating for the past 14 months.

*****

We’re a bit concerned about the industry’s “investment” in the DeVos gubernatorial campaign. While we seldom look for truth in advertising, it’s somewhat troubling to see so many dollars spent on telling voters Michigan has the “49th worst economic climate:” Or, in other words, the “2nd Best.” While we’d like to assume his ad agency is merely confused, our best guess is that it thought “2nd worst” just didn’t sound “bad” enough ... which, shows how much respect it has for the voters’ collective intelligence.

*****

“Good news for aging hippies: Smoking pot may stave off Alzeimer’s.” So opened the Reuters news story about new research showing THC, the active ingredient in Marijuana, can prevent “the neurotransmitter acetylcholine from breaking down.”
After the report’s release, ad agencies for Breyers’ Ice Cream and Hostess “Twinkies” were frantically scrambling to buy time on evening news’ broadcasts.

*****

The Holiday Season will soon be here, so: Since a Seinfeld episode dealt with “re-gifting,” we were amazed by a Reuters’ report on a Harris survey of Americans’ finding that “52% have re-gifted or would re-gift.”

Barry

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Association News and Events by Laura

General Membership Meeting: The evening begins at 6:00 p.m. (Wednesday) October 25th, at Brookwood Golf Club, with hors’ d’oeuvres and cocktails, followed by the meeting at around 7:30. This is the “Annual Meeting” of association members, and includes the election of directors for 2007, along with an update on the state of the association and the industry, along with the coming general elections. Also, as has become a more recent tradition, the evening is sponsored by James Lumber.

And, regarding BAMF elections: There are 13 elected directors with 2 year terms, and six expiring at the year’s end. BAMF’s “Past President’s Council” nominated the following to fill those positions:
Builders: John Fick; Dave Crawford; Chris Weir; and Keith Kirby.
Subcontractor: Dan Fralick
Associate: Doug Graham
Additional candidates can be nominated from the floor with a nomination and 2nd by and for any member in “good standing.”
Under 2005’s by-laws’ change, Officers for 2007 will be chosen by the Board.

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New Construction and Sales Activity

New Housing Conundrum

This one’s really interesting. As single family starts are off 8.8% year to date, and sales are off 15.7%, inventory’s up 19.1% in the past year.
Now, logic would suggest that a decline in starts would offset some of the sales’ decline as it relates to inventory. However, as we’ve frequently noted, data for starts and sales are based on different types of building. While “starts” estimates come from surveys of building departments in major areas (and estimates in others) of all housing activity, “sales” data are limited to homes that include the sites and houses in the transaction.
Last fall we wrote that “sales,” as a percentage of starts, had risen from 63% in the 1990s to nearly 75% in in ‘05, as builder/ developers picked up a significantly larger share of the U.S. market. Today, in all likelihood, due to the nature of large building company operations, smaller builders have responded to the changing market conditions much quicker than the biggest builders. Consequently, building companies whose sales are measured by the government have built a much higher percentage of the nation’s homes in ‘06. Thus, it’s not really a surprise that inventory data are out of line with “starts” numbers.

New Home Sales

It was kind of interesting that media reports of August housing sales focused on the “rise” of 4.1% over July. Actually, the data showed sales were down 17.4% from a year earlier.
What we can find interesting is the recent gap between existing and new home prices (see chart lower left) of 4.37% since May. From 2000 through 2003 the gap was 18.9%.

Local/Regional

Well, as you can see in the 2 charts to the right, August was just more of the same. Through the month the 9 county, South-east Michigan region is running 46.2% behind last year (54.3% from ‘04) according to Housing Consultants’ data. The major counties in the region are down from as little as 46% (Macomb) to 68.3% (Washtenaw) versus 2004. Genesee County is down 60.4%; Oakland’s off 57.7%.
In ‘04 the regional new housing industry added $6.6 billion to the area’s value. Just think of the impact on state, local and school revenues then and now.

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Look Here for Previous Issues of Veritas

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")