November 2006

Inside Veritas -
Article 1 - Parade closes with pleasantly surprising traffic results
Article 2 - Existing Market Activity
Article 3 - Housing and Economic Briefs: GDP weakest since '03; Jobs "strong?"
Article 4 - Appeals' Court: "Don't tax new public improvements"
Article 5 - Taxation and Finance by Rachor; Purman & Tucker CPAs
Energy Tax Credit Revisited
Article 6 - October auto sales rise 6.1%, but
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 closes with pleasantly surprising traffic results

Last month we wrote about “hundreds of people” coming out to view the models during this year’s Fall Parade’s open-ing weekend. Well, that was under sunny skies and nearly perfect conditions.

So, what about the remainder of the event with its grey skies, rain and chills? Well, we were clearly, and pleasantly, surprised that the response to the event seemed to increase as the weeks went by. In fact, many of the participants said the final weekend, under the most dismal conditions, was exceptional, even in comparison to events of the past.
But, considering the state of the Southeast Michigan housing industry, our concerns that lead up to the opening of the event reflected on much more than “traffic.”

While we’ve historically been successful bringing the public to the Parade, we have little control over their mood, particularly as it relates to investing in housing. And, it’s obvious by the housing data we publish each month that fewer and fewer area residents are in the kind of “mood” to make those decisions, which is why we stress the advantages of new home products and designs rather than looking at a home from an “investment” perspective.

What we found during the event is much stronger demand for those “advantages” than we perceived. In fact, the response to the fall parade was similar to that in the spring...however, its benefits were spread among fewer builders.

While the sales on new builds, and even remodeling jobs, that were made during the event weren’t large by early 2000s’ standards, they appeared that way to the builders who were the beneficiaries of the sales’ activity. And, what was most fascinating, is that builders who’ve been parade participants for years said it was the first time they’ve made multiple sales during an event.

But what was most notable, as with the spring parade, were the number of current homeowners who had given up on selling their home, and were looking to update to 21st Century standards, often from a purely custom perspective.

Yes, the market’s clearly down in comparison to recent years, but we learned again that the “overall” residential construction market is stronger than appearances. And, the Fall Parade participants were the ones that reaped the benefits.

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Existing Market Activity

While existing homes sold at a rate of 6.18 million units (off 2% from August) in September, they were down 14.2% from their ‘05 level of 7.2 million units. However, the bigger issue with the NAR’s September report was a continued erosion of the median price. Not only did the national median fall again, and remain below the year earlier price, but the NAR revised August’s price downward to $224,000, increasing the year-to- year decline for that month as well.

If there was a positive tone in the realtors’ monthly report, it’s a decline total inventory of 93,000 homes. But, at the lower rate of sales, that still represented a 7.3 months’ supply. Furthermore, a decline in inventory is as likely to reflect a number of homes taken off the market as listings expired (as much as fewer homes going on the market).

We can find interesting, if not illuminating, is the “Realtors” spin on the report: It’s economist (David Lereah) called it a sign of sales “stabilizing,” and he further noted the “worst is behind us as far as a market correction.” Then again, he also said we’d experience median prices rising in the 6% range this year ... credibility?

State and Local

As you can see below, recent sales’ data for Michigan is anything but buoyant.

Through the third quarter we find sales are down 14.4% in the state, 17% locally, with average prices off 1.6% and 10% respectively. But, what’s more troubling is the third quarter’s downward trend, on the heels of a steadily weakening local market.

The annual rate of sales, which was 5,567 in the 1st quarter and 5,177 in the 2nd, fell to 4,895 in the third, leaving a 17.7 months’ supply of homes on the market (up from 13.1 months in the first quarter). And, while each quarter is substantially weaker than the same period in 2005, we’ve entered a quarter where sales were at a 4,858 rate last year.

So, if the trend continues, look for year end sales in the 4,600 range for all of 2006, which will translate to a decline of roughly 22% for the year.

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Housing and Economic Briefs: GDP weakest since '03; Jobs "strong?"

Economic growth slowed to its slowest pace in 3 years during the third quarter and, guess what industry’s getting the “blame?” Nearly every art-icle about the anemic (1.6%) Gross Domestic Product rate of growth refers to the housing downturn’s impact.

After growing at an exceptional 5.6% rate during the 1st quarter, the economy grew at a more tepid 2.6% in the 2nd, and was expected to grow in the 2% range during the third.

What we can’t help but find notable in economists’ analysis of the report is the apparent obsession with housing’s impact, particularly since the sector’s been in deep decline since late winter

Of course, the real focus in recent months on economic reports relates to “how will the Federal Reserve act?” And, a slowly growing economy with little inflation would suggest a move toward lowering rates.

So, when the inflation component of the GDP report had the core rate of measured at 2.3% (down from 2.7% in the 2nd quarter), a few, but not many, analysts thought it may move the Fed closer to easing. That was, until last Friday.

Last month we questioned the supposedly “weak” jobs’ report for September, noting the “report wasn’t all bad as it included an upward revision of 60,000 in August,” bringing the actual growth number to 111,000. Well, last month the jobs’ report missed its mark as well, with the Department of Labor reporting an increase of 92,000 jobs, well short of the anticipated 123,000. However, within the October chart was an upward revision for August and September’s payrolls of 139,000, meaning an increase of 231,000 jobs in comparison to what was perceived a month earlier.

Adding to those numbers is a downturn in the unemployment rate to its lowest level in more than five years.

As would be expected, this supposed “good news” jolted the financial markets as bond prices took a big hit, leading to the rise in mortgage rates we show on page 2 (Note: All markets turned back upward in two days).

But, what caught our eye were the media reports, which, as with the GDP report, seem obsessed with housing. Only this time, it was “mitigating concerns that housing downturn will sink the economy,” to quote the Wall Street Journal for example.
In the “Journal” report was an estimate from Mark Zandi (from Moody’s Economy.com) stating housing related sectors shed 99 thousand jobs since March, but other sectors added 1.2 million.

While traditional economists obsess about housing’s direct jobs impact, we’d like to remind Mr. Zandi about the impact of home appreciation on consumer spending. He, along with others, frequently referred to the homes as piggy banks’ concept, where consumers spent freely early in the decade based on the growing equity in their homes.
The GDP report showed consumer spending as “resilient,” in its ability to offset the downturn in housing. But we’d be remiss if we didn’t reflect on the likelihood that a potential downturn in values would, more than likely, im-pact spending in the reverse.
And, that “potential” downturn is now beginning to materialize.

With the preceding in mind, we found an article in Sunday’s Free Press most interesting: “Owners fret over property values” was the title, noting recent polling showing 44% of Michigan residents admit they’re worried about their home value. The survey of 670 homeowners was taken October 8th through 11th, and has a margin of error of 3.9 percent.
Much of the reason for worry stems from the state’s housing sales’ data through the 3rd quarter. While average prices are off 1.6% across the state, numbers in some parts of the Southeast region are currently approaching a decline of 10%. And, as we re-ported last month, even the federal House Price Index shows the states prices as being flat in the past year, and down in the 2nd quarter of this year.

The previous briefs got us thinking that we haven’t written about Michigan employment in the past few months. Well, the picture’s not pretty a pretty one.
September’s preliminary data show total employment down 33,000 jobs on both, the seasonally adjusted and actual scale, since September ‘05. However, even worse is the condition of the manufacturing sector, losing 38,300 jobs over the same period.
(Post Election Note: In the final 3 years of the Engler Administration, the state lost 157,600 manufacturing jobs; During the Granholm Administration, we lost 97,500, or 38% less --- Today, Mr. Engler is CEO of the National Association of Manufacturers)

Finally, it was hardly a surprise when voters approved the new, 1 mill, countywide property tax to fund local health care. After all, it had total support from the “business/ institutional community, with no real organized opposition.
Now, coupled with the new “senior citizens” millage passed in August (0.75 mills) the Countywide rate rises to approximately 16.4 mills, bringing Genesee’s countywide rate 71% above Oakland County’s 9.6 mills; and a whopping 128% higher than Livingston County’s 7.2 mills. To put that in perspective, monthly countywide taxes on a $200,000 home are: in Genesee ($137); in Oakland ($80); and in Livingston ($60).

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Appeals' Court: "Don't tax new public improvements"

Raising the taxable value of property based on the value of “public improvements” is a violation of the “cap” in Proposal A, and therefore unconstitutional in Michigan, according to a unanimous ruling by the state Court of Appeals in October. A three judge panel upheld a Wayne Co Circuit Court ruling in Toll Northville LTD v Northville Twp., noting public service improvements on real property “do not constitute ‘additions’ as provided for in the (Michigan) Constitution” prior to Proposal A’s passage.

The definition of “additions” is the key to the ruling, since Prop “A” caps the increase in taxable value of real property at the lesser of 5% or the rate of inflation. However, “improvements” to the property can be taxed at their value.

As we’ve historically argued at the legislature, infrastructure is not part of the property, as it is dedicated (or owned) by municipalities or utility companies.

Now that an Appeals Court’s concurred, that position should now be considered state law. Of course, Northville will, in all likelihood, appeal to the Supreme Court, with full support from the Municipal League and Township Association, but historical ideology of the current justices suggests the their appeal will have little, if any, chance for success.

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Taxation and Finance by Rachor; Purman & Tucker CPAs
Energy Tax Credit Revisited

The Energy Policy Act of 2005 included a provision allowing eligible home builders to claim a tax credit worth up to $2,000 per qualifying home for the construction of new energy-efficient homes. The IRS recently issued guidance outlining the steps contractors must take to claim the tax credit.
Qualifying Requirements
A dwelling qualifies if:
· It is located in the U.S.,
· Its construction was completed after August 8, 2005,
· It meets specific energy-saving requirements, and
· It is acquired from the eligible contractor after ‘05 and before ‘08 for use as a residence.

The home must be constructed so that it uses at least 50% less energy on heating and cooling than a home built according to the standards of Section 404 of the 2004 Supplement to the 2003 International Energy Conservation Code.
In addition, improvements in the building envelope (materials or systems specifically designed to reduce heat loss or gain, exterior windows, doors, and duct sealing and infiltration reduction measures) must provide for a level of heating and cooling energy consumption that is at least 10% below that of a comparable dwelling unit.
Heating and cooling energy and cost savings must be calculated in accordance with the procedures prescribed in the Residential Energy Services Network (RESNET) Publication No. 05-001.

Certification
Before claiming the credit, a contractor must obtain the energy-efficient certification from an eligible certifier. While the certification need not be filed with the tax return on which the credit is claimed, it should be kept on file.
The certification should include the name, address, and phone number of the eligible certifier; the address of the house; a statement by the certifier that the house meets the energy saving requirements and that his or her field inspection confirms that the house complies with the design requirements; and a list containing the components of the house's building envelope and their energy performance ratings, as well as the heating and cooling equipment installed in the house. The certification should also identify the software used to calculate energy consumption and contain a signed declaration attesting to the truthfulness, accuracy, and completeness of the statements.

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October auto sales rise 6.1%, but

While auto industry sales were rose last month, the increase was attributed to an “unusually” weak October ‘05, when U.S. auto companies stopped offering most of their employee discount prices to all and sales fell over 14%. The 1.22 million vehicle sales in October were actually 8.8% below 2004’s ten month level. Furthermore, the annual (adjusted) sales’ rate was 16.2 million, which was lower than the rate of 8 of the past 12 months.
While the new “Big Three” all experienced sales’ gains (GM [up 17.3%]; Ford [up 8%]; Toyota [up 9.2%]), Chrysler saw sales erode by 3,000 units (1.6%), and its market share continued to tumble back to 2004 levels. (Recall that Chrysler was the only “American” company to increase its share in ‘05).
While lower gas prices were believed to contribute to an upturn in truck sales, but again, that was from last October. And even there, only GM, Honda and Toyota showed double digit rises. Still domestic trucks increased their share to 45.7% of the market, which was the most since gas prices soared earlier this year.

Barry

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

Michigan's $65 million "Jackpot"

Would you have confidence in a “businessman” who would spend $35,000,000 of his own fortune to become Michigan’s governor --- Well, despite the fact that 1.6 million Michigan voters apparently would, Dick DeVos was overwhelmed in the gubernatorial race, winning just 42% of the vote, despite spending $41 million (85% of it his own). But through DeVos’ generosity (at least to Michigan TV stations) came the true “STAR” of the ‘06 campaign. We’re talking about his daughter (Alyssa), who headlined his best commercial of campaign. Yes, she looked great, and her personality charmed the audience. But most impressive was her ability to charm, while her father was blowing $35 million of her inheritance!

“Seinfeld” Briefs:
All across the nation the Democrats were on a “high” Wednesday morning, seizing a solid majority in the U.S. House, and looking like the “victor” in the Senate. However, of all the legislative races, the one that stands out to some of us is Joe Lieberman’s easy victory for a 4th term in Connecticut, not as a Democrat, but as an “Independent!”
We’d love to be in the room when Lieberman (who won 50% of the vote with primarily Republican and Independent support) meets his long time colleagues who came to his state to campaign for the billionaire Democrat who beat him in the primary, particularly since those same Dems will need his vote to organize as the “majority” party!

*****

The “Ugliest” legislative contest our media market’s ever been exposed to was the Saginaw Co. Senate race between Dr. Roger Khan (R) and Carl Williams (D). Khan began the TV barrage with an ad suggesting he “protects children” while Williams “protects predators,” and it deteriorated from there, with each accusing the other of lies and worse. What’s unfortunate is that both sides saw this as a winnable race, and pumped hundreds of thousands of dollars, so the barrage intensified, and continued (at least) through Tuesday morning.
By the time the smoke cleared, Williams seemed to have won by the narrowest of margins (around 300 votes), a gain for the Dems. But we can’t help but think that if Khan would have stressed his background and positions on issues, he would have won the race easily.

Close Call! We were relieved to see Dave Robertson hold his house seat as the only GOP legislator from the County. He was running behind for much of the night, and only held by 700 votes.

*****

The following was taken verbatim from the CNN web site: “You ever see a picture of her back then? Whew," New York Daily News political reporter Ben Smith quoted John Spencer (Republican opponent of Hillary Clinton) as saying Friday en route to a debate. "I don't know why Bill married her." The Daily News also reported that Spencer, 59, the former mayor of Yonkers, said Clinton had undergone "millions of dollars of work -- plastic surgery" to help improve her appearance. "She looks good now," Smith quoted Spencer as saying.”
Well, we found “before and after’s,” and these are two of the best ... So, you be the judge!!! Of course, Ms. Clinton remains the Senator, with roughly 70% of New Yorkers’ support.

Barry

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Association News and Events by Laura

DON’T MISS the Holiday Open House on Thursday, December 7th, at the association office from 4 to 7 p.m.

The open house began as way to show appreciation to association members for support over the year, it’s become a “must attend” for many in the housing industry and related fields.

This year Laura and Tracey have even upgraded the hors d’oeuvres menu, and you can expect the the same type of libations, desserts and stimulating conversation we’ve had in previous years. So, plan to attend, and let us know: Call the BAMF office, or e-mail laura@bamfhome.com or tracey@bamfhome.com/.

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New Construction and Sales Activity

Another Conundrum

As single-family housing starts “rose” 4.3% in September, their nine month decline jumped to 10.3%, up 17% from the eight month decline of 8.8%. In other words, despite headlines touting a rise (over August), September’s numbers were pathetically weak (20.3% below last September).
What’s more indicative of the state of the new housing industry (nationally) is the report on September’s sales, both month to month and year over year.
While sales were also up compared to August, a 9.3% drop in prices was largely responsible. And, when compared to a year earlier, sales were down 14.1% while prices fell 9.7%.
As you can see in the graph below, the median “new” home price actually slipped below the existing home median. Though we’ve been writing about a narrowing gap to illustrate builders’ advantages in pricing for a market over the past year, this represents the first time new home price levels actually fell below those for existing homes. And, that’s despite a sharp decline in existing home prices since July.
If there is a bright side to the sales’ report, it’s the 2% decline in inventory during the month. If that report proves to be accurate, it would be a real decline, unlike the existing homes’ data that probably reflect frustrated owners removing homes from the market due to lack of sales’ activity.

Local/Regional Activity

September was a bit more of the same as you can see by the charts to the right. Through the month, the 9 county, Southeast Michigan region is now running 46.2% behind ‘05 (56.2% compared to 04) according to Housing Consultants’ numbers, with Genesee, Livingston, Oakland and Washtenaw Counties 61% to 67% below 2004’s level.
In September 2004 we anticipated a 40% decline by 2006, and thought that was a rather dismal forecast. At that time we warned of the impact on state and local governments believing their housing revenue flow would continue at ‘04’s pace.
We further noted that a mere 10% decline in housing starts would result in the loss of more than 11,000 jobs and $101million in tax revenue to state and local units ........ try multiplying that by five or six!!!

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Look Here for Previous Issues of Veritas

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")