|Emergency Manager Information (click title to entry - thank you)|
|Public Act 4 of 2011, the Local Government and School District Financial Accountability Act, was signed into law by Governor Rick Snyder on March 16th, 2011. PA 4 replaced and repealed PA 72 of 1990. There are currently three local governmental units and one school district that are in receivership and have an appointed Emergency Manager (EM).|
Below are homes values in Michigan over the decades.
2000 - $115,600
1990 - $77,400
1980 - $77,200
1970 - $67,200
1960 - $59,100
1950 - $45,400
1940 - $29,800
The Chart is the fall of home
values in Detroit under the Bush/Cheney White House.
We all know what the auto industry was going through, so it is no surprise the values of homes would be challenged as well.
Falling Prices Stimulate Homes Sales in Michigan
According to the Michigan Association of Realtors, home sales YTD (through October) in Michigan are up by +1.02% compared to last year, from 85,270 houses sold through October 2007 to 86,138 YTD this year. The YTD average home price in Michigan fell by -15%, from $141,681 last year to $120,418 this year. For the city of Detroit, home sales are up by a whopping 47% from 6,411 houses YTD in 2007 to 9,420 this year, as the average YTD price fell by 54% to $18,513 this year from $40,011 in 2007 (see chart above)....
What Snyder fails to admit is the 'depression like' economy that began in 2006 were the problems Michigan faced when he took office. It wasn't the financial disasters in poor communities, it was the loss of value of their property, depressed tax income and loss of jobs and wages. It has nothing to do with incompetent city governments, but, it does have to do with a crashing domestic economy unattended and free-falling under Bush/Cheney. Snyder's dictators are unnecessary. As the economy recovers the cities will retrieve a tax base they can build on. The State of Michigan should be helping these cities manage their debts while a recovery instills itself throughout the state.