Uncategorized »

[25 Feb 2009 | No Comment | ]

Senator Sherrod Brown (D-Ohio) and Congressmen Tim Ryan (D-Ohio) and Brian Higgins (D-New York) have introduced legislation to provide $350 million for community development to 30 shrinking cities including Youngstown.
The program would make available funds to demolish abandoned properties, find innovative uses for old structures, create green space and new city planning, according to Brown’s Web site.
“It will help communities across Ohio that have been hit by the housing crisis and economic downturn,” Sen. Brown said. “Together, we can revitalize neighborhoods and bring new economic growth.”
The bill was written in …

U.S. Auto Industry »

[24 Feb 2009 | No Comment | ]

The Detroit News reports that Chrysler and GM are exploring a range of court-protected bankruptcy alternatives, although the companies still hope their restructuring is successful and that they will break even in 2011.
A traditional Chapter 11 bankruptcy could cost $100 million, according to estimates. A prepackaged bankruptcy, in which GM and its stakeholders would come to terms prior to the filing, could cost an estimated $45 billion, The News reports.
Under the restructuring plan proposed by GM, it  must try to reduce its $27.5-billion debt by two-thirds and negotiate major concessions …

Uncategorized »

[24 Feb 2009 | No Comment | ]

I’m always skeptical when local governments – or gaming proponents - try to sell gambling as the cure for our region’s ills. Ohio voters have rejected casino proposals several times, but there are casinos in Detroit, and also in my hometown of Erie, Pa.
But this article from the Erie Times-News details how revenues from the Presque Isle Downs & Casino is helping lower property tax bills for a number of area residents.
“The stock market can’t seem to recover. Manufacturers slash jobs. Gas prices inch upward.  In these trying economic times, thank goodness …

Uncategorized »

[24 Feb 2009 | No Comment | ]

I enjoyed this blog post by a Detroit blogger about how he gave a brief tour of his city to a reporter for Time Magazine. He unfortunately only had a brief period of time to show him an extremely interesting and complex city, but it sounds like he did the best he could.
http://www.sweet-juniper.com/2009/02/100-true-story-of-how-i-polluted-time.html
“But asking me to show you around Detroit is sort of like asking a devout Mormon to show you around Las Vegas: you’re not going to see what the convention bureau or the city boosters would prefer. I …

Real Estate »

[23 Feb 2009 | No Comment | ]

About 200 homes are on the market for absolutely nothing right now in metro Detroit, the Detroit News reports. Three Detroit-area homes are listed for $1. At $1,000, you can have your pick of another 200.
Real estate news doesn’t get much worse than this.
According to The News, more than half the homes sold in southeast Michigan last year, with the exception of St. Clair County, were in foreclosure. In St. Clair County, traditional sales beat foreclosures by one transaction.
In Detroit, the average sale price of a house is $7,000. Last week, …