In this morning's news...
Homes Sales Prices Plunging
Michigan home sellers saw prices drop significantly in the last three months and one analyst predicts it’s a trend that shows few signs of stopping, Steve Carmody reports. “Clear Capitol reports Michigan home sale prices between October to January dropped by 5.3% compared to a year ago. And the overall trend is even worse. Alex Villacorta, director of Research and Analytics at Clear Capitol, says home sale prices in Detroit were down nearly 12 percent… Villacorta says other markets around the country hit hard by the foreclosure crisis are showing signs of recovery,” Carmody reports.
A hearing is planned for today over a lawsuit that claims the state-appointed team that’s reviewing Detroit’s finances should be subject to the state’s Open Meetings Act, the Associated Press reports. From the AP:
The lawsuit was filed by Robert Davis, a Highland Park school board member and union staff representative with AFSCME Council 25. He says the Detroit review team violated the Open Meetings Act by meeting in "secret." Gov. Rick Snyder's administration says the financial review teams aren't subject to the Open Meetings Act. The Detroit review team is expected to report to Snyder by month's end.
Chrysler, Detroit Ad Gets Some Love
Chrysler premiered a powerful new advertisement last night during last night's Super Bowl. Actor Clint Eastwood narrated the two minute ad that promotes a Detroit comeback. From the Detroit News:
For the second year, Chrysler took a chance, skipping traditional auto marketing to focus on a broader message to stand out and create buzz in a Super Bowl jammed with auto ads from a dozen automakers… Chrysler's halftime ad featured Eastwood talking about the challenges the U.S. faces — a follow-up to last year's ‘Born of Fire’ ad that featured Eminem and Detroit's struggles and has been seen more than 21 million times on YouTube. It coined the phase "Imported from Detroit" and sparked a surge of pride in the Motor City.