Halftime in America ?

Yea, about the Super Bowl ad with Clint Eastwood ….

Rumors of Detroit rising from the ashes are premature. Is Detroit fighting again? Are we rallying around what is right and acting as one? Have we found a way through this tough time?

“Detroit is showing us it can be done”, says Clint in the ad. Well … Detroit’s home values hardest hit in recent quarter.

The Detroit MSA was pummeled this month with quarter-over-quarter losses of 15.5%, and over twice the amount of depreciation than second place Milwaukee. Detroit’s total losses since the peak of the market are a staggering 77%, so this month’s results are painful for an already troubled market. Detroit also experienced a 9.7% increase in REO sales over last quarter to a staggering 51.8%. Although prices are still 10.8% above their lowest point in 2009, the domination of REO sales in the Detroit MSA signals values will continue to face an uphill battle.

That and Detroit was named #2 on the most miserable U.S. city list.

Reeling for decades from the decline of the U.S. auto industry, Michigan’s troubled duo of Detroit and Flint registered at No. 2 and No. 3, respectively, among the most miserable cities.

“Detroit and Flint are struggling,” said Badenhausen. “Violent crime is highest in the country in Detroit; housing prices are down 55 percent. Detroit is closing schools and laying off policemen. In recent years they have been demolishing houses to change their city landscapes”

I do not bring this up to be negative. I’m a Detroit cheerleader, I (insanely) think that it is POSSIBLE to save the city. But mere pep-talks aren’t gonna get it done.

And this pep-talk, similarly to the mentions Obama made of Detroit during the Campaign State of the Union address simply aren’t rooted in reality.

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4 Comments on “Halftime in America ?”

  1. I wish I shared your optimism, but until the Union is dead, and “hands out, palms up” philosophy that infects damn near everyone in those cities is eradicated, probably by years of attrition, I don’t see any comeback.

  2. Car in Says:

    Yes, BUT despite the recent “victories” for the UAW, just about every other union model represented in Detroit is on on self-destruct mode. People no longer trust the teacher unions and such like they did.

    it is a start.

  3. Jay in Ames Says:

    Yeah, Clint seems to march to his own drummer, when it comes to conservative values. He’s the left’s favorite right winger.

  4. Huh… I guess his company is aptly named, for he just took a bad step.

    In case that’s obscure, it’s Malpaso Productions. In Spanish: “Bad Step” 😀

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