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  #41  
Old 07-19-2013, 12:24 PM
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http://www.businessinsider.com/depre...226A3671701E6M

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1. Detroit's population has plunged 63% since 1950.
2. ...and it's down 26% since 2000.
3. The unemployment rate hit a high of 27.8% in July 2009.
4. As of April 2013, the unemployment rate was at 16%.
5. Even though the population fell 63% since 1950, the municipal workforce fell by just 40%, adding to the strain on public finances.
6. Detroit has the highest violent crime rate of any large U.S. city
7. ...it's five times higher than the national average.
8. 40% of the city's street lights don't work.
9. 78,000 structures and 66,000 lots are abandoned.
10. Arson accounts for 1,000 of 12,0000 fires per year.
11. ...60% of those arson fires are in dilapidated or empty buildings.

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  #42  
Old 07-19-2013, 12:35 PM
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Originally Posted by campbell View Post
It took two frickin years from obvious bankruptcy to actual filing for Detroit.


Also, I don't think Chicago lost a quarter of its population in one decade.


My point: the reckoning for Chicago is some years away
And Chicago has plenty of strong business. There's many other cities to come before Chicago. Oakland, pretty much most of NJ, right?
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  #43  
Old 07-19-2013, 12:39 PM
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Scanning over asking prices for Detroit houses on realtor.com.

If you're betting on a recovery, there is oodles of money to be made.
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  #44  
Old 07-19-2013, 01:40 PM
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Scanning over asking prices for Detroit houses on realtor.com.

If you're betting on a recovery, there is oodles of money to be made.
There are large tracts of the city which should just be plowed under and converted to open green space. There is so much blight in the city that until they bit the bullet and plow it under, there will not be a recovery. Bankruptcy is a good start, but it is only a start.
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  #45  
Old 07-19-2013, 01:58 PM
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I heard another couple that were from the govenor's write up that were also

Something like 50% (might have been 2/3) of the city's ambulances were out of commission the first quarter of the 2013 because of lack of funds to repair them.

Something like 12% of crimes are actually solved.

No self respecting business is going to locate there if they can't count on protection or decent response time for cops or ambulances.
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  #46  
Old 07-19-2013, 02:09 PM
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I heard another couple that were from the govenor's write up that were also

Something like 50% (might have been 2/3) of the city's ambulances were out of commission the first quarter of the 2013 because of lack of funds to repair them.

Something like 12% of crimes are actually solved.

No self respecting business is going to locate there if they can't count on protection or decent response time for cops or ambulances.
They should relocate the NLRB headquarters there.
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  #47  
Old 07-19-2013, 04:54 PM
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Some silly yocal county judge is wasting more taxpayer money and resources in deciding whether to let the City's FEDERAL bankruptcy case proceed...uh, yeah, good luck with that.
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Old 07-19-2013, 05:00 PM
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They should relocate the NLRB headquarters there.
They should have build the new DHS complex there. Maybe a new drone test facility with live fire range. Maybe crime would go down a little then.
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  #49  
Old 07-19-2013, 05:05 PM
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http://www.investmentnews.com/articl...&utm_term=text

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Thursday's Chapter 9 bankruptcy filing by the city of Detroit is expected to cause ripple effects across at least the rest of Michigan and could represent the last straw for nervous municipal bond investors.

On the heels of Detroit's June 13 debt payment default, bankruptcy was seen by many as inevitable, even if it wasn't expected to happen this soon.

.....
“I think this will definitely help add to the stampede out of muni bonds,” said Theodore Feight, owner of Lansing, Mich.-based Creative Financial Design.


.....
The news comes at a time when muni bond investors have already been jumping ship.

June marked the fourth consecutive month of net outflows from muni bond mutual funds, totaling nearly $20 billion over the period, according to Morningstar Inc.

“I hope it's not the case that this causes more investors to flee muni bonds because I think Detroit is an outlier and a special case,” said George Papadopoulos, who runs an eponymous advisory firm in Novi, Mich.

Clinton Struthers, owner of Struthers Financial Services in Midland, Mich., thinks that muni bond investors will be hurt by Detroit's bankruptcy and that they will continue to abandon munis, “but I guess I'd have to wonder why folks would still be holding that paper when the handwriting has been on the wall for several years.”

.....
Detroit's total debt load includes a vast blend of pension and retiree health care obligations, as well as a raft of muni bonds, including at least $530 million that fall into the category of unlimited general-obligation bonds.

The treatment of the general-obligation bonds is of particular interest to the muni market because Kevyn Orr, the appointed emergency manager for Detroit, trying to lump them in with all the other debt obligations.

This is an unprecedented strategy, considering that in the muni bond world, general-obligation bonds are viewed as roughly equivalent to U.S. Treasury bonds, in that they are supposed to be the top priority and should be honored even it if requires raising taxes to do so.

Detroit's bankruptcy filing proposes to spread the pain evenly across all debt obligations, which would give holders of general-obligation bonds about 10 cents on the dollar.

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  #50  
Old 07-19-2013, 05:09 PM
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“I hope it's not the case that this causes more investors to flee muni bonds because I think Detroit is an outlier and a special case,” said George Papadopoulos, who runs an eponymous advisory firm in Novi, Mich.
If Detroit is an outlier and special case, that would mean people fleeing from munis would make a prime money making opportunity as the price will be super low.
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