Economics

“New” Detroit, new tensions

This year at the Detroit Policy Conference, the fifth annual gathering of more than 800 business and community leaders at the Motor City Casino, we left with way more questions than answers.

That’s actually not a bad thing. The dynamic ideations of some of Detroit’s finest thinkers left everyone talking about both how incredibly far the city has come in recent years, but also, thinking about how much further we have to go in regard to the myriad issues still facing the city.

There were countless quotes and memorable moments throughout the day — far more than we can document in full (we’ll post the videos when they become available) — but we’ve pulled some of what we believe to be the key take-aways of the day to share with you.

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Case Shiller Home Price Index touts Detroit as officially a hot market

Sorry, home buyers. And congrats, home sellers. Home prices are continuing their inexorable, upward climb. And one unlikely, long-downtrodden city is even being pulled into price-increase frenzy.

Yes, friends, Detroit is officially a hot housing market. Honest.

Overall, the cost of buying a new abode was up 5.4% in December over the previous year, according to the most recent data from the S&P/Case-Shiller Home Price Indices. Prices were also up 0.1% from November.

“Prices are going up, and it’s being aided by low mortgage rates, tighter supplies [of properties on the market] and lower unemployment,” says Chris Bennett, a senior index analyst at S&P Dow Jones Indices.

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Detroit's Post Superbowl development

DETROIT,  MI — Ask anyone outside of Detroit what is changing in the city's downtown, and the most obvious answers convey developments that make Michigan's largest central business district appealing to the most casual visitor.

Midtown. Major new sporting venues. Maybe the riverfront.

Each was a player in what was touted as signs of Detroit's rebirth a decade ago when Super Bowl XL was played on Ford Field in 2006. Today, each remains vital inthe city's momentum.

Yet, as Southeast Michigan looks to its future, the impact of all three of those elements continues to multiply as still more projects transform the city's landscape.

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