Big cities around the country are finally seeing the bottom for their dropping house prices, according to Zillow, Inc. The only problem is that it isn’t happening in two of our big cities –
Home prices are still dropping in Chicago/photo by Frank Gruber
Chicago and Cleveland.
Zillow, a real estate forecaster, says it doesn’t expect home prices in either of those two places to bottom out in 2012. That’s even though home prices nationally rose 0.5 percent, according to the Zillow Home Value Index.
Nationally, Zillow says home prices remain 25 percent below their levels in 2007. It doesn’t expect much of an increase in prices nationally this year. You can read a Bloomberg story about the Zillow forecast here.
Chicago and Cleveland are among 11 cities that are still seeing home prices fall. Others are San Francisco, Charlotte, Seattle and Atlanta. Places where home prices are rising include Phoenix and Miami, according to Zillow.
Home values are one of the things that are prompting people to adjust their expectations about the future. Read our Changing Gears Tumblr on Changing Expectations.
Tune in Today at 3 p.m. ET/2p.m CT, Changing Gears is hosting a live call in show on “Hidden Assets” of the Midwest economy. Michigan governor Rick Snyder will be joining us for the show, and we’ll have a live chat here at changinggears.info.
Rahm in charge Chicago Mayor Rahm Emanuel won approval from City Council yesterday to move ahead with his $7.2 billion infrastructure plan. The vote wasn’t even close, which prompted the Chicago Tribune to say the mayor is “firmly in control.”
Mo’ money, mo’ physics Officials at Michigan State University are getting some good news. The state’s Senate delegation says MSU’s planned Facility for Rare Isotope Beams will get an extra $8 million in federal funds. The facility is expected to be a leader in the study of particle physics. The extra $8 million still puts the facility $25 million below what MSU leaders had hoped for from the government.
Real steel The New York Times reports on $1.5 billion worth of investment in Ohio’s steel industry. After a painful recession, the Times says Ohio’s still industry is bouncing back, thanks to the state’s booming natural gas market and increased demand for new vehicles.
Former Detroiter Alex Ozark on the Hyundai-Kia proving grounds in California / Credit: Charla Bear
Many of us have friends or family members that have moved away from the Midwest.
In the Changing Gears special “Where Did Everybody Go?” we’re talking with some of those people who have moved out of the region – asking them why they left, what they found, and if they’ll ever come back.
We also take a look at what their departure means for the region.
You can listen to some of those stories here.
Part I: What’s So Great About Austin? Plenty, According To Former Midwesterners
Part II: The Appeal Of Portland
Part III: Detroit Coney Dogs On The Sunset Strip
Part IV: A Generation Moves Off The Farm
You can listen to the hour long Changing Gears special “Where Did Everybody Go” Sunday, 9 pm ET, on Michigan Radio; Monday, 10 am CT, on WBEZ Chicago; or Tuesday, 8 pm, on ideastream Cleveland.
Carla Danley / Credit: Chris Lehman
Podcast: Play in new window
If you wanted to start life over in a new place, would you choose somewhere with a chronically high unemployment rate and struggling schools, or one that’s known as a haven for slackers? The latter is one way to describe Portland, Oregon.
It seems like everyone is talking about Portland these days. Part of that has to do with the success of Portlandia, a sketch comedy show that pokes fun at Portland’s young hipster crowd. As one character explains, “Portland is a city where young people go to retire.”
But not everyone who moves to Portland is a twenty-something slacker. The city still draws out-of-state transplants, including highly educated professionals.
More than half of all Oregon residents were born somewhere else. As part of our Changing Gears project, reporter Chris Lehman introduces us to two families who moved to Portland from the Midwest. Continue reading
Chicago has been notorious in the education community for one thing: its short school day. Elementary school students spend only five hours and 45 minutes a day in class, the shortest of any major city, while high schoolers spend only seven. Now, that’s about to change.
Chicago Mayor Rahm Emanuel
City officials announced today that the elementary school day will be seven hours this fall, while the high school day will rise to seven and a half hours.
That’s something long sought by Mayor Rahm Emmanuel, who has faced obstacles in lengthening the city’s school day. First, he tried unsuccessfully to cajole individual schools into voluntarily adopting a longer day. Then, he proposed an even longer day for elementary school students.
But after meetings with parents upset by the plan, the city announced a calendar that includes these features. Continue reading
Loop repairs The Loop’s elevated rail in Chicago will get $39 million worth of repairs starting in April. The Chicago Tribune reports about half of the total track on The Loop will be replaced.
Property tax problem A cap on property taxes in Indiana is leaving some schools strapped for cash, even in well off communities. The AP reports towns that managed to attract business and industry are doing well.
Fracking lobbyists The Cleveland Plain Dealer reports that the state’s booming oil and gas industry is turning into a lobbying powerhouse in Columbus.
Fairgrounds for sale Partner station Michigan Radio reports Governor Rick Snyder is expected to sign legislation today that would allow the sale of the Michigan State Fairgrounds. The state fair ended its annual run in 2009 because of a lack of funds.
How to turn around a neighborhood Partner station WBEZ reports Chicago has received $169 million to help neighborhoods struggling with foreclosures, but turning those neighborhoods around has been more difficult than expected.
Detroit looking for accountants Detroit has a deal to avoid state takeover. Now, the Detroit Free Press reports leaders have to pick the members of the new panel that will oversee the city’s finances.
Whoopsie An error by the state of Indiana shortchanged county governments by $206 billion over the last year, according to the Indianapolis Star. The paper says it’s the second budget error announced by the state in the last four months. The two mistakes amount to half a billion dollars in accounting miscalculations.
Poised to strike Partner station WBEZ reports teachers at more than 150 Chicago schools are ready to go on strike, if contract negotiations with the Mayor’s office fail. Mayor Emanuel is pushing for a longer school day, a new calender and new teacher evaluations.
Appealing to tourists The city of Chicago will open new tourism offices in Brazil, Germany and Japan this year, according to the Chicago Tribune. Last year, the city launched tourism offices in London, Toronto and Mexico City.
It can happen anywhere WKSU found new oil and gas drilling happening in some unexpected places in Ohio. One of the sites for a new “fracking” operation in the state is right under a school.
Detroit’s deal Last night, the Detroit City Council voted to approve a consent agreement with the state to avoid takeover by an emergency manager. That means, as long as the governor signs the deal as expected and the courts don’t strike the deal down, Detroit finally has the first step in a plan to avoid bankruptcy. Partner station Michigan Radio reports on what it all means.
Chicago’s debt problem The Chicago Sun-Times went looking for reasons why Chicago would turn to private partnerships to fund its new multi-billion dollar plan to rebuild infrastructure. One major reason: the city’s staggering debt. Chicago can’t take out any more bonds to pay for improvements because the city spends almost 23 percent of its annual budget paying off the $7.3 billion in debt it already has.
Illinois’ turn Illinois is getting into the fracking game. Crain’s Chicago Business says the state could see a natural gas-drilling “boomlet” as companies explore southern Illinois for possible drilling.
Bulldozing blitz Partner station WCPN Ideastream had a story on NPR’s Morning Edition today that looks at the effort to tear down vacant houses in Ohio. The state set aside $75 million from its share of the $25 billion nationwide mortgage fraud settlement to pay for demolitions.
No more coal ash The Ludington Daily News reports the city’s historic car ferry has received a grant to convert its fuel source. Without the grant, the coal powered ferry would have been forced to shut down by the EPA. The historic vessel dumps about 500 tons of coal ash into Lake Michigan every year.
#goodnewsforDetroit Twitter says it will open a new office in Detroit. Michigan Radio’s Jennifer Guerra reported the news in tweet form. You have to hear it.
Chicago is experiencing record ridership of the CTA, and it’s on a drive to spruce up 100 stations. Cleveland has high speed buses from downtown to the Medical Center. In Canada, Toronto has streetcars and every kind of transit you can imagine, including rental bikes.
Toronto rental bikes/photo by Micki Maynard
But Detroit? Well, besides the People Mover, public transportation has never been a big priority. However, mindsets may be changing, according to veteran journalist Rick Haglund.
In a column this weekend, Haglund says the environment for public transportation seems to be changing in Michigan. He cites two reasons: younger people aren’t as interested in driving or owning cars as they once were, and governments and business leaders are lending their support. Continue reading
We’ve heard a lot in the past few weeks about Chicago and its place among global cities. On Thursday, Mayor Rahm Emanuel set forth his proposal for a “new Chicago” that involves a wide variety of infrastructure improvements, private funding and more debt.
Photo by Simonds via flickr
All that is supposed to put the city back among the list of the world’s best cities. But there are suggestions that Chicago actually needn’t bother.
Urbanist Richard Florida looks at why some cities lose and others win in a sweeping piece today on The Atlantic Cities. He notes that the world’s biggest cities have been dramatically reordered since 1950, when Chicago was the second biggest in the U.S. and eighth largest in the world.
Now, Chicago ranks third largest among American cities and 25th in the world. Florida suggests it probably doesn’t stand a chance to become more important, because it’s now part of the world’s tier of second and third-level cities. Continue reading