So, another week, and yet more news the U.S. housing market is slowly returning to normal.
Numbers released on Tuesday by the Commerce Department show that builders broke ground on homes last month at a seasonally adjusted annual rate of 917,000. That's up from 910,000 in January. And it's the second-fastest pace since June 2008, behind December's rate of 982,000.
The City of St. Louis has some of the highest home vacancy rates in the country, and last month the mayor of Detroit made news when he laid out ambitious plans to demolish as many as 10,000 vacant buildings by the end of his term.
With costs for maintenance and upkeep running in the tens of millions, many Rust Belt cities often find it expedient to simply demolish empty buildings in favor of vacant lots and the hope of future development.
But taking down problem properties creates a whole new set of issues which are often overlooked.
The proposed bill is, in part, the result of an ongoing legal battle with the Missouri Banker’s Association. Schweich says the MBA is seeking to block his office from examining how the Finance Division examined the records of a number of failed banks in Missouri.
A new measure says Ill. can take control of abandoned funds after just one year, rather than five. The rightful owner will still be able to claim the money, but the state will collect interest on the funds.
Forgotten bank accounts could be put to work for taxpayers much more quickly under a new Illinois law.
The measure says the state can take control of abandoned funds after just one year instead of five years. The rightful owners can claim the money if they ever show up, but Illinois will get to collect interest on the funds.