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» IN THE NEWS "Putting my clients first." LisaBenfield.com Integrity « In-depth community and « market knowledge Marketing savvy « Effective negotiation skills « High-quality professional network « Your helping hand in Michigan. Full service, to limited service. Licensed and insured contractors available for any repairs, re-keys trash outs, You name it. 14 years in exclusive REO Hour Magazines "Top 100 Realtors 2012," and "Top 5% in sales 2013" Serving Oakland, Macomb, Genesee, and Livingston Counties Lisa Benfield Assoc. Broker/Owner 4614 Elizabeth Lake Road, Waterford, MI 48328 reoprincess@gmail.com 248.343.5685 cell • 248-683-0050 office 248.683.0052 fax • www.lisabenfield.com Detroit Begins Large Blight Elimination Program As Detroit geared up for the kick-off of its Blight Elimination Program, Mary Miller, Treasury's undersecretary for domestic finance, was onsite with a few words of encouragement. "While Detroit's financial challenges are serious, I believe that the strength and resilience of Detroit's residents will foster a recovery that preserves Detroit's status as one of America's greatest cities," Miller said at the commencement event hosted by the Michigan State Housing Development Authority (MSHDA). The effort to do away with residential blight is the largest in Michigan's history, according to a statement from the Michigan governor's office. To fight blight, Treasury's Hardest Hit Fund allocated $100 million to MSHDA. Detroit will receive $52.3 million in assistance, while the remaining funds will be split in different amounts between four other Michigan cities: Flint, Grand Rapids, Pontiac, and Saginaw. Miller said Detroit holds about "78,000 vacant and abandoned homes that depress surrounding home values, pose public safety risks, and strain city resources." She continued, "But the Blight Elimination Program, combined with Mayor Bing's own aggressive demolition plan, are a powerful example of what can be achieved when federal, state, and city leaders join forces and align their investments to tackle a problem with scale." MSHDA expects at least 7,000 blighted properties to be demolished throughout the participating cities as part of the program, with Detroit alone seeing the elimination of about 4,000 blighted structures. "Treasury applauds Michigan's hard work and creativity that led to $100 million in Hardest Hit Funds being dedicated to the Blight Elimination Program that seeks to prevent foreclosures by addressing blight in a way that has never been done before," Miller said. Mercantile and Firstbank to Join Forces Mercantile Bank Corporation and Firstbank Corporation, both out of Michigan, VISIT US ONLINE @ DSNEWS.COM signed an agreement in late August to combine their operations. The merger is expected to create the third-largest bank headquartered in the state of Michigan based on market capitalization and deposit market share. When combined, the merged company should have assets of $2.8 billion, deposits of $2.3 billion, and loans totaling $2 billion, according to the two banks' financial results as of June 30. The merging of Mercantile and Firstbank should also strengthen product and service offerings and lead to 53 branches statewide, a more diversified loan portfolio, and greater origination capabilities. "I am extremely pleased to announce the combination of these two great Michigan community banks," said Michael Price, CEO of Mercantile. "This is an exciting opportunity for our customers, our shareholders, and our employees to create the premier Michigan community banking franchise." "We are very excited to become partners with Mercantile, as our similar cultures and complementary geographies and service strengths make this transaction a natural fit," added Thomas Sullivan, CEO of Firstbank. The companies expect to complete the transaction by December 31. STAT INSIGHT Days-on-market for homes sold in August in Warren-TroyFarmington Hills, Michigan, down more than 11% from average number of days to sell a home in the area in August 2012. Source: Home Value Forecast 83