Adverse Mortgages In The Midlands

Friday reader's view: Misleading companion article

The first, "at the Crossroads," appears on the front page. It reports the tragic failure of a family business in the Midland area, the Meridian Fish Market (MFM). This store has sold fresh and smoked fish for nearly 50 years, but the last few have not been good to this once prosperous business. The article details why the MFM is about to go under:

1. Small businesses are being displaced by increasing numbers of "large box" stores due to their large-volume buying power.

2. Small business loans are much harder to obtain due to the travails our economy still experiences. MFM can't find the funds to repair an essential piece of equipment, a large food freezer.

3. Rising energy and insurance costs as well as the unforgiving attitude of their mortgage holder have exacerbated their business difficulties.

Nowhere does the first article mention state regulatory and tax policies as factors in the difficulties facing this business.

The second article, "Small businesses face uphill battle in Mich. economy," is highlighted by the MDN as a companion to the first one. Although the second article makes a nod to the adverse factors mentioned in the first, it asserts that Michigan's tax and regulatory policies need to be changed in order for small businesses such as MFM to survive and prosper. This assertion does not jibe with the facts of this unfortunate business failure. Such claims should be supported with detailed examples of how tax and regulatory policy adversely affected the MFM business. Publication of such unsupported claims brings into question the objectivity of the news section of our local paper.

DWIGHT E. WILLIAMS

Midland

Don't see where "large box" stores or state tax policies would be the cause of these failures. Not a fish market anyway. Have the state tax policies changed that much in the last few years? Actually, we have live in the Midland area for 20 years now, and I didn't really know we had a fish market. And, as you see, I do read some of the news. Some of these things listed may have played a roll, but somehow I don't think they were the driving factors. It may be rather cruel to print an opinion on why this or that local business failed. I agree with Bob, fact based opinions do seem to be a thing of the past.

Perhaps taxes were not mentioned, because they were not the root cause of the closing. We have had 30 years of low taxes on the wealthy Google Top Tax Rates to see where they were until the 1980's. Where's the jobs those huge tax cuts were suppose to produce? If people aren't buying things in your store, then you don't have taxes to pay. I have talked to several people who would be glad to pay the taxes if they could get people coming into their store and buying things again.

Is your home working for or against you? | Contractor Mortgages

Is your home working for or against you? Recent research from LSL Property Services shows that house prices have risen by 11% in the last five years, but inflation has increased by 17% and salaries by just 15%.

The figures are skewed rather because prices in the Capital have continued to increase at a reasonable rate. People living in the East Midlands have seen house prices drop, whilst those in the North West and East Anglia have remained virtually unchanged.

As an example, somebody who took out a contractor mortgage on a £250,000 property in the North West five years ago may think they have not lost out if the house remains at that value today. But, in real terms the property has lost over £42,500 due to inflation.

Some experts expect that house prices will not outrun inflation for a further five years, leaving homeowners with less opportunity to fund their retirement through equity release schemes. This could have a profound impact on older people, according to Ros Altmann from Saga.

The LSL survey did show that salaries are increasing at a faster rate than house prices, which should mean that first-time buyers could find properties more affordable. However, with the cost of living increasing, they are struggling to save for a deposit.

LSL’s David Newnes said that people who could obtain a mortgage are finding that property is more affordable but deposit requirements are still a major barrier for first timers.

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