Speaker David Blough, Came To The Rotary Club of Ann Arbor North, Meeting On Nov. 11 And Talked About "The Markets"

David Blough, has spent 40 years in the Banking Industry. He is also past president of the Rotary Club of Saline and is a Paul Harris Fellow.

David reviewed the ups and downs of the U.S. economy over the past 4 years, focusing on the slight improvements in the past 12 months. He said the housing market is recovering slowly. Housing prices are up by two percent over last year's prices. If housing continues to increase , jobs in the construction industry will make a comeback.

David stated, "that the Federal Deposit Insurance Corporation (FDIC) has done a good job of keeping the U.S. out of a depression. Bank closings have dropped from 5-6 per month to less then 1 per month".

David warned,"that the fiscal cliff we are facing on December 31 (with loss of the Bush tax cuts and the mortgage interest deduction) could cause big problems in the housing market.