Detroit reached an agreement to pay $77 million to UBS AG and Bank of America Corp. to end interest- rate swaps that have cost taxpayers more than $200 million since 2009, according to a court filing in the city’s bankruptcy.
General Motors Co. joined Chrysler Group LLC and Nissan Motor Co. in beating analysts’ estimates for February U.S. sales while Ford Motor Co., Toyota Motor Corp. and Honda Motor Co. did worse than projected.
The Ford brand is closing in on Toyota as the favorite of retail auto buyers, a sign of rising popularity of the Fusion mid-size car and Escape sport-utility vehicle, and of growing dismay with the Japanese manufacturer.
In Detroit, 45 percent of the population rents and the remaining 55 percent are homeowners. And in the past year the Detroit real estate market has seen an 4.8 percent increase in value, with a median sales price of $31,800, according to Zillow.