Municipal bonds are being defaulted on left and right. But the news sounds worse than it is. Few of those defaults are by cities -- for now.
Because the definition of the "municipal bond" is somewhat loose, other non-municipal organizations like colleges and hospitals can also issue them. Many of these non-municipal entities have not weathered the recession well.
"Defaults on municipal debt increased dramatically from $329 million in 2007 to nearly $7.8 billion in 2008, according to Richard Lehmann, publisher of a newsletter that tracks defaults. Municipal defaults are once again in the billions of dollars this year. However, if you haven't heard about the wave of cities and counties that are defaulting on their financial obligations, there's a good reason why: The wave doesn't exist, at least not yet."
FULL STORY: Just How Strong Are Muni Bonds?
Detroit Default Ripples Through Municipal Bond Market
The Motor City is the not the only victim of the largest municipal bankruptcy in U.S. history. Local governments across Michigan are now encountering substantial obstacles to borrowing amid concerns about the security of municipal bonds.
Municipal Bond Defaults Unlikely
Many voices have raised concerns over municipalities defaulting on bonds during these tough economic times. But as this op-ed argues, those concerns are misguided.
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
Paris Voters Approve More Car-Free Streets
Paris Mayor Anne Hidalgo says the city will develop a plan to close 500 streets to car traffic and add new bike and pedestrian infrastructure after a referendum on the proposal passed with 66 percent of the vote.
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