The New Year started out where the old one left off for the Milwaukee housing market, as sales increased 15.5 percent in January in the four-county metropolitan area.
 January marked the seventh consecutive month of double-digit sales increases for the region.
Brokers reported that web activity, open house attendance and showings were up in the latter part of 2011, which led to the increase in closed sales in January, according to the Greater Milwaukee Association of Realtors (GMAR).
Brokers are reporting the same kind of activity continued into January and the beginning of February.
Market dynamics continue to be dominated by:  low prices, adequate supply of homes and extremely low interest rates.  However, the missing ingredient for so long – consumer confidence – seems to be slowly coming around, as January sales numbers demonstrate, the GMAR said.
Mother Nature has certainly been kind to the market this winter as well.  With little to no snow, it is logistically easier for prospective buyers to look at more properties and sellers to keep their homes, driveways and sidewalks clean.
Another factor that Realtors are watching is that 10 of the last 12 months have seen a decrease in listings.  That indicator may portend a transition in the market that has already occurred in other areas of the country, and may result in modest price appreciation.
The January sales by county included:
* Milwaukee County was up 12.4 percent in sales over 2011 (444 units vs. 395 units).
* Waukesha County was up 16.3 percent over 2010 (193 sales compared with 166).
* Washington County was up 4.9 percent over 2010 (64 vs. 61).
* Ozaukee County was even at 0 percent growth vs. a year ago (36 units vs. 36 units).

Wisconsin Gov. Scott Walker plans to use $25.6 million of the $140 million the state is receiving from a settlement with large banks to help offset a projected state budget deficit.
Wisconsin will receive the estimated $140 million from a $25 billion multi-state and federal settlement of a foreclosure lawsuit against the nation's five largest mortgage providers.
The Wisconsin Legislative Fiscal Bureau (LFB) said Thursday the state is now facing a gross deficit of $143.2 million for the 2011-13 biennium, a difference of almost $216 million from past projections. The LFB said several factors combined to worsen the state's fiscal outlook, including a $272.8 million drop in projected tax revenues through June 30, 2013.
Walker said he will put $25.6 million of the bank settlement into the state’s general fund, rather than using it to provide relief to distressed homeowners.
That decision was criticized by Milwaukee Mayor Tom Barrett, who said all of the $140 million the state will receive should be directed to families and communities hit hardest by the “unacceptable” practices that led to the foreclosure crisis.
“Families and local communities have had to carry the extraordinary burdens created by the foreclosure scandals,” Barrett said. “All of the settlement funds, including the $31.6 discretionary payment, should be used to help mitigate local concerns. Not one dime should be used to fund the unbalanced State Budget. Families and local communities did not cause the foreclosure crisis, nor did they have a hand in the mismanaged state budget.”
Walker told a news conference that the state has been harmed by the practices of the large banks and part of the payment will go toward offsetting that harm. Walker previously was critical of the state using so-called "one-time" money from legal settlements, such as the settlements from the tobacco industry, to balance the state budget.
The largest portion of the bank settlement  - about $60 million - would go toward loan modifications and other relief for struggling homeowners. More than $31 million would go toward homeowners underwater on their mortgages, and $17 million would be allocated for $2,000 payments to eligible foreclosure victims between 2008 and 2011.
For ongoing coverage of the state budget crisis, visit WisPolitics.com, a media partner of BizTimes.

Frontier Airlines announced that it will eliminate flights from Milwaukee to six destinations: Newark, N.J. as of April 1 and Dallas/Fort Worth, Grand Rapids, Kansas City, Philadelphia and Phoenix, as of April 16.
As a result of those schedule changes, daily departures out of Milwaukee will be reduced from 32 to 18.
"This reduction in service is another step in our continued effort to ensure that Frontier is a competitive and sustainably profitable airline," Frontier Airlines spokeswoman Lindsey (Purves) Carpenter said.
Frontier Airlines has been struggling for months to compete in Milwaukee with other airlines, particularly AirTran and Southwest.
In November, Indianapolis-based Republic Airways Holdings Inc. announced plans to begin considering the sale of Frontier Airlines business. Republic acquired Denver-based Frontier out of bankruptcy protection in 2009 and absorbed the former Oak Creek-based Midwest Airlines under the Frontier brand.
Also, in 2009, Republic announced plans to "save" 800 jobs in Milwaukee and move 800 new jobs to the region by the end of that year. But the company's, and Frontier Airlines', presence has been shrinking in Milwaukee of late.
In September, Frontier said it would eliminate 213 jobs at Milwaukee’s General Mitchell International Airport and that it would cut nearly a third of its 67 flights from Milwaukee, discontinuing flights from Milwaukee to six cities: Green Bay; Madison; Dayton and Cleveland, Ohio; Des Moines, Iowa; and Minneapolis.

Thermo Fisher Scientific announced it will partially close its Milwaukee site, eliminating 43 of 100 jobs at the facility.
The layoffs include positions in both product development and manufacturing, which will be relocated to other Thermo Fisher sites by August 2012.
“Our leadership team continuously evaluates our geographic footprint in an effort to increase efficiencies and improve our global competitive position,” said Ron O’Brien, a Thermo Fisher spokesman. “As part of this evaluation, the dynamics of current market conditions, including costs for energy, labor and raw materials, are assessed.”
Thermo Fisher is based in Waltham, Mass. and makes analytical instruments, equipment, reagents and software for the science industry. It reported 15 percent revenue growth in 2011.
The company will support the affected employees in every possible way, he said.
“Business decisions that result in the loss of jobs are always difficult,” O’Brien said. “However, these actions are designed to strengthen our operations, help us better serve our customers worldwide and provide continued growth opportunities for our 39,000 employees over the long term."

Menomonee Falls-based Actuant Corp. announced today it has acquired Jeyco Pty Ltd , an Australian designer and provider of specialized mooring, rigging and towing systems and services to the offshore oil and gas industry.
Jeyco’s products also are used in a variety of applications for other markets, including cyclone mooring and marine, defense and mining tow systems. Jeyco generates annual revenues of approximately $20 million.
Jeyco will operate as part of the Cortland business within Actuant's Energy Segment.
Brian Kobylinski, executive vice president of the Actuant Industrial and Energy Segments, said, "Jeyco is a great addition to our global energy platform, adding significant presence to our offshore oil and gas business in the important Australian region. Its customer relationships and highly technical workforce represent excellent complements to our existing Cortland business. Jeyco will serve as the base for Cortland's full product range which includes engineered ropes and slings, dynamic umbilicals and electro-optic cables in the Southeast Asian region. Jeyco's management has been successful in growing their business and we look forward to them joining the Actuant team."

The Bradley Center Sports and Entertainment Corp. today said it will increase the facility fee for tickets to athletic events by 25 cents starting with the 2012-13 season.
The increase raises the Bradley Center’s facility fee to $1.25 for tickets priced at $12 or less and to $1.60 for tickets priced above $12.
Bradley Center president Steve Costello said the fee increase on tickets to Milwaukee Admirals, Milwaukee Bucks, Marquette Golden Eagles and Milwaukee Mustangs games will help address the facility’s immediate need for additional revenue as the community works to develop a long-term solution for the aging arena.
“As the community considers the merits of a new arena or another solution, it is important that the center remain a viable economic driver, job creator and community asset,” Costello said.  “We are an aging facility with limited revenue-generating capacity, and we need more now. Facility fee revenue helps us address mounting operational and maintenance needs, enhance the fan experience and extend the life of Mrs. Pettit’s generous gift to the people of Wisconsin.”
 Team facility fees generated just more than $1 million in revenue for the Bradley Center in 2010-11, and Costello estimated the 25-cent increase would generate an additional $200,000 per year.
The Bradley Center instituted a facility fee on tickets to athletic events four years ago, after having had a facility fee in place on most concert and special event tickets for the past 15 years.
“Facility fees on tickets are a sports and entertainment industry standard,” Costello said. “Nonetheless, we have tried to be sensitive and moderate with the 2012-13 increase, and the Bradley Center continues to have one of the lower facility fees among local venues. This modest increase will allow us to continue to invest in the Bradley Center and provide a top-quality entertainment experience to the 1.5 million people who pass through our doors every year,” Costello said.

Officials from Roundy’s Inc., the Milwaukee-based company that operates the Pick ‘n Save grocery store chain, today rang the opening bell on the New York Stock Exchange.
The Roundy’s team was led by chairman and chief executive officer Robert Mariano.
The company launched its initial public offering of stock trading with the ticker symbol of “RNDY” earlier this week.
"We are honored to participate in the NYSE opening bell ceremony and look forward to the opportunity to showcase the hard work of our associates and employees throughout the entire company," Mariano said. "We believe our successful IPO and NYSE listing will help Roundy's increase exposure with the investment community and further enhance shareholder value as we further communicate our long-term strategic initiatives."
To view a brief video of this morning’s ceremony, click here.
The company’s stock was trading this morning at about $10.10 per share. Most of the local stocks in the BizTimes Stock Index fell with the broader market this morning. The largest local decliners were Rockwell Automation Inc. (down $1.98 to $79.87) and Joy Global Inc. (down $1.79 to $84.26).

Tickets to Green Bay Packers games are getting more expensive for the third year in a row. The team on Thursday announced a $3 to $5 per ticket price increase for the coming season. Read more in today’s BizTimes Wisconsin Morning Headlines.

The YMCA Young Leaders Academy and the Brewers Community Foundation has opened the “Brewers Dugout” at the YMCA Young Leaders Academy. A $34,000 gift from the Brewers Community Foundation made the creation of the library at the school possible. The gift from the Brewers Community Foundation supported the construction, furnishings and books to establish the library. For more, read the new edition of the BizTimes Nonprofit Weekly.

The Wisconsin Economic Development Corp. (WEDC) recently made a $750,000 investment in the Water Research and Business Accelerator Center in Milwaukee. This investment in the water technology research and business incubator is a prime example of WEDC’s new target industry investment strategy. Read more about that strategy in today’s Milwaukee Biz Blog by WEDC chief executive officer Paul Jadin.