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VOL. 123 | NO. 138 | Wednesday, July 16, 2008

Daily Digest

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Frayser Church in Default, To Be Sold at Auction

The Victory Tabernacle Church at 1577 Dellwood Ave. in Frayser is in default of debts pertaining to an April 12, 2007, trust deed issued by Trust One Bank and will be sold at auction Aug. 7.

The first-run notice can be found on Page 38 of today’s Daily News.

The church sits on a 2.27-acre parcel on the south side of Dellwood, across the street from Frayser High School. The Shelby County Assessor of Property’s 2008 appraisal is $315,900.

Victory Tabernacle Church defaulted on a $275,000 deed of trust and security agreement that was modified July 5, 2007, for $113,600 by Trust One.

Because of default, the property will be sold Aug. 7 at noon on the steps of the southwest corner of the Shelby County Courthouse at the Adams Avenue entrance. Trust One has appointed Douglas Alrutz as successor trustee for the proceeding.

The sale will include the buildings, structures and improvements of the property, as well as all “fixtures, fittings, building materials, machinery, equipment, furniture and furnishings from the premises,” the notice states.

Source: The Daily News Online & Chandler Reports

Retail Sales Edge Up 0.1 Percent in June

Retail sales edged up by a weaker amount than expected in June as sales at auto dealerships plunged.

The U.S. Commerce Department reported Tuesday that retail sales increased by just 0.1 percent last month, even weaker than the 0.4 percent gain that analysts had been expecting.

That small rise reflected a 3.3 percent drop in sales at auto dealerships, highlighting the troubles the U.S. auto industry is facing with a weak economy and soaring gasoline prices.

Overall retail sales were supported by a big 4.6 percent rise in sales at gasoline stations, an increase that largely reflected the huge jump in pump prices.

Excluding the big drop in auto sales, retail sales would have shown an increase of 0.8 percent last month.

Underscoring the mounting troubles in the U.S. auto industry, General Motors reported Tuesday that it plans to lay off salaried workers, cut truck production and suspend its stock dividend as it adjusts to a declining U.S. market.

GM also will borrow $2 billion to $3 billion as part of an effort to raise $15 billion to help turn around its North American operations, the company announced.

Mortgage Assistance Seen As Backup Plan, Paulson Says

Treasury Secretary Henry Paulson said Tuesday the Bush administration has no immediate plans to extend emergency loans to mortgage giants Fannie Mae and Freddie Mac or to purchase the stock of the two companies.

Paulson told the Senate Banking Committee that the assistance plan put together by the administration and the Federal Reserve over the weekend was intended to serve as a backup if needed.

He said that if the government extends any financial backing to the two institutions it will be done “under terms and conditions that protect the U.S. taxpayer.”

Before Paulson’s appearance, Sen. Jim Bunning, R-Ky., told Federal Reserve Chairman Ben Bernanke that Bunning was very upset with the rescue package for Fannie and Freddie that was unveiled Sunday.

“The Treasury secretary is asking for a blank check to buy as much Fannie and Freddie debt as he wants for this unprecedented intervention in our free markets,” Bunning said, questioning whether the government had gotten any assurances from the two mortgage giants that the problems they are facing will not be repeated.

In his comments, Paulson said it was essential for the government to put together a backup assistance package, given the important role the two companies play in supporting the housing market.

MCS Awarded $440K Grant

Memphis City Schools has been chosen to receive a grant of more than $440,000 from the U.S. Department of Education as part of the department’s Literacy and School Libraries Program.

The purpose of the program is to give students access to updated materials, technology and library specialists. The grant to MCS is intended to go toward improving literacy and academic achievement for almost 30,000 K-12 students at 39 MCS schools.

Movie Director Seeks Peabody Duck Footage

The director of a film shot in Memphis earlier this year is appealing to Memphians for their old home movies.

Michael Meredith, director of “The Open Road,” is looking for footage of the duck march at The Peabody Memphis from 1975 or earlier.

“The Open Road” centers on a young man trying to reconnect with his legendary athlete father as he struggles to get him home to his ailing mother’s bedside. It stars Jeff Bridges, Mary Steenburgen, Kate Mara and Justin Timberlake.

The footage will be represented in “The Open Road” as a home video of the family as they watch the duck march.

Those with footage are asked to contact the post-production offices of “The Open Road” at 646-216-4265 or e-mail theopenroadfootage@gmail.com. The owner of the selected footage will receive a special thanks credit in the film as well as a complimentary weekend hotel stay with Sunday brunch, courtesy of The Peabody Memphis.

Many Retirees Will Outlive Assets, Study Finds

Nearly three out of five middle-class retirees will outlive their financial assets if they attempt to maintain their pre-retirement standard of living, according to a new study conducted by Ernst & Young LLP on behalf of Americans for Secure Retirement.

The study found that middle-income Americans entering retirement now will have to reduce their standard of living by an average of 24 percent to avoid outliving their financial assets, and those seven years from retirement should reduce their standard of living by an average of 37 percent.

The study also found that retirees are much better prepared to have a financially secure retirement if they have a guaranteed source of income beyond Social Security, such as an annuity or defined benefit plan.

The study suggests those who are five to 10 years away from retirement should increase savings significantly or work beyond the age of 65.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 114 11,552
MORTGAGES 100 142 15,121
FORECLOSURE NOTICES 47 47 2,958
BUILDING PERMITS 198 392 27,646
BANKRUPTCIES 60 128 11,090
BUSINESS LICENSES 19 37 4,075
UTILITY CONNECTIONS 120 323 16,809
MARRIAGE LICENSES 21 43 3,507

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