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VOL. 129 | NO. 123 | Wednesday, June 25, 2014

Daily Digest

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Builder Files Construction Loan for Cambridge Manor

Oakland-based homebuilder Creekside Homes LLC has filed a $1.2 million construction loan on five lots in the Cambridge Manor Planned Development in Arlington.

The company filed the construction deed of trust June 20 through Metropolitan Bank, with Creekside owner Barry A. Duke signing the deed.

Creekside Homes bought 92.4 acres of land in Cambridge Manor last year for $600,000 from First State Bank. The land had a 2013 appraised value of $746,700, according to the Shelby County Assessor of Property.

Cambridge Manor is a planned development between Interstate 40 and U.S. 70 at the intersection of Forrest Street and Milton Wilson Boulevard. Multiple builders have homes in the subdivision, which features estate lots and a 16-acre lake.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Baptist Opening Dementia Resource Center

Baptist Memorial Health Care, with help from the Baptist Foundation and the Parker family donation, is opening a free resource center for patients and caregivers dealing with dementia or other memory-related issues.

A ribbon-cutting ceremony will take place Thursday, June 26, at 1:30 p.m. at 400 Market Blvd., suite 111, in Collierville.

The Baptist Memory Care Center will assist with a free screening for memory problems and will connect people with community resources and support. Services are provided by appointment, and no referral is needed.

Center team members will assist in identifying available resources such as home care, specialty physicians services, community events, spiritual and emotional guidance, and long-term care facilities, among other things.

In addition to resource networking, the staff will offer support through caregiving classes, community outreach services, support groups, advance-care planning and more.

– Don Wade

Indie Memphis Concert Film Series Kicks Off July 25

Indie Memphis will launch the fourth season of its free summer Concert Film Series at the Levitt Shell next month.

The series begins July 25 with a film about the historic 1958 Newport jazz festival and closes with the documentary “Meanwhile in Memphis.” Other films include performances by Led Zeppelin, Fleetwood Mac, Billy Joel, Sigur Ros and Isaac Hayes, among others.

Admission is free to each film and starts at dusk, and food and beverages will be available to purchase. The 2014 series is presented by Orion Federal Credit Union and made possible in part through grants provided by ArtsMemphis.

The 17th annual Indie Memphis Film Festival will be held Oct. 30 through Nov. 2, and it’s again presented by Duncan-Williams Inc.

– Andy Meek

UCAN Teen Talk to Be Held Saturday

Peer pressure, bullying, self-esteem and how to say no to drugs will all be topics in UCAN of Memphis’ quarterly Teen Talk Saturday, June 28, from 2 p.m. to 5 p.m.

The free event will be held at the House of Mtenzi, 1298 Madison Ave. Refreshments will be served.

Panelists will include Brandy Flynn of Brandy J. Flynn Counseling and Consulting Services; elder Jessie Jennings, author of “On Your Mark, Get Set, Go!” and UCAN President Leshundra Robinson.

For more information, visit ucanofmemphis.org or call 262-8642.

– Don Wade

Consumer Confidence Reaches 6-Year High

U.S. consumers are more confident about the economy than they have been in more than six years.

The Conference Board’s confidence index rose to 85.2 this month from a revised 82.2 in May, the private research group said Tuesday. The June figure is the highest since January 2008, a month after the Great Recession officially began.

More Americans are optimistic about business conditions and the outlook for jobs, though fewer expect their incomes will grow over the next six months.

“Still, the momentum going forward remains quite positive,” Lynn Franco, a Conference Board economist, said.

The index compiled by the Conference Board shows that confidence has been rising steadily since bottoming at 25.3 in February 2009. It’s well above last year’s average of 72.3. But it still hasn’t returned to full health. Before the recession, the index usually topped 90.

Consumers’ attitudes are closely watched because their spending accounts for about 70 percent of U.S. economic activity.

Consumers registered the most favorable assessment of current business conditions since March 2008, and their outlook for the next months rose to highest level since August 2013. The percentage saying jobs are “plentiful” was 14.7 percent, highest since May 2008.

An improving job market has brightened Americans’ outlook.

The U.S. economy generated more than 200,000 jobs in May for the fourth straight month – the longest such streak since 1999. The unemployment rate has tumbled to 6.3 percent in May from 7.5 percent a year earlier.

– The Associated Press

US Home Prices Rise at Slower Pace in April

U.S. home prices rose in April from a year ago at the slowest pace in 13 months, reflecting a recent drop-off in sales.

The Standard & Poor’s/Case-Shiller 20-city home price index rose 10.8 percent in April from 12 months earlier. That’s a healthy gain, but down from 12.4 percent in the previous month and the smallest since March 2013.

Annual price gains slowed in 19 of the 20 cities. Only Boston saw price increases accelerate.

Home sales have slowed since last summer as higher mortgage rates and rising prices and have made it harder for would-be buyers to afford a home. Sales of existing homes in May were 5 percent lower than 12 months earlier.

Prices rose 1.1 percent in April compared with March, though that gain likely reflected seasonal patterns. Home prices typically rise during the spring buying season.

Some of the hottest housing markets in the past two years are starting to cool off. Las Vegas, Los Angeles, Phoenix, San Diego and San Francisco reported annual price gains above 30 percent last year, according to Case-Shiller.

In April, their price increases were all below 20 percent.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 54 266 12,031
MORTGAGES 111 406 15,756
FORECLOSURE NOTICES 27 107 3,130
BUILDING PERMITS 0 606 28,832
BANKRUPTCIES 73 364 11,671
BUSINESS LICENSES 17 119 4,274
UTILITY CONNECTIONS 121 549 17,732
MARRIAGE LICENSES 23 104 3,668

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