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VOL. 124 | NO. 7 | Monday, January 12, 2009

2008: Year to Forget in Real Estate

Of all the real estate storylines from 2008, perhaps the most revealing was that bank sales – i.e., foreclosures – accounted for 37.3 percent of the residential market share in 2008, up from 24.7 percent in 2007.

Q4 Home Sales Down 15 Percent

Fourth quarter real estate was in lockstep with the rest of the year in Shelby County, as home sales tumbled 15 percent compared with the same quarter in 2007, according to real estate information company Chandler Reports, www.chandlerreports.com.

Local Institutions Wait for Piece of Bailout Pie

As part of its $700 billion effort to shore up the country’s financial system and stabilize a shaky economy, the U.S. Treasury Department had as of last week pumped more than $177 billion in new capital into 215 banks and financial institutions.

Jobless Rate Jumps To 7.2 Percent in Dec.

WASHINGTON (AP) – The nation’s unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for American workers.

Family Celebrates 50 Years of Painting Cakes

Switching from selling paint to specializing in cake decorating supplies may seem like a risky proposition, but the family behind Mary Carter Decorating Center made it work.

Local Weather
Currently
Memphis, TN
49.0°F
Fair
Wind: North at 11.5 mph
Humidity: 41%

EVENTS

The Center City Revenue Finance Corp. will meet Tuesday at 9 a.m. at the Center City Commission office, 114 N. Main St. The agenda will include a request of Linden Yards LLC for approval of payment of closing fees in phases in connection with a PILOT agreement for property at 680, 708 and 713 Linden Ave. For more information, call Andy Kitsinger at 575-0540.

more events »

Tenn. GOP Candidates Linked to Life Insurance Plan

NASHVILLE, Tenn. (AP) - Two Republican candidates for Tennessee constitutional offices have been linked to a proposal for the state to benefit from taking out life insurance policies on unwitting retired state employees.

SunTrust Shares Fall After Analyst Downgrade

CHARLOTTE, N.C. (AP) - Shares of SunTrust Banks Inc. fell on Friday after an analyst downgraded shares of the regional bank, saying he expects continued credit woes and a difficult operating environment in 2009.

State Suspends Admissions to Youth Facility

NASHVILLE, Tenn. (AP) - State officials temporarily suspended admissions to a Nashville mental health treatment facility for youth after the same boy twice drank disinfectant.

Obama Team Looks to Revamp Financial Bailout

WASHINGTON (AP) - President-elect Barack Obama's economic team is broadening the mission of the 700 billion bailout for the financial sector, aiming to unfreeze credit for homeowners, consumers, small businesses and local governments.

TSU Drops Nearly 500 Students for Not Paying Bills

NASHVILLE, Tenn. (AP) - Tennessee State University has dropped nearly 500 students at a time when state appropriations and revenue from students are decreasing.

Democrats Begin New Session with Labor Bills

WASHINGTON (AP) - The Democratic-led House took up two wage discrimination bills Friday, moving quickly to affirm its worker rights credentials as labor ally Barack Obama prepares to move into the White House.

UT Endowment Drops Nearly 32 Percent

KNOXVILLE, Tenn. (AP) - The University of Tennessee's endowment dropped nearly 32 percent in the face of an economic recession, but school officials say fundraising is exceeding expectations.

Bank: Error Led to Blackburn's Home Foreclosure

BRENTWOOD, Tenn. (AP) - Bank officials say Republican U.S. Rep. Marsha Blackburn's home in Brentwood was placed into foreclosure proceedings because of a processing error.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 23 71 8,375
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 74 196 13,300
BUSINESS LICENSES 25 48 6,185
UTILITY CONNECTIONS 40 125 13,120
MARRIAGE LICENSES 15 73 4,915

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The Memphis News: Business, politics, and the public interest.