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VOL. 123 | NO. 200 | Monday, October 13, 2008

Q3 Home Sales Drop 22 Percent

The real estate market hasn’t plunged as dramatically as the stock market has, but much like the Dow Jones industrial average, housing has seen better days.

Troubled Lenders Give Money To Legislators

As a cascade of dramatic events has rocked the very foundations of Wall Street over the past several months, money continued to flow from the country’s financial sector to many of the lawmakers deciding the future of the marketplace.

Wells Fargo Plans Wachovia Buy; Regulators OK Deal

NEW YORK (AP) – Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court.

Swaggers Turn to Shudders a Year After Market High

SAN FRANCISCO (AP) – Just a year ago, investors were swaggering as the stock market surged to an all-time high. Now, almost everyone on Wall Street and Main Street seems to be shuddering amid a frightening reversal of fortune that has erased $8.3 trillion in shareholder wealth in the past year.

Revid Property Management Has Growth on Mind During Tough Times

Revid Property Management LLC acquired Midtown Property Management and Realty LLC in August, gaining about 400 new rental units and placing the company and its sister entities, Revid Realty LLC and Revid Design LLC, as one of the largest property management companies in Memphis.

Local Weather
Currently
Memphis, TN
49.0°F
Fair
Wind: from the North at 10.4 gusting to 21.9 mph
Humidity: 41%

EVENTS

The Memphis Chapter of the International Association of Administrative Professionals will meet today at 6 p.m. at the Holiday Inn Select East, 5795 Poplar Ave. The programs are titled “Pathways to Excellence Recognition Awards Program” by Doris Goode and “Certification Update” by Judy Carmichael. Cost is $20 to attend. For reservations, contact Dianne Cordaro at 287-6009 or cordarod@lebonheur.org.

more events »

Oil Plunges to 13-Month Low on Global Slowdown

NEW YORK (AP) - Oil prices plunged in another violent sell-off Friday, briefly tumbling below $78 a barrel as investors grow more pessimistic about the prospects for resolving a mushrooming global economic crisis.

What Rate Cut? Interbank Lending Rates Keep Rising

NEW YORK (AP) - Governments around the world have slashed interest rates and ramped up their lending to unprecedented levels, but banks are still charging each other extremely high borrowing rates – a bad sign for the credit markets that remain close to paralysis.

States Cut Spending, Put Projects on Hold

With the economy in a slide and the credit markets seized up, states are slashing budgets, eliminating jobs, putting major construction projects on hold and nervously waiting to see whether their shriveled pension funds recover.

US Stocks Extend Huge Losses Over Credit Concerns

NEW YORK (AP) - Wall Street seesawed Friday, with the Dow Jones industrials spinning from an early loss of nearly 700 points to a modest late-day advance while investors looked for bargains after eight straight days of massive losses. The Dow still headed for its worst week ever, though, as investors still worried about credit markets that remain near paralysis.

For Military, Bad Economy Aids Recruiting

WASHINGTON (AP) - The tough economy could make it easier to sign up soldiers.

Bush Says Anxiety Feeding Market Instability

WASHINGTON (AP) - President Bush said Friday that the government's financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in.

UK Pound Falls to 5-Year Low against Dollar

LONDON (AP) - The pound fell to its lowest level against the dollar in five years Friday on fears that Britain's banking sector could suffer more losses from the world financial crisis, and that the dispute between Britain and Iceland over money in collapsed Icelandic banks could escalate.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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