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VOL. 123 | NO. 252 | Friday, December 26, 2008

FHA Loans Take Lion’s Share of Mortgage Activity

As the mortgage industry closes the book on an abysmal year, it can thank the Federal Housing Administration for being one of the few bright spots of 2008.

Details Coming Soon for Lender Lawsuit

Right on schedule, elected officials on both sides of local government were briefed this month on the plan to file a lawsuit against national mortgage lending companies that allegedly targeted minority borrowers for high-cost loans.

Elvis Parent Company Calls Off Plans To Go Private

The publicly traded company that owns 85 percent of Elvis Presley Enterprises has completely called off its attempt to go private.

November New Home Sales Drop 2.9 Percent

Sales of new U.S. homes fell in November to the slowest pace in nearly 18 years, while new home prices dropped by the biggest amount in eight months.

Fitzpatrick Sees New Promises for Accredo

Memphis-based Accredo Health Group Inc., a pharmacy benefit manager for people who need specialty drugs, could benefit from initiatives for universal health care, but the man at the company’s helm isn’t putting all his focus on landing a mother lode contract with the government.

Local Weather
Currently
Memphis, TN
52.0°F
Overcast
Wind: South at 6.9 mph
Humidity: 89%

EVENTS

The R.S.V.P. Program is collecting old cell phones for use as 911 emergency phones for senior citizens and victims of domestic abuse. Phones and batteries may be dropped off through Wednesday at the Aging Commission of the Mid-South, 2670 Union Extended, Suite 1000. The office is open from 8 a.m. to 4:30 p.m. Monday-Friday. If you have 10 or more phones to drop off, you may call Joanne Lowe at 515-2084 for pickup.

more events »

November Existing Home Sales Fall by 8.6 Percent

WASHINGTON (AP) - Sales of existing homes plunged far more than expected last month as buyers recoiled from October's financial wreckage on Wall Street. The median sales price fell by the largest amount on record.

Economy Declined 0.5 Percent in Third Quarter

WASHINGTON (AP) - As the longest recession in a quarter century intensifies, analysts believe the small decline in economic activity in the third quarter has worsened significantly in the current fourth quarter.

Avoiding the Ax: Where the Jobs Are

While the employment landscape looks sparse right now, the outlook for 2009 isn't uniformly bleak – and is downright bright in some recession-resistant industries.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 47 47 1,046
MORTGAGES 83 83 1,278
FORECLOSURE NOTICES 0 0 152
BUILDING PERMITS 0 0 1,653
BANKRUPTCIES 66 66 701
BUSINESS LICENSES 0 0 298
UTILITY CONNECTIONS 0 0 392
MARRIAGE LICENSES 0 0 82

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