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VOL. 124 | NO. 46 | Monday, March 9, 2009

Latest Numbers Show Withering Mortgage Rates

With the housing market still under pressure as home prices fall and fewer new borrowers take the plunge, the number of home loans as well as the total mortgage volume in Shelby County took another nosedive in February.

Stop Work Order Issued for The Gold Club

A stop work order was issued Friday afternoon for a construction project at 777 N. White Station Rd. involving The Gold Club, an adult entertainment business run by strip club mogul Steve Cooper.

$2M Retail Center to Rise Near Rose Complex

A $2 million retail center – co-anchored by a gas station/convenience store and a Subway restaurant with a detached automated car wash – will rise soon at 4356 Forest Hill-Irene Road in Southeast Memphis, the project’s developer confirmed last week.

Tax Questions Arise During School Funding Talks

Making Shelby County government the single source of funding for the city and county public school systems could mean a 53-cent increase in the county property tax rate over several fiscal years. It would also reduce the city property tax rate by 82 cents.

Whole Foods to Keep Memphis Store

Whole Foods Market Inc. will sell 13 stores to settle an antitrust challenge to its acquisition of Wild Oats Markets, but the company will keep its Memphis store.

Local Weather
Memphis, TN
Mostly Cloudy
Wind: North at 9.2 mph
Humidity: 46%


The Engineers’ Club of Memphis Inc. will hold its weekly meeting and lunch today at 11:30 a.m. at the Holiday Inn-University of Memphis, 3700 Central Ave. Will Moore of Atkins Capital Management LLC will present “Positive Things in Memphis.” Cost is $14. No reservations are required.

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Moorman Brings Together Parents’ Businesses

Frank Moorman has united his parents’ former upholstery businesses and updated them into interior style centers.

Bredesen: Tenn. Will Accept 100 Pct of Stimulus

NASHVILLE, Tenn. (AP) - Tennessee Gov. Phil Bredesen says he's decided to accept $141 million in federal stimulus money designated for unemployment benefits.

Congress Approves Bill to Keep US Government Open

WASHINGTON (AP) - With a $410 billion catchall spending bill stalled in the Senate and a midnight deadline looming, Congress rushed through stopgap legislation Friday to keep the U.S. government running for another five days.

Consumer Borrowing Rose Unexpectedly in January

WASHINGTON (AP) - Consumer borrowing rose unexpectedly in January after three months of declines.

GM Shares Reach 75-Year Low Amid Bankruptcy Talk

NEW YORK (AP) - General Motors Corp. shares fell to their lowest point in more than 75 years Friday, as investors fretted that the ailing automaker may be forced to file for bankruptcy protection despite government help.

IRS to Drop Private Debt Collection Program

WASHINGTON (AP) - The Internal Revenue Service is eliminating a program that uses private debt collectors to go after tax delinquents, the agency announced Thursday evening.

Doubt Cast on $50 Billion Figure in Madoff Case

NEW YORK (AP) - Bernard Madoff and $50 billion.

Bailout Monitor Welcomes Mortgage Bankruptcy Plan

WASHINGTON (AP) - The head of a panel overseeing bailout money is giving high marks to legislation that would let debt-strapped homeowners seek reduced mortgage payments by filing for bankruptcy.

Weekly Snapshot

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Blog News, Training & Events
PROPERTY SALES 96 173 11,698
MORTGAGES 95 174 13,601
BUILDING PERMITS 291 387 24,551
BANKRUPTCIES 65 118 7,591

Weekly Edition

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