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VOL. 123 | NO. 74 | Tuesday, April 15, 2008

Foreclosures Up 15 Percent In First Quarter, Data Show

It was against the backdrop of a flat housing market, a spike in borrowers trapped in never-ending cycles of debt and foreclosure snatching away more homes than ever that Memphis Area Legal Services dug in for a fight. It was a fight the group won.

Texas Company Moves Quickly To Rejuvenate Raleigh Center

A real estate investment group from Texas hopes to breathe new life into a Raleigh shopping center by renovating its exterior and recruiting tenants. In the process, it also hopes to rejuvenate the entire neighborhood.

Memphis International Airport To Install Backup Generator

3977 Airways Blvd., Memphis, TN 38116, Permit Amount: $2 million -
The Memphis-Shelby County Airport Authority has received approval to build a structure that will house its new emergency generator, providing backup power to the airport terminal in case of an electrical outage, said airport development director Robert Beesley.

Donald Mulls Over Strip Club Beer Sales

Whether Memphis strip clubs continue to serve beer at the end of this month depends on a ruling to come in the next two weeks by U.S. District Court Judge Bernice Donald.

'Austerity' to Be Central to Today's Budget Proposal

On the day federal tax returns are due, Memphis Mayor Willie Herenton takes his budget proposal to the City Council.

Local Weather
Currently
Memphis, TN
38.0°F
Fair
Wind: North at 12.7 mph
Humidity: 68%

EVENTS

The Memphis Rotary Club will meet today at noon in the Memphis Cook Convention Center, 255 N. Main St. Dr. Pat Wall, chancellor of the University of Tennessee Health Science Center, is the featured speaker. The cost is $18 per person and reservations can be made by contacting Taylor Hughes at 526-1318 or taylor@memphisrotary.org.

more events »

Black Business Expo In the Works

During their inaugural event later this month, organizers of the Memphis Black Business Expo and Showcase hope to provide a venue for local minorities to spotlight their entrepreneurial endeavors as well as allowing them to network with other business owners with similar concerns.

Exemptions Mean State Earns Less From Sales Taxes

NASHVILLE (AP) - Exemptions to sales and use taxes are projected to cost the state almost $2.7 billion next year.

State Paid $1.1M to Lawmakers For Travel, Expenses in Q1

NASHVILLE (AP) - Tennessee spent $1.13 million on lawmakers' expenses in the first quarter of 2008.

Bill Would Allow Random Drug Testing of Students in Activities

NASHVILLE (AP) - High school students who participate in voluntary extracurricular activities could be randomly drug tested under legislation advancing in the Senate.

Bill Seeks to Prohibit Gang Activity at Schools

NASHVILLE (AP) - Legislation that seeks to prohibit gang activity at high schools in Tennessee is advancing in the Senate.

Retail Sales Post Modest Gain in March, But Much of Increase Reflected Jump in Gasoline Prices

WASHINGTON (AP) - Consumers, beset by a credit crunch, rising energy and food costs and a prolonged housing slump, boosted spending only slightly in March with the gain reflecting soaring gasoline costs rather than any real strength in demand.

AP Poll: Growing Majority Avoid Buying Homes as Pessimism Over Housing Crisis Grows

WASHINGTON (AP) - A growing majority say they won't buy a home anytime soon, the latest sign of increasing pessimism about the nation's housing crisis, a poll showed Monday.

Bad Mortgage Timing Leads Wachovia to Post Loss, Cut Dividend, Seek $7 Billion in New Capital

CHARLOTTE, N.C. (AP) - Wachovia Corp. is getting a lesson in "timing is everything."

Top Economic Powers Endorse Plan to Try to Avert Financial Crises

WASHINGTON (AP) - Finance officials from the world's top economic powers endorsed a plan Friday aimed at preventing another financial crisis like the credit and mortgage debacles that erupted in the United States and quickly sent tremors around the globe.

AFL-CIO Links Financial Industry Executives' High Pay With Credit Crisis Fallout

WASHINGTON (AP) - The AFL-CIO on Monday said "outrageous" pay packages for banking industry executives were partly to blame for the credit crisis, encouraging risky investment strategies that ended up hurting shareholders and consumers.

Fannie, Freddie Losses Could Cause Gov't to Loose Top-Notch Credit Rating, Report Says

WASHINGTON (AP) - A deep recession could force mortgage-finance titans Fannie Mae and Freddie Mac to require a federal bailout large enough to hurt the U.S. government's top-grade credit rating, Standard & Poor's warned Monday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 155 19,728
MORTGAGES 95 170 23,084
FORECLOSURE NOTICES 41 48 8,352
BUILDING PERMITS 200 338 40,366
BANKRUPTCIES 50 122 13,226
BUSINESS LICENSES 14 23 6,160
UTILITY CONNECTIONS 33 85 13,080
MARRIAGE LICENSES 28 58 4,900

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