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VOL. 123 | NO. 106 | Friday, May 30, 2008

Shelby County’s Commercial Sales on Decline

It took a pair of West Coast companies to give Memphis’ commercial real estate a shot in the arm in April – Tacoma, Wash.-based Gintz Group sold a 172-unit Midtown apartment complex at 1550 North Parkway to Newport Beach, Calif.-based Nationwide Health Properties Inc. for $19.5 million.

Council to Wrap Up Budget Talks

Memphis City Council members didn’t know the full extent of what they’d encounter in the city administration’s budget proposal for the coming fiscal year. Budget committee hearings held over the last few weeks have given them the details they need.

Three Year Old AG Legal Opinion Raises Possibility of School Consolidation

Memphis Mayor Willie Herenton isn’t trying to talk the Memphis City Council out of cutting city funding to the city school system anymore.

New Memphis Pro Team Gives Players Shot at Basketball Dream

A dozen Memphians are taking a different journey to what they hope will be NBA stardom. It’s a journey that includes weekend games in high school and college gymnasiums before small crowds. Practice sessions are worked in between 9-to-5 jobs and second jobs. There is very little glory and no guarantee.

Commissioners Start Over On Term Limit Amendment

A compromise by members of the Shelby County Board of Commissioners on the issue of term limits lasted long enough – about two weeks – that the consensus collapsed this week.

Local Weather
Currently
Memphis, TN
76.0°F
Fair
Wind: Southwest at 3.5 mph
Humidity: 79%

EVENTS

The South Main Art Trolley Tour will be held today from 6 p.m. to 9 p.m. in the South Main Arts District. Attendees can enjoy free trolley rides between the galleries and stores along South Main Street. Visit www.southmainmemphis.org for more information.

more events »

Economy’s Growth Picks Up in Q1

WASHINGTON (AP) – The economy plodded ahead at a 0.9 percent pace in the first quarter – slightly better than first estimated – but still underscoring caution on the part of consumers and businesses walloped by housing, credit and financial problems.

Bear Stearns Shareholders OK Buyout

NEW YORK (AP) – Bear Stearns Cos. shareholders on Thursday approved JPMorgan Chase & Co.’s $2.2 billion buyout of the investment bank whose wagers on subprime mortgages made it the largest corporate casualty of the global credit crisis.

Fed to Make Fresh Batch of Bank Loans

WASHINGTON (AP) - The Federal Reserve announced Thursday that it will make a fresh batch of short-term cash loans available to squeezed banks as part of an ongoing effort to ease stressed credit markets.

Housing Woes Send Q1 Bank Profits Down by Nearly Half

WASHINGTON (AP) - Federally insured banks and thrifts set aside a record $37.1 billion to cover losses from soured mortgages and other loans in the first quarter, when profits were nearly halved, regulators said Thursday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 90 140 15,764
MORTGAGES 100 162 18,210
FORECLOSURE NOTICES 8 21 2,426
BUILDING PERMITS 194 315 32,829
BANKRUPTCIES 57 116 10,129
BUSINESS LICENSES 25 50 5,228
UTILITY CONNECTIONS 35 64 6,213
MARRIAGE LICENSES 26 50 3,463

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