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VOL. 123 | NO. 136 | Monday, July 14, 2008

Slope Gets Steeper

Home sales continue downward trend in Q2

Of Shelby County’s 33 ZIP codes that registered a home sale in the second quarter of 2008, all but one suffered a decline when compared to the same quarter of 2007, a trend that has been indicative of the area’s recent real estate woes.

Mortgages Up, National, Local Reports Show

Federal Reserve Chairman Ben Bernanke said in a speech given last week at a Federal Deposit Insurance Corp. conference in Virginia that the Fed is unveiling new policies this week that will provide a salve to the bruised mortgage market.

State Considers Response Plan for MCS Funding

Tennessee education officials are giving consideration to the possibility of crafting what they’re calling an “emergency response plan” in response to the city of Memphis’ recent funding cut to the city school system.

Foreclosure Rescue Plan Faces Bumpy Road

WASHINGTON (AP) – Struggling homeowners who can’t afford their mortgages and banks facing big losses would get government help under a foreclosure rescue that has broad bipartisan support.

Paulson: Keep Fannie and Freddie In Current Form

WASHINGTON (AP) – Treasury Secretary Henry Paulson, seeking to calm nervous investors about the financial state of Fannie Mae and Freddie Mac, said Friday the government’s primary policy focus currently is to leave the congressionally created mortgage giants intact.

Local Weather
Currently
Memphis, TN
52.0°F
Mostly Cloudy
Wind: from the South at 8.1 gusting to 17.3 mph
Humidity: 41%

EVENTS

The Engineers’ Club of Memphis Inc. will meet today at noon at the Holiday Inn–University of Memphis, 3700 Central Ave. Mark Mazzone will give a speech titled “40-Million Dollar Riverfront.” Cost is $12. No reservations are required.

more events »

Organic Hair Salon Makes Home in U of M Area

Upon entering Dena Walley’s salon along the Highland Strip near the University of Memphis, customers are sure to notice colorful walls, unique decorations hanging from the rafters and a hand-painted floor greeting telling them to “Have a Great Hair Day!”

Delta and Northwest Set Date for Shareholder Votes

ATLANTA (AP) - Shareholders at Delta Air Lines Inc. and Northwest Airlines Corp. will vote Sept. 25 on the stock swap that would join their companies.

Washington, Wall St. Weigh Fannie, Freddie Help

WASHINGTON (AP) - Wall Street and Washington wrestled Friday with how to shore up mortgage giants Fannie Mae and Freddie Mac, two troubled pillars of the economy whose failure would deal a devastating blow to the already crippled housing market.

Budget Deficit Up in First 9 Months of Budget Year

WASHINGTON (AP) - The Treasury Department says the federal deficit swelled to $268.7 billion in the first nine months of this budget year as record spending during the period outpaced revenues.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 331 19,904
MORTGAGES 0 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 1 232 13,336
BUSINESS LICENSES 0 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 0 94 4,936

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