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VOL. 123 | NO. 149 | Thursday, July 31, 2008

June Commercial Sales Down 31 Percent

New month, same story for Shelby County’s commercial real estate market.

McMullen Looks To Appeals Court Seat

Former Assistant U.S. Attorney Camille McMullen has been named the newest addition to the Tennessee Court of Criminal Appeals, Western Section. McMullen, who was appointed to the judgeship in June by Gov. Phil Bredesen, is filling the vacancy created by Judge David G. Hayes’ retirement.

MALS Expands Homeowner Aid

The budget of Memphis Area Legal Services has swelled to almost $650,000 this year as a result of grants and other special funding awarded to the group. And MALS, in turn, is using that windfall to expand its free counseling and legal aid to homeowners in danger of losing their homes to foreclosure.

New County History Offers Rich Detail

A new illustrated history of Shelby County offers perspective on the county’s history and a few thoughts about its future.

Bush Signs Housing Bill

WASHINGTON (AP) – President Bush on Wednesday signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets.

Local Weather
Currently
Memphis, TN
50.0°F
Fair
Wind: Southwest at 9.2 mph
Humidity: 43%

EVENTS

The Memphis Bar Association will hold a Bench & Bar Luncheon today at 12:30 p.m. at Pearl’s Oyster House, 299 S. Main St. Reservations are encouraged but not required. For more information, call 526-6701 or e-mail firm@ricelaw.com.

more events »

Fed Extends Wall Street Emergency Borrowing

WASHINGTON (AP) – Federal Reserve officials said Wednesday it is extending its emergency borrowing program to Wall Street firms and is taking other steps to ease a severe credit crunch that has hobbled the national economy.

Mendelson Discusses Bankruptcy Spike

David L. Mendelson is a member of The Mendelson Law Firm, an East Memphis practice consisting of six attorneys. Mendelson’s practice areas are bankruptcy, creditor’s rights, insolvency, commercial and retail collections, transportation and subrogation.

Homeowner Aid Act Raises Worries on Scope, Delays

CHICAGO (AP) - Help is on the way for some debt-plagued homeowners. It just may not be fast enough or broad enough to keep many from losing their residences.

Dollar Rises on U.S. Consumer Confidence Data

NEW YORK (AP) - The dollar rose against major currencies Tuesday as new data showed U.S. consumer confidence coming in slightly higher than expected and German inflation remaining static in July.

Housing Bottom Delayed by Supply, Pessimism

NEW YORK (AP) - More than 800,000 vacant homes for sale stand between the housing recession and the bottom. And that glut is driving down home prices, slowing sales and turning consumer psychology against the market.

Administration: U.S. Bond Rating Safe Despite Deficit

WASHINGTON (AP) - The Bush administration expressed confidence Wednesday that the United States would be able to maintain its top-notch credit rating even as the government scrambles to find new ways of expanding debt sales to cope with soaring budget deficits.

Hedge Funds are Buying up Delinquent Mortgages

Guess who holds your mortgage now? It's your friendly neighborhood hedge fund.

Provisions of Housing-Mortgage Relief Bill

Provisions of the housing bill that President Bush signed into law Wednesday:

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 46 229 20,995
MORTGAGES 74 248 24,609
FORECLOSURE NOTICES 0 27 8,637
BUILDING PERMITS 478 837 43,174
BANKRUPTCIES 61 177 14,079
BUSINESS LICENSES 12 58 6,459
UTILITY CONNECTIONS 29 114 13,625
MARRIAGE LICENSES 20 67 5,136

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