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VOL. 123 | NO. 157 | Tuesday, August 12, 2008

Shuttered Motels Head to Court

The owners of five Memphis motels that were closed last week as nuisances under Tennessee law are due in Shelby County Environmental Court today.

Builder-Sold Homes Drop 50 Percent

Count the area’s homebuilders – along with Realtors and mortgage bankers – as another group that sees the Housing and Economic Recovery Act of 2008 as a salve for the ongoing real estate crisis.

Trustee, Assessor Look Ahead To New Positions

The day after last week’s Shelby County general election, Paul Mattila walked into a room in the Shelby County Administration Building where employees of the Shelby County Trustee’s office had gathered in his honor.

Health Care Costs Could Rise 10 Percent

Health care costs are expected to rise more than 10 percent into next year, according to a survey of insurers by Aon Consulting Worldwide.

Employers Boost 401(k)s To Meet Workers’ Demand

CHICAGO (AP) – Corporate America may have turned its back on traditional pensions, but it appears to be embracing 401(k)s more than ever.

Local Weather
Currently
Memphis, TN
38.0°F
Fair
Wind: Calm mph
Humidity: 73%

EVENTS

The Elvis Film Festival will be held today at Malco’s Studio on the Square, 2105 Court St. Fans can choose from the line-up of “King Creole,” “G.I. Blues,” “Blue Hawaii,” “Girls!Girls!Girls!” and “Paradise, Hawaiian Style.” Tickets are $5 per film. To buy tickets and to view show times, visit www.malco.com.

more events »

Florida Investor Buys SE Memphis Retail Center

6990 Shelby Drive, Memphis, TN 38125, Sale Amount: Quitclaim -
Miami-based real estate investment firm Gator Investments, operating locally as Gator Shelby Partners Ltd., has entered the Memphis market with the acquisition of the Shelby Square retail strip center on the northeast corner of Riverdale Road and Shelby Drive.

Federal Reserve Finds Deepening Credit Crisis

WASHINGTON (AP) - More banks are tightening lending standards on home mortgages and other consumer and business loans as a deepening credit crisis exerts a heavier toll on the economy.

Drug Price Hikes Draw Scrutiny from Lawmakers

WASHINGTON (AP) - Pharmaceutical companies are increasingly hiking the prices of specialty medications by 100 percent or more - sometimes much more - attracting scrutiny from lawmakers who have pledged to lower health care costs.

Mortgage-Market Trouble Reaches Big Credit Unions

Five of the nation's largest credit unions are reporting big paper losses on mortgage-related securities, a sign that housing-market distress is spreading even to the most risk-averse financial sectors.

Communication Outage Affects FAA's Memphis Region

MEMPHIS, Tenn. (AP) - Communications between an air traffic control center in Memphis and an unknown number of airplanes flying through its territory were disrupted on Saturday, the Federal Aviation Administration said.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 61 331 19,904
MORTGAGES 80 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 35 231 13,335
BUSINESS LICENSES 28 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 21 94 4,936

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