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VOL. 123 | NO. 179 | Friday, September 12, 2008

Daily Digest

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SRVS Buys Parkway Village Office Building

The Shelby Residential and Vocational Services Inc. (SRVS) has bought an office building at 3971 Knight Arnold Road in Parkway Village for $850,000 from the Ajsy Family Living Trust, Anthony Joseph Campos Sy, trustee. The sale closed Aug. 28.

The 82,166-square-foot building was built in 1992 and sits on 3.3 acres near the intersection of Knight Arnold and Getwell roads. The Shelby County Assessor of Property’s 2008 appraisal is $422,500.

The organization financed the purchase with a $722,500 loan from Trustmark National Bank. SRVS was formed in 1962 to help Shelby County residents with development disabilities.

Source: The Daily News Online & Chandler Reports

30-Year Mortgages Dip To Lowest Level Since April

Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five months, as the government’s dramatic takeover of mortgage giants Fannie Mae and Freddie Mac had the hoped-for impact of lowering mortgage rates.

Freddie Mac reported Thursday that its nationwide survey found that 30-year, fixed-rate mortgages dipped to 5.93 percent this week, down from 6.35 percent last week.

The sharp decline pushed the 30-year rate below 6 percent for the first time since late May and marked the lowest level for this rate since they averaged 5.88 percent the week of April 17.

Private economists had predicted that the government’s move on Sunday to take control of Fannie Mae and Freddie Mac would result in lower mortgage rates for consumers because it removed a huge uncertainty about the future of the two firms, which own or guarantee half of the nation’s mortgages.

Mark Zandi, chief economist at Moody’s Economy.com, said Thursday that he believed rates could keep falling and perhaps drop to around 5.5 percent on the 30-year mortgage, which would give a further boost to the battered housing market.

“This is the most significant positive benefit of the government takeover of Fannie and Freddie,” Zandi said. “I think it is important that rates have fallen below the key 6 percent benchmark and hopefully rates will move lower in coming weeks.”

The 30-year mortgage hit a high for this year at 6.63 percent on July 24 and had been above 6 percent since late May.

The Freddie Mac survey showed that other mortgage rates declined this week although one-year rates bucked the downward trend.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, fell to 5.54 percent, down from 5.90 percent last week.

Rates on five-year, adjustable-rate mortgages averaged 5.87 percent this week, down from 5.97 percent last week.

One-year, adjustable-rate mortgages edged up to 5.21 percent, compared to 5.15 percent last week.

The mortgage rates do not include add-on fees known as points. The nationwide fee for 30-year, 15-year and five-year mortgages averaged 0.7 point last week. The nationwide fee for one-year mortgages averaged 0.6 point this week.

A year ago, rates on 30-year mortgages stood at 6.31 percent, 15-year mortgage rates averaged 5.97 percent, five-year adjustable-rate mortgages were at 6.17 percent and one-year adjustable-rate mortgages stood at 5.66 percent.

Chandler Ehrlich Recognized for 911 Campaign

Chandler Ehrlich has received the 2008 VOX GRANDIS, the Mid-South’s preeminent award for excellence in public relations, for its Shelby County 911 Public Awareness Campaign.

Chandler Ehrlich and other area organizations were recognized during the Public Relations Society of America Memphis chapter’s 16th annual VOX Awards ceremony at Flemings Prime Steakhouse Wednesday.

The awards honor top performances by individuals or groups in communication campaigns, special events, writing and utilization of various media in creative ways.

In addition to the VOX winners, the chapter named Joe Incardona its 2007 Professional of the Year. Incardona is the owner of Media Source and was selected for his long-time dedication and service to the chapter, including serving as chairman or member of various committees, and for videotaping and archiving the chapter’s monthly meetings.

Peabody Adds To Memorabilia Room

The Peabody hotel is renovating its Memorabilia Room, adding cabinetry so it can display more souvenirs to “tell the history of the hotel,” said Kelly Earnest, director of public relations.

The room currently houses at least a couple hundred souvenirs, including a mallard head razor from the early 1900s, a four-gallon silver punch bowl engraved with Hotel Peabody and an original Peabody Tea Room menu.

Earnest said that as the hotel staff started to develop plans for adding more space for more souvenirs, they realized they would need more souvenirs. So the hotel has sent out a plea to any previous guests who may have things they accidentally or intentionally took.

“We routinely get things back to the hotel from people who are cleaning out their closets or maybe they’re cleaning out their mother’s closet and found maybe a piece of silver or an old hotel bill,” Earnest said.

The room is expected to be ready for reopening in January, just in time to kick off the hotel’s 140th anniversary year.

Griz Players to Help Open White Station Church Center

Several Memphis Grizzlies basketball players will be at the White Station Church of Christ’s new Community Life Center open house this weekend.

The event will take place Saturday from 2 p.m. to 4 p.m. at 1106 Colonial Road.

David Jordan, CEO of Agape Child & Family Services, also will attend the opening house. He will be there to provide information about the Grizzlies/AGAPE mentoring program.

Last year, the Memphis Grizzlies Charitable Foundation made a $30,000 donation to AGAPE, the most money ever awarded to a first-year “partnering agency,” to launch the “Grizzlies/Agape Mentoring Initiative.”

Through the funding and partnership, Agape will recruit and use at least 100 mentors in the next year to serve at least 200 youth through Agape. Mentors will serve through Agape’s Families in Touch (FIT) program, Family Permanency/Foster Care, Family Preservation and Family Life Ministry.

Le Bonheur Fundraiser To Feature Dancing Docs

Le Bonheur Children’s Medical Center and Dancesmith’s Fred Astaire Dance Studio will host its second Dancing with the Docs fundraiser Oct. 10 at 7:30 p.m. at The Cannon Center for the Performing Arts, 255 N. Main St.

Le Bonheur physicians Dave Clarke, Karen Lakin, Deborah Jones, Marilyn Robinson, Jorge Salazar and Rush Waller will be the featured dancers.

Tickets are $30 and a table of 10 is $300. Tickets can be bought at the hospital or at Dancesmith’s, 2435 Whitten Road, Suite 106.

All proceeds benefit Le Bonheur’s Cardiac Kids Camp, which is a weeklong summer camp for children with cardiac-related diagnoses.

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751