Flory follow-up:
In an earlier piece ("News analyst concludes Knoxville market 'sluggish'" 8/8/07), this blog discussed whether Josh Flory had looked at the 2005 numbers and they were also higher than the 2007 numbers. Flory replied to an email asking whether 2007 was worse than 2005, saysing that 2007 was worse. He supplied data from the Knoxville Association of Realtors indicating that though 2007-Q1 units exceeded 2005-Q1 units, 2007-Q2 lagged 2005-Q2, and the Q2 deficit exceeded Q1 excess making the first half numbers of 2007 worse than both 2005 and 2006, distinguishing Knoxville's downturn from Chattanooga's. The downturn in Knoxville is arguably worse.
See details from Knoxville Association of Realtors analyzed in this spreadsheet.
More Follow-up: Home Mortgage Lender Home Banc Files for Chapter 11
An earlier post highlighted a Bloomberg article analyzing the problems faced by home mortgage lenders and the impact on the banking industry as a whole. Further evidence of the mortgage industries woes: Home Banc's chapter 11 filing, coming just days after HomeBanc sold five retail branches to Countrywide Financial Corp.
Delinquencies and defaults have increased rapidly, making it difficult to sell the loans to investors in secondary markets, and with no one buying the loans, mortgage lenders have no liquidity nfor continuing business. American Home Mortgage Investment Corp. filed bankruptcy in the same court last week under similar circumstances.
From the Associated Press via Forbes.com
Miscellaneous
Chattanooga Police Pulls Officers From Schools, Puts Them on Streets
WDEF News
Hamilton County Schools Now In Good Standing On No Child Left Behind
The Chattanoogan
Roy's Grill open again in Rossville a hop and a skip from the Georgia-Tennessee line
Walker County Messenger
Business coalition endorses Dean for Mayor of Nashville
Ashland City Times
Knox Co. mayor calls for fed. review of grant money used by county
WATE.com
Emporium Annex replaces space lost in Candy Factory
Knoxville News Sentinel
Ruby Tuesday Expands Agreements to Allow Franchisees To Develop More Restaurants
25 new restaurants to be developed in North Dakota, Missouri, Nebraska and Iowa
Business Wire
Bank pulls money from Nashville Sounds' account to pay the team's legal, other fees
The Tennessean
A/C Use Up, Heat Deaths Down in South
Forbes
Federal Home Loan Bank of Atlanta Announces New Chief Financial Officer
Earthtimes.org
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