Commercial Real Estate in Memphis and our Galaxy

Someday, I’ll be able to check the news without hearing about our own Kennedy-lite family. Here’s the real estate related Ford family news, whether you like it or not. Check out this news story, and then check out the (conspiracy?) theory about “the rest of the story”.

From the Commercial Appeal:

Memphis City Councilman Edmund Ford may be able to keep his mortuary in its Whitehaven home after all.

His landlord, Dennis Churchwell, had threatened to auction off the 5.8-acre property on Elvis Presley because of its notoriety. It’s where Ford was allowed to rack up a five-digit Memphis Light, Gas and Water Division bill, touching off a scandal that led to the resignation of the utility’s president.

But after the live auction Saturday afternoon, the property’s only bid came from a lender of the Supreme Lending Group in Memphis, who offered Churchwell $750,000 to purchase the property on Ford’s behalf…

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From Yahoo News, via the Drudge Report:

Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to record levels as borrowers with tarnished credit histories had trouble keeping up with monthly payments.

The latest snapshot of the mortgage market stoked Wall Street investors’ worries about troubles facing “subprime” lenders who make loans to people with poor credit. The Dow Jones industrials tumbled 242.66 points.

The percentage of mortgages that started the foreclosure process in the final quarter of last year rose to 0.54 percent, a record high. The previous high, 0.50 percent, occurred in the second quarter of 2002 as the economy was recovering from the blows of the 2001 recession.

When I read mortgage information, sometimes my mouth gets dry and my eyes start to glaze over. Here’s why this story is important to you and me: Read more »