Housing bubble burst
Another shoe has dropped in the federal government’s delving into the mortgage loan morass in Northwest Arkansas. This time, new banking empire Legacy Bank and Little Rock newcomer to the area, Metropolitan, have been slapped with sanctions for their loose lending practices. At least one more area bank is expected to be either sanction or cautioned, federal officials have hinted that more banking woes will continue.
And a revelation of exactly who got stung the most in the ANB Bank mess was made public last week. It seems that the ANB fiasco may have led to a sale and merger of a poultry firm, at least that’s what some of the whispers are.
While the bankers have been slapped on the wrist for loose lending practices, the housing bubble has indeed burst. Home sales were reportedly down 31 percent for the first five months of 2008.
HIGHER AND HIGHER
The price of oil burst another ceiling recently trading for $139.89 a barrel, technically $140. Look for $150 oil by midsummer. That’s Aug. 1 for those wanting a date.
NEW BUS STOP
The old Wedington Liquor store building on the corner of Wedington Drive near the I-540 onramp didn’t stay vacant long. It is now the Jefferson Bus Station terminal, which moved from South School Avenue. Hummm.
Tyson Gay, the former UA Razorback trackster and USA Olympic hopeful is featured in a two-page McDonald’s advertising spread. The ads began showing up in Sports Illustrated beginning with the June 23 edition. The interview with Gay made is crystal clear that he is a Razorback and his favorite color is Razorback red. Good reading Hog fans.
The Rock Island rigging crew took most of last week to remove the long inactive crane over the biggest black hole in Fayetteville’s green downtown. The question is, when will it be back? Or better yet, when will this eyesore be eliminated? And do developers Alexander and Nock still have to keep paying the city?
NEW ART DIGS
Longtime Fayetteville artist Jane Weir Garrison Davidian has opened Jane’s Place art gallery across from the old UARK Bowl on the west end of Dickson Street. Good luck Jane.
ALL STAR BUCKS
The annual Arkansas High School All Star games have concluded. School busses from all across the state have filled hotel parking lots and restaurants for an estimated $2 to $4 million for a middle of the summer boost. Comeback, come back again. Fayetteville loves the Arkansas All Star weeks.
LETS GET MOBILE
Let’s hope Fayetteville city leaders are just being cautious and coy, but let’s also hope they soon join the NWA Regional Mobility Authority, a group of cities and county governments that have banded together to get highway and street project monies. This is much like the loose coalition that put in XNA. It is necessary for Fayetteville to join this group. So let’s get on with it.
Wal-Mart’s financial brass says President Bush’s stimulus checks have stimulated Wal-Mart’s bottomline in the past few weeks. See there it did just what Bush wanted. The rich get richer because poor folks have more money to spend. Or was that the message intended?
Housing bubble burst