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VOL. 38 | NO. 24 | Friday, June 13, 2014

Homebuyers pay the price for Nashville's 'It City' status

Middle-income shoppers pushed out by soaring prices

From the national press, one might think Nashvillians’ main concern these days is what new gastropub to try or which A-lister is playing a secret show at Third Man Records.

Music City's creative class struggles with rising home costs in traditional havens like East Nashville

Neighborhoods such as East Nashville, 12 South and Belmont have traditionally been the refuge of Nashville’s creative class – affordable havens with varying degrees of grit and underdevelopment.

REALTY CHECK

Much more to pricing than comparable sales

Pricing a home in a market that is trending upward can prove a daunting assignment, especially in areas where the sales data is sparse, often the case in small communities in which residents are content and seldom want to move.

Local Weather
Today
Nashville, TN
39°F
Mostly Cloudy
Wind: 0 mph
Humidity: 67%

EVENTS

Chamber Midtown Quarterly Meeting. This area advisory council, which meets quarterly, provides opportunities for getting involved in solving problems, discussing issues and implementing special projects and events for a specific business neighborhood. Today, 7:30-9 a.m. Homewood Suites Nashville Vanderbilt, 2400 West End Avenue. Information: Nashvillechamber.com, 743-3053.

more events »

STREET LEVEL

Farming a gamble Delvin’s happy to take

Kale and collard king Hank Delvin rubs his sorta-bionic leg as he looks up from his Franklin Farmers Market table and time-travels to April 1972, when he was an 82nd Airborne captain facing extermination after the village of An Loc was surrounded by North Vietnamese Army troops.

NEWSMAKERS

Perry named partner in health care practice

John M. Perry, Jr. has joined Bradley Arant Boult Cummings LLP as a partner in the Health Care Practice Group. Perry had been working from the firm’s Birmingham office since rejoining the firm in January 2014. He began his legal career in the Birmingham office as an associate in 1997.

GUERRILLA MARKETING

Use repeatable sales process for scalable growth

For many B2B companies, the ability to grow correlates directly with the ability to effectively expand the sales team.

THE WORLDLY INVESTOR

Russia returns but does it have ability to sustain?

The $2 trillion Russian economy has a problem.

I SWEAR

Even cruciverbalists can benefit from online help

Dear Judge Vic, Enjoyed your column about stenosing tenosynovitis. I once felt your pain. Who did your surgery? /s/ Curious

KAY'S COOKING CORNER

Would you rather have haricot verts or green beans?

One night last week, hubby and I had a wonderful meal at one of the fancier restaurants in town. One of my sides was golden beets with feta cheese, and one of his was haricot verts. He wasn’t sure what that was, so I had to tell him and let him know that he would like them.

HEALTH CARE

Poll: Many still struggle to pay health premiums

WASHINGTON (AP) — Most people who signed up under President Barack Obama's health care law rate their new insurance highly, but a substantial number are struggling with the cost, according to a poll released Thursday.

AUTO INDUSTRY

Pacific Industries creating 190 jobs in Jackson

NASHVILLE (AP) — Auto parts maker Pacific Industries is building a new plant in Jackson, which is expected to create 190 new jobs over the first five years of operations.

TECHNOLOGY

Harley-Davidson introduces electric motorcycle

MILWAUKEE (AP) — Harley-Davidson will unveil its first electric motorcycle next week, and President Matt Levatich said he expects the company known for its big touring bikes and iconic brand to become a leader in developing technology and standards for electric vehicles.

Bezos: Fire phone offers 'something different'

SEATTLE (AP) — There are two ways to view the smartphone Amazon introduced to the world on Wednesday: It's either the latest in a long line of phones with fancy new features that some people will never use or a magic wand for shopaholics.

Review: Amazon phone watches you watch it

SEATTLE (AP) — Amazon set out to do something different with the unveiling of its first smartphone Wednesday. How about a completely new way of interacting with your phone, for starters?

NATIONAL BUSINESS

Gauge of US economy gains 0.5 percent in May

WASHINGTON (AP) — A gauge designed to predict the economy's future health increased for a fourth month in May, providing further evidence that the economy is gaining strength after a harsh winter caused activity to go into reverse.

Unemployment claims drop to six-year low

WASHINGTON (AP) — Fewer Americans sought unemployment benefits last week, as the number of people collecting jobless aid fell to its lowest level in more than six years.

Average US 30-year mortgage rate at 4.17 percent

WASHINGTON (AP) — Average U.S. rates on fixed mortgages eased slightly this week, remaining near historic lows.

US stocks edge lower in midday trading

Major stock indexes drifted lower in midday trading Thursday, retreating slightly from the market's latest record high close the day before. Coach and Rite Aid were among the biggest decliners on a day when investors weighed reports suggesting that the U.S. economy is gaining strength and a separate report that applications for unemployment benefits fell last week.

Turmoil in Iraq is pushing up US gasoline prices

Violence in Iraq is pushing U.S. gasoline prices higher, depriving drivers of the usual price break between Memorial Day and July Fourth.

Oil gains as Iraq violence weighs on supply fears

The price of oil climbed on Thursday as the violence gripping energy producer Iraq continued to weigh on supply fears, with global crude pushing higher after hitting a nine-month high.

NATIONAL POLITICS

Senate Democrats scuttle a vote on spending bill

WASHINGTON (AP) — Apparently fearing that the top Senate Republican might score a political win, Democrats for the second time in a week cancelled a preliminary vote on a major spending bill.


WEDNESDAY, JUNE 18
STATEWIDE

FedEx 4Q profit rises on growth in ground shipping

FedEx Corp. says its quarterly profit rose as growth in online shopping gave its ground-shipping business a lift.

Haslam officials release some details of Asia trip

NASHVILLE (AP) — Tennessee Gov. Bill Haslam's administration has released more details of economic meetings in Japan and South Korea amid criticism from transparency advocates about lack of details about the seven-day trip.

TSEA names Stamps new government affairs director

NASHVILLE (AP) - The Tennessee State Employees Association has named former state Rep. Randy Stamps as its new government affairs director.

Department of Human Services lays off 121 workers

NASHVILLE (AP) - The Tennessee Department of Human Services has cut 121 employees from its rolls.

AUTO INDUSTRY

Lawmakers press GM on report's findings

WASHINGTON (AP) — Lawmakers expressed disbelief Wednesday at General Motors' explanation for why it took 11 years to recall millions of small cars with defective ignition switches, and also confronted its chief executive with evidence that the company dragged its feet on a similar safety issue in different vehicles.

10 key events in GM's ignition switch recall

General Motors is the subject of multiple government investigations and civil lawsuits for taking more than a decade to recall 2.6 million cars with a deadly ignition switch defect. On Wednesday, GM CEO Mary Barra will appear for the second time before a U.S. House subcommittee to discuss the company's internal investigation into the recall.

Porsche is top brand in new car quality survey

DETROIT (AP) — The race to fill vehicles with the latest technology is hurting quality.

TECHNOLOGY

Amazon ties new 4.7-inch phone to its services

SEATTLE (AP) — Amazon has introduced a new smartphone that will be closely tied to the products and services it sells, while adding such touches as the ability to render images in 3-D.

NATIONAL BUSINESS

Yellen: US economy still needs help from Fed

WASHINGTON (AP) — The U.S. economy still isn't healthy enough to grow at a consistently strong pace without the Federal Reserve's help.

Stocks edge higher after Fed trims bond purchases

Stocks are closing higher after the Federal Reserve said the U.S. economy was doing well enough for the central bank to make further reductions to its stimulus program.

Oil slips below $106 on supply data

The price of U.S. oil fell below $106 per barrel Wednesday for the first time in a week on higher than expected supplies, though global crude rose to a 9-month high as violence in Iraq continued.

Small business lending reaching 'new normal'

NEW YORK (AP) — Banks are making it easier for small businesses to get loans, and they're giving companies better terms and lower interest rates.

NATIONAL POLITICS

Corker promotes proposal for 12-cent gas tax increase

WASHINGTON (AP) — Two senators unveiled a bipartisan plan Wednesday to raise federal gasoline and diesel taxes for the first time in more than two decades, pitching the proposal as a solution to Congress' struggle to pay for highway and transit programs.

Republican EPA chiefs to Congress: Act on climate

WASHINGTON (AP) — Top environmental regulators for four Republican presidents told Congress on Wednesday what many Republican lawmakers won't: Action is needed on global warming.

Social Security closes offices as baby boomers age

WASHINGTON (AP) — Even as millions of baby boomers approach retirement, the Social Security Administration has been closing dozens of field offices, forcing more and more seniors to seek help online instead of in person, according to a congressional report being released Wednesday.

Senate to consider massive spending bill – maybe

WASHINGTON (AP) — A massive spending bill to fund five Cabinet departments for the upcoming budget year is about to hit the Senate floor, giving senators a rare opportunity for open debate on legislation of any kind.


TUESDAY, JUNE 17
STATEWIDE

Some Tennessee students face tuition hike close to 9 percent

NASHVILLE (AP) - Some Tennessee college students could see a nearly 9 percent hike in tuition this fall.

Details scarce on Haslam's weeklong Asia trip

NASHVILLE (AP) - Tennessee Gov. Bill Haslam holding economic development meetings in Japan and Korea this week, but his office won't divulge further details about the seven-day trip.

AUTO INDUSTRY

GM sales, used-car values hold up through recalls

DETROIT (AP) — Consumers looking for a used vehicle aren't shying away from GM models — even though more than 20 million GM cars and trucks have been recalled this year.

TECHNOLOGY

Amazon is about to jump into smartphones

NEW YORK (AP) — Amazon, a company of seemingly boundless ambition, appears to be venturing into yet another market: smartphones.

Elon Musk takes on carbon with solar, battery bets

NEW YORK (AP) — The energy world is not keeping up with Elon Musk, so he's trying to take matters into his own hands.

NATIONAL BUSINESS

Stocks close higher as banks gain on rising rates

Stocks rebounded from a downbeat start Tuesday, building on small gains for the third day in a row.

Oil prices slip as US deploys small force to Iraq

The price of oil eased slightly Tuesday after the U.S. said it was deploying a small group of troops to Iraq, which helped soothe fears somewhat over the prospect of disruption to crude supplies.

US CEOs more optimistic on hiring, sales this year

WASHINGTON (AP) — Optimism among chief executives of large U.S. companies has reached a two-year high, driven by a more positive outlook toward hiring and sales.

US home building declined 6.5 percent in May

WASHINGTON (AP) — The pace of U.S home construction slipped in May with many Americans still struggling to afford new houses.

US consumer prices rise 0.4 percent in May

WASHINGTON (AP) — U.S. consumer prices increased in May by the largest amount in more than a year as the cost of food and gasoline showed big gains and airline fares jumped by the largest amount in 15 years.

Obama to create world's largest ocean preserve

WASHINGTON (AP) — President Barack Obama is looking to create the largest marine preserve in the world in the Pacific Ocean.

Bitcoin faces biggest threat yet: a miner takeover

NEW YORK (AP) — The Bitcoin digital currency system is in danger of losing its credibility as an independent payment system because of the growing power of a group that runs some of the computers behind it.

World's biggest shipping operators scrap alliance

COPENHAGEN, Denmark (AP) — Danish shipping and oil group A.P. Moller-Maersk says a plan to create an alliance of the world's three biggest container shipping operators has been scrapped after Chinese authorities blocked it.

With economy hazy, Fed is unlikely to shift course

WASHINGTON (AP) — When Federal Reserve officials gather this week and Fed Chair Janet Yellen speaks with reporters, investors will be seeking clues to two big questions:


MONDAY, JUNE 16
COURTS

High court rejects Scottie Pippen defamation case

WASHINGTON (AP) — The Supreme Court has declined to revive a defamation lawsuit that former Chicago Bulls star Scottie Pippen filed against several media companies for falsely reporting he had filed for bankruptcy.

Supreme Court rules on 'straw purchaser' law

WASHINGTON (AP) — A divided Supreme Court sided with gun control groups and the Obama administration Monday, ruling that the federal government can strictly enforce laws that ban a "straw" purchaser from buying a gun for someone else.

Survey of lawyers finds vast support for state Supreme Court justices

NASHVILLE (AP) — A Tennessee Bar Association survey of its lawyer members found nine out of 10 respondents support the retention of three state Supreme Court justices who are on the ballot in August.

Supreme Court to decide 17 more cases

WASHINGTON (AP) — It's crunch time at the Supreme Court, where the justices are racing to issue opinions in 17 cases over the next two weeks.

AUTO INDUSTRY

GM recalls 3.2M more US cars for ignition problems

DETROIT (AP) — General Motors is recalling 3.2 million more cars in the U.S. because of ignition switch problems.

4 months into GM recall, only 7 pct. of cars fixed

DETROIT (AP) — More than four months after General Motors started recalling 2.6 million small cars to fix ignition switches, the company has repaired only 7 percent of the vehicles.

Congress to scrutinize GM's corporate culture

DENVER (AP) — U.S. Rep. Diana DeGette wants General Motors to explain how it plans to fix what's been described as a lax corporate culture and how the company plans to compensate victims of crashes tied to faulty ignition switches.

HEALTH CARE

Veterans health spending doubles in Senate bill

WASHINGTON (AP) — Spending on veterans' health care could double in three years under the Senate's solution to the long waits experienced by thousands seeking medical care at VA hospitals and clinics, according to congressional budget experts.

NATIONAL BUSINESS

US stocks manage meager gains on mostly quiet day

Investors nudged U.S. stocks into positive territory Monday, thanks in part to another round of corporate couplings.

US homebuilder confidence up in June, remains low

WASHINGTON (AP) — U.S. homebuilders are feeling more confident about the housing market but don't think it is healthy yet.

IMF lowers estimate of US economic growth in 2014

WASHINGTON (AP) — The U.S. economy is poised to accelerate after a dismal start to the year even though the job market won't return to full employment until 2017.

US factory output rebounded in May after April dip

WASHINGTON (AP) — U.S. manufacturing output rose in May after in shrinking in April, led by greater production of autos, computers and furniture.

Oil rises above $107 as Iraq turmoil intensifies

The price of oil climbed above $107 a barrel but eased from earlier highs Monday as fears of widening instability in Iraq, a key energy producer, were tempered by views that its oil exports would not be affected for now.

Starbucks to open college program for baristas

NEW YORK (AP) — Starbucks plans to announce a program Monday intended to help its baristas earn an online college degree.


FRIDAY, JUNE 13
STATEWIDE

Dem Senate candidate Ball to spend $400K on TV ads

NASHVILLE (AP) - U.S. Senate candidate Gordon Ball said Friday that he is pouring up to $400,000 of his own money into a statewide television advertising campaign to bolster his bid for the Democratic nomination.

Knoxville-purchased Powerball ticket worth $259.8M

NASHVILLE (AP) — The Tennessee Lottery says a Powerball player who purchased a ticket in Knoxville has won the $259.8 million jackpot.

MUSIC INDUSTRY

Amazon launches music streaming for Prime members

LOS ANGELES (AP) — Amazon's newly announced music streaming service is yet another attempt by the company to move beyond e-commerce and infuse itself into the daily lives of Americans with an increasing number of offerings —including grocery delivery and streaming TV.

TECHNOLOGY

FCC examining reasons for Internet traffic jams

SAN FRANCISCO (AP) — The Federal Communications Commission is setting out to unravel the mystery behind the Internet traffic jams bogging down the delivery of Netflix videos and other online content.

AUTO INDUSTRY

GM recalling Camaros for ignition switch problem

DETROIT (AP) — Ignition switches once again are causing problems for General Motors.

Tesla handing over the keys to its technology

SAN FRANCISCO (AP) — Electric car maker Tesla Motors is handing over the keys to its technology in an unusual effort to encourage other automakers to expand beyond gasoline-burning vehicles.

NATIONAL BUSINESS

S&P 500 ends higher, snapping 3-day losing streak

The stock market is closing higher on corporate deal news and an improved forecast from chipmaker Intel.

Oil rises again, nears $107 on Iraq fighting

The price of oil rose near $107 a barrel Friday, as Iraq's widening insurgency fueled concerns that crude supplies from OPEC's No. 2 producer could be slowed.

Cheaper gas, food push down US producer prices

WASHINGTON (AP) — The prices U.S. companies receive for their goods and services fell in May, offering evidence that inflation is mild.

Priceline buying OpenTable for $2.6 billion

NEW YORK (AP) — Priceline is buying online restaurant reservation company OpenTable for $2.6 billion. The deal should help Priceline, the online travel company, branch out into a new business segment.

Pay raises go mainly to those in select industries

NEW YORK (AP) — If you hope to get a raise that finally feels like one, it helps to work in the right industry.

Iraq violence threatens OPEC's precarious balance

NEW YORK (AP) - The upheaval in Iraq could throw the world's remarkably stable oil market out of balance, threatening a delicate equilibrium that has kept prices steady for four years.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0