No Recovery in this Fed Region

There was an interesting article in the Memphis Commercial Appeal. In this article, it stated that of the 12 Federal Reserve Regions, 11 of them were beginning to show a robust return to business as usual. The one region not reporting this wonderful and good news was the St. Louis Federal Reserve Bank.

An interesting historical footnote to this post. Memphis is the bankruptcy capital of the U.S. In fact, it was U.S. Congressman Walter Chandler (a future Mayor of Memphis) who initially introduced bankruptcy creation legilation. Mr. Chandler was succeed years later by his adopted son, Wyeth, who would serve many years and go on to be a Circuit Court Judge until his death.

But with the first paragraphy in mind there are lots of foreclosures, bank sales, and short sales to be had in Memphis, They are very difficult but they are there. Well while the St. Louis region of the Feds is not rebounding, the real estate market in Memphis is beginning to rebound. Pending sales are up at 8% and listings are down 3 %. That is good The inventory is shrinking and sales are growing.

So the ST. Louis FEd Reserve may be having problems, we we in this ae dan't yet.!

Dna