Andrea Sommermeyer

"While cleanup continues in the wake of four tornadoes that struck Clarksville early Saturday morning, some questions remain unanswered.

Among them: what will be done with the Wilma Rudolph Pavilion at Fairgrounds Park, which was destroyed by an F1 tornado that touched down just after 12:40 a.m. Saturday.

City Chief of Staff Jim Durrett said there are no current plans to rebuild the pavilion, but added that the next month should solidify details about the multi-purpose pavilion's future.

"It's kind of premature," Durrett said of rebuilding plans. "We're still in the recovery mode trying to get the building cleaned up and the park cleaned up."

Durrett said the pavilion was built in the early 1980s and had a unique structure, featuring wooden construction with laminated beams.

Durrett said some of those beams ended up on Highway 48/13 as 110 mph winds ravaged the open-air structure." - The Leaf Chronicle

I personally feel that they should look into building an even better structure than what was out there. The pavillion held tons of outdoor activites. Boxing matches, Parties, Festivals, and a Circus or two. I have nothing against the Pavillion it was a great place and I have taken my family there multiple times but I feel that a "convention center" of sorts would be better utitlized. We have a lot of very cold or very hot or rainy days that, although the pavillion was covered, made it unusable. I think that in the early 1980's when it was built it served Clarksville very well. But as most of you know Clarksville has grown tremendously since 1980 and I think could use something a bit better. What do you think?

I would like to know your opinion of what you would like to see Clarksville re-build there. Would you like a new pavillion rebuilt? A new building of sorts, or something completely different?

"Splinters. That just about all that's left of the pavilion at the Clarksville Fairgrounds. At one corner, a two story chunk of storage and office space stands roofless and open to the elements, a stairway now wide open and rail-less, coming and going nowhere. The parking lot is cordoned off for utility vehicle only: phone, electric, and assorted repair and or demolition crews with cherry pickers for high wire work.

Pieces of the building have been pushed into a pile not unlike a tossed up package of children's "pick up sticks." Lumber littered the roadside and a good portion of the pavilion was blown across the street, pieces blended in a Cole Slaw mix with tree limbs and downed power lines. The finely shredded roofing shingles were generously laced throughout the chain link fence at both the fairgrounds and the neighboring Clarksville Jaycees." - clarksvilleonline.com

At Legacy Mortgage we are constantly seeking ways to enhance our dedication to our clients and real estate partners. Our postition as an innovator in the field of real estate finance allows us to help you make informed decisions regarding your customers mortgage financing. We have scoured through the financial reports for the week and we wanted to share the information with you. Please let us know if we can be of further assistance to you and your valued clients.

This week is packed with relevant pieces of economic news in addition to another FOMC meeting. All seven of the reports are considered to be at least moderately important while several are considered very important to the markets and mortgage rates. This makes it likely that we will see plenty of movement in mortgage pricing over the next several days.

The first report comes late Tuesday morning when the Consumer Confidence Index (CCI) for April will be released. This Conference Board index is a key indicator of future spending by consumers. The group surveys 5000 consumers from across the country about their personal financial situations. If sentiment is strong or rising, it is believed that consumers are more apt to continue to spend. However, if they are concerned about issues such as job security and investments, they will probably delay making large purchases. The latter is better for the bond market and mortgage rates because the expected slowdown in spending would ease inflation concerns. But, a sizable increase could hurt the bond market, pushing mortgage rates higher Tuesday. It is expected to show a reading of 62.0, which would be a decline from March's 64.5 reading.

Wednesday brings us the release of two important reports along with the FOMC meeting. The first is the preliminary version of the 1st Quarter Gross Domestic Product (GDP). This is arguably the single most important report that we see on a regular basis. The GDP is the sum of all products and services produced in the U.S. and is considered to be the best indicator of economic growth or contraction. We expect this report to cause major movement in the financial markets Wednesday and therefore the mortgage market also. Analysts are expecting to see output at an annual rate of 0.4%. A smaller increase would be ideal for mortgage rates as it would fuel recession concerns. But, a larger increase would almost certainly cause inflation concerns in the bond market that would push mortgage rates higher Wednesday morning.

The next report of the day is the 1st Quarter Employment Cost Index (ECI), which tracks employer costs for wages and benefits. This gives us a measurement of wage-inflation. If it shows a large increase, we may see inflation concerns cause the bond market to fall and mortgage rates to rise. A smaller than expected increase would be good news for the bond market and mortgage pricing. Current forecasts are showing a rise of 0.8%.

This week's FOMC meeting will begin on Tuesday but will not adjourn until Wednesday afternoon. It will likely adjourn with an announcement of another rate cut to key short term interest rates. Just how much of a reduction is open for debate. Look for another round of volatility following the 2:15 PM ET post-meeting statement.

March's Personal Income & Outlays is the first of two reports due to be posted Thursday morning. This data helps us measure consumers' ability to spend and current spending habits, which is important to the mortgage market due to the influence that consumer spending related information has on the financial markets. If a consumer's income is rising, they are more likely to make additional purchases. This raises inflation concerns and has a negative affect on the bond market and mortgage rates. Current forecasts are calling for a 0.4% increase in income and a 0.2% rise in spending.

The Institute for Supply Management (ISM) will post their manufacturing index late Thursday morning. This is one of the first important economic reports released each month and gives us an indication of manufacturer sentiment. A reading above 50 means that more surveyed trade executives felt business improved during the month than those who felt it had worsened. This points toward more manufacturing activity and could hurt bond prices, pushing mortgage rates higher. But, if we see a drop from last month's reading of 48.6, the bond market should thrive and mortgage rates will probably fall. It is expected to show a reading of 48.0.

The week's most important release is being saved for nearly last. The almighty Employment report will be released Friday at 8:30AM, giving us April's employment statistics. This is where we may see a huge rally or major sell-off in the bond market and large changes in mortgage rates. The ideal situation for the bond and mortgage markets would be an increase in the unemployment rate and fewer than expected new payrolls. Just how much of an improvement or worsening depends on how much variance there is between forecasts and actual readings. This could turn out to be a wonderful day in the mortgage market, but it also carries risks of seeing mortgage rates move higher if the Labor Department posts stronger than expected readings. Current forecasts are calling for a 5.2% unemployment rate and approximately 80,000 jobs lost during the month.

Friday's second report and the last of the week is March's Factory Orders data at 10:00AM. This is a fairly important release because it measures manufacturing sector strength. It is similar to last week's Durable Goods Orders, except this report includes non-durable goods such as food and clothing. Generally, the market is more concerned with the durable goods orders like refrigerators and electronics than items such as cigarettes and toothpaste. This is why the Durable Goods report usually has more of an impact on the financial markets than the Factory Orders report does. Still, a smaller increase than the 0.4% that is expected could push mortgage rates slightly lower, while a larger increase will likely lead to higher rates. But, the employment numbers are of much more importance to the markets than this data is.

Overall, look for plenty of movement in the financial markets and mortgage rates this week. Wednesday or Friday will likely be the most important day of the week with the GDP and Employment numbers being posted along with the FOMC adjournment, but we may see noticeable changes to rates Tuesday also. If this week's reports reveal weaker than expected economic conditions, the bond market should rally and mortgage rates should fall significantly for the week. Keep in constant contact with your mortgage professional this week for updated rates.

"Clarksville announced last week it had found a new slogan: "Tennssee's Top Spot."

What do you think about the new logo? I think it is a nice concept and is fine, but I also think that they could have come up with something a little better. I truly think my 8yr old daughter could have come up with this. Then again simple is sometimes the best way to advertise. Tell me what you think.

If you would like to read the story about the unveiling take a look at the link below. You can also read about it in the leaf chronicle.

http://www.clarksvilleonline.com/2008/04/12/clarksville-unveils-new-brand-as-tennessees-top-spot/

I like to keep up with new things in Clarksville. I am pleased that we are still growing even in the current state of our economy. That only means that Clarksville's future is still VERY bright. I like to log on to The Leaf Chronicle daily to check out the news in the Clarksville area and have started reading the blogs on various community topics on the site. The topic of the Exit 1 area surfaced. Check it out.

WHAT WOULD YOU LIKE TO SEE COME TO THE EXIT 1 AREA IN CLARKSVILLE?

"Exit 1 has seen a lot of retail growth recently like the Walgreens, Coldstone Creamery, Cheeseburger Charley's, Mr. Gatti's, El Bracereo and Michael's Pizza just to name a few within a block or two of the intersection of Trenton Road and Tiny Town Road.

How many out there would like to see a grocery store in our neighborhood?

If so, which grocery chain would you like to see come to our area? Krogers, Food Lion, Publix, Hill's, Aldi's, Dollar General Grocery, Walmart's branded grocery store, etc. (you name one I may have overlooked)

Also, what other type of restaurants would you like to see come to the area? More sit down establishments or fast food? Name some that are of interest ... TGI Fridays, Cheddars, Burger King, Mrs. Winner's, CiCi's Pizza, Pizza Hut ... you fill in the blank ________________ ?"

http://www.theleafchronicle.com/apps/pbcs.dll/section?category=PluckForum&plckForumPage=ForumDiscussion&plckDiscussionId=Cat%3a617d58a5-cac2-43c8-86dc-4bd1e22f0d43Forum%3a4fc7ecea-8a24-4afd-808d-ebdbe18bd09dDiscussion%3a33b967d5-bfe5-426a-8210-89c08fa12943