Lots of empty new houses on market

DJIA 13,175.7 -95 / S&P 500 1,443.4 -9.7 / NASDAQ 2,534.5 -22 Tonight: Mainly clear. Low 67. Tomorrow: Mostly sunny, hot. High 93. Sunday: Partly cloudy, hot. High 97.
	Friday, August 10, 2007
	Lots of empty new houses on market Forty-six percent of new houses in the nine-county Indianapolis area are unoccupied-barely an improvement from the 49 percent of early this year. The figure were compiled by Market Graphics, a Nashville, Tenn., firm that researches housing stock in 30 Midwest and Southern cities. Market Graphics owner Edsel Charles said ongoing problems with mortgage foreclosures appear to be keeping the Indianapolis area from absorbing much new construction.   Steak n Shake looks to cut store hours Hours could be pared at as many as 25 percent of Steak n Shake Co. stores in order to cut labor costs, an official of the Indianapolis-based restaurant chain told analysts in a conference call late yesterday. An experiment with 12 stores showed that closing doors during certain periods rather than staying open around the clock had little impact on profit, said CEO Peter Dunn. Stores targeted for reduced hours will close at 1 a.m. or 3 a.m. week nights and open at 10 a.m.
	Judge puts Benicorp into receivership A Marion County judge has appointed the Indiana Department of Insurance as receiver of Benicorp Insurance Co. to protect the ailing company's 52,000 policyholders, the department announced today. Marion Circuit Judge Theodore Sosin appointed Insurance Commissioner Jim Atterholt to oversee the transfer of Benicorp customers to Minnesota-based UnitedHealthcare and, potentially, to liquidate Benicorp's assets. Indianapolis-based Benicorp has policyholders in Indiana and 27 others states.   Cummins is bright spot in troubled industry Indiana-based Cummins Inc. is faring well in an industry hit by slumping demand for pickup trucks, tougher emissions standards and a heavy-duty diesel engine market that's down 40 percent this year in North America. Analysts say the once-mediocre performer became a Wall Street darling thanks to an improved product portfolio, strong international sales and a technology break. "This feels like it wants to be a $150 stock," said analyst Peter Nesvold, an analyst who covers the company for Bear, Stearns and Co.   SEC probes books of Wall Street firms The Securities and Exchange Commission is examining the books of major Wall Street banks to determine their vulnerability to home-loan defaults, a person familiar with the investigation said. The person, who declined to be identified by name because the inquiry has not been publicly disclosed, described the examination as "Street-wide" and a routine part of the SEC's oversight authority.   From IBJ staff and Associated Press-Compiled by Norm Heikens Fishers police look for man who left fatal crash scene A man is dead after a car traveling at 105 mph crashed in Fishers this morning. John Durham, 24, was ejected from the vehicle when it hit a sign at Commercial Drive and Lantern Road. Police are looking for a man witnesses saw leaving the scene shortly after the crash. Fox 59 will have more at 10 p.m. Shooting leaves one dead, police search for suspect Police are looking for a dark gray Chevrolet Suburban they believe will lead them to the person who killed a man at Triangle Liquor Store in the 1700 block of Roosevelt Avenue on the northeast side early this morning. Detectives say someone in the sport-utility vehicle shot the 27-year-old in the parking lot before speeding off and hitting a gray car.
	Property taxes due today After weeks of debate and protest, the first installment of Marion County property tax bills are due today. If you don't know how much you owe, you can call the Treasurer's Office or log on to the state's Web site. Anyone who misses today's deadline will face a 5-percent penalty that can go up after 30 days. Fuller fights extradition A prison escapee captured in Montana has no intention of returning to Indiana. Kelvin Fuller is fighting extradition proceedings in Butte, where authorities caught up with him Aug. 8. Fuller is accused of robbing a bus driver, a gas station and several banks after escaping a Westville prison.
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