B.R. housing market listed as one of the hottest

Baton Rouge is ranked seventh on Housing Predictor's midyear list of the 10 hottest housing markets for buyers. Housing Predictor says the Capital Region is among the places most likely to see home prices inflating over the next few years, despite the national recession. Amarillo, Texas, topped the list, with Sioux Falls, S.D., second and Biloxi, Miss., third. This is a bump up for Baton Rouge: the city was ninth on the list Housing Predictor released at the start of the year. See the full list here.

Cane's opening three Louisiana stores in August

Raising Cane's might have moved much of its operations to suburban Dallas, but the Baton Rouge-based chicken tender chain is still interested in Louisiana. The company plans to open three new restaurants across the state this month. Cane's opened a location in Broussard on Monday, and is set to open stores in Opelousas on Aug. 13 and the third Shreveport location Aug. 30. Cane's plans to open 10 more restaurants by the end of the year, including its first location in Boston, a fifth Las Vegas spot, a third location in Lexington, Ky., and its first store in South Carolina. Closer to home, the chain plans locations in Prairieville and Sulphur.

Lender settles with Louisiana borrowers

Countrywide Financial Corporation, which is owned by Bank of America, has entered into a settlement that will direct more than $1.1 million to borrowers in Louisiana who argue they were put in unfair and unaffordable home loans. Attorney General Buddy Caldwell says Louisiana partnered with 39 other states to push a case alleging Countrywide used deceptive tactics in its loan-origination and servicing operations. In all, Bank of America has set aside $150 million to assist homeowners nationwide who ended up in foreclosure.

In Louisiana, the money could hit the streets as soon as the first quarter of 2010. While the process is still playing out, many states have announced an average award in the neighborhood of $2,000 or more. Eligible borrowers here should have received a letter about two weeks ago detailing the settlement, Caldwell says. Bank of America will also be offering additional relief to other eligible borrowers, he says, such as loan modifications and relocation assistance.

Eligible borrowers who receive a notice package to participate in the program may obtain additional information from the settlement administrator, Rust Consulting, at (866) 411-6987. For more information on the settlement, please visit countrywidesettlementinfo.com.—Jeremy Alford

Entergy’s second-quarter profit drops

Power provider Entergy Corp. posted a 16% drop in second-quarter profit Tuesday, as demand for electricity decreased, and lowered its full-year earnings guidance. For the three months ending June 30, Entergy earned $226.8 million, or $1.14 per share, on revenue of $2.52 billion. In the year-ago second quarter, Entergy earned $271 million, or $1.37 per share, on revenue of $3.26 billion. The results fell short of Wall Street forecasts. Analysts polled by Thomson Reuters, on average, had expected per-share earnings of $1.26 and revenue of $3.06 billion.

Entergy, which has regulated power utilities in Louisiana, Texas, Arkansas and Mississippi, said industrial power sales, on a weather-adjusted basis, slid 9.7%, mostly because of lower demand from such sectors as chemicals, primary metals and refining. Residential sales were down 0.2%, while commercial and government sales fell 1%.

Consumer spending rises for second month in a row

Consumers increased their spending in June for the second straight month, even as incomes fell sharply. The Commerce Department says consumers boosted their spending 0.4%, slightly ahead of analysts' estimates. That comes after spending rose 0.1% in May.

The department says personal income fell 1.3% after rising by the same amount in May, when incomes were boosted by one-time payments from the Obama administration's stimulus package. Economists expected personal incomes, the fuel for future spending, to fall 1%. Consumer spending is closely watched because it accounts for about 70% of total U.S. economic activity.

Poll: Readers split on litter court

Respondents to a Daily Report poll were split on the effectiveness of the city-parish's litter court. Forty-five percent of people who participated in an online survey say the new court won't make East Baton Rouge cleaner, while 42% say it will improve the looks of the area. Thirteen percent say they are unsure. More than 1,100 people participated in the survey.

Today's question: Do you plan to make big purchases during the state sales tax holiday Friday and Saturday?

News roundup: Bankruptcy judge approves EPL reorganization ... Financial advisors have mixed outlook

New deal: A federal bankruptcy judge has approved a financial reorganization plan for independent petroleum producer Energy Partners Ltd., but the company still must obtain financing to complete the deal. The pre-negotiated plan, approved Monday in Houston, calls for EPL's noteholders to get 95% of the stock in the new company. Current EPL shareholders would receive the remaining 5%. EPL said it is in discussions with potential lenders. Judge Jeff Bohm said financing must be obtained by Sept. 10, unless the court extends it or the company and noteholders agree to a later date. When it filed for Chapter 11 reorganization under the U.S. Bankruptcy Code on May 1, EPL cited sharply lower petroleum prices, production interruptions stemming from hurricane damage, the collapse of credit markets and debt problems. The company, founded in 1998, focuses its drilling and production in the Gulf of Mexico and onshore in south Louisiana.

Outlook hazy: A survey of nearly 900 financial advisers found that nearly one in four think the current recession will go on for five years, while about one in five say the financial crisis will be resolved this year. One third of the participants in the Phoenix Marketing International study say that American's quality of life will be adversely affected long-term by the recession. Among well-known investment funds, American Funds, Franklin Templeton and Vanguard were seen as having the most favorable overall impression.