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Marin Home Prices Continue To Plummet

The median home price dropped from $857,000 a year ago to $599,750 last month- a plunge of 30%  but those figures include condominium sales with an average sale price of $315,000.  If the figures took only single family homes into account, the median price would be $850,000, down 13% from a year ago when the median price for a single family dwelling stood at $978,000.

The numbers of home sales jumped in the condo department as investors and bargain hunters snapped up 74 properties.  Sales of condos spiked 72% from the previous year.

Get Set For Congestion Pricing On...Parking Meters???

First we saw congestion pricing proposed for traffic on the Golden Gate Bridge, but San Francisco city officials have just come up with a new twist; congestion parking meter pricing.  The idea is to charge according to demand, the higher the demand for parking, the higher the cost to park.  In the event of concerts or special events, parking meters could charge up to $18 per hour!  But don't worry about having to fish around in your purse or pocket for all that change, parking officials are planning to retrofit the meters to accept credit cards.

Never Mind Health Insurance, You Might Even Have Trouble Finding A Doctor

Think you're frustrated with health care paperwork, HMO red tape and escalating insurance premiums?  Well, the doctors share your pain. 

Woolsey Pitches New Deal To Put America Back On Track

Congresswoman Lynn Woolsey has called for the creation of a New Deal-like proposal that would spend billions of dollars and hire millions of workers to fix America's decaying infrastructure.  Woolsey, speaking Tuesday at a forum hosted by the Institute for America's Future, said-

"What America needs, and needs as quickly as we can deliver it, is a commitment to funding our domestic priorities with a bold infusion of resources.  The most obvious domestic need is our crumbling infrastructure."

She also noted that investments could also be used to further develop the eco/green industry movement, which would also produce jobs.

According to the Institute for America's Future, spending on infrastructure has been halved in recent years and the resultant massive problems will require the staggering sum of $1.6 trillion over the next several years to fix.

Don't Be A Turkey- Donate Some Food This Holiday Season

We know times may be a little bit lean this Holiday season, even here in swanky Marin.   But for some people it only means things are much worse than usual.

The giant turkey shown here in the Corte Madera Town Center, is a collection point for canned food and toiletries for the neediest of families here in the County.  The food will be collected by the Marin Community Food Bank and then distributed in holiday baskets.  This is the Town Center Turkey's 15th annual year gathering the goodies and it'll be there till the New Year. 

SoCal Wildfires Reminiscent Of Oakland-Berkeley Fire

Nine hundred and eighty of them, everything from mobile homes to mansions, went up in flames this past weekend, in the raging wildfires in Southern California.  We had our own terrible wildfires at the beginning of the 'fire season', but we seem to have escaped the usual autumn scorchers. We put the 'fire season' in quotes because the season in California seems to be year round these days. 

The speed and spread of the fires of this past weekend, is eerily reminiscent of the horrible 1991 Oakland Hills conflagration that consumed nearly 3,000 homes and apartments and remains one of the costliest disasters in U.S. history.   Aside from numbers of structures lost, the main difference is in human life.  25 people died in the 1991 fire, but so far, no fatalities have been reported in the Tea, the Sayre and the Freeway Complex fires in Southern California.  (Photo courtesy of HuffPost)

Carpool Lane Opens On 101...At Least In One Direction

Commuters going South Bound this morning got some long overdue relief in the morning rush. Caltrans opened a mile-long carpool lane stretching from Central San Rafael to the 101/580 interchange.  As this ABCVideo shows, traffic was moving smoothly, although it was probably really early.  We're sure commuters are looking forward to January when both South Bound and North Bound continuous carpool lanes will be up and running.

FBI Probe Of Company Linked To Fernwood Cemetery

The FBI is conducting a probe of National Prearranged Services (NPS), a preneed funeral company that had promised burial services totaling in the hundreds of millions of dollars in several states, before becoming insolvent. 

NPS is owned by a family that also owns the Fernwood Cemetery, here in Marin County.  MoreMarin was the first in the Bay Area to bring you the story of Fernwood and its link to NPS back in July.

Find The Cheapest Gas In Marin Here

The price of gas is dropping like a stone and the race is on to find the cheapest gas in Marin.  This database shows the Circle K on E. Francisco in San Rafael with the lowest, $2.27 a gallon as of this writing.  But it's likely to change daily.  Our perennial favorite, the Arco on Redwood Hwy in Mill Valley, is second cheapest.  According to this IJ article, gas prices have plunged nearly a a dollar in only one month's time! 

Yikes, This Map Is Scary

Here's a map showing percentages of homeowners whose homes are worth less than what they owe on them.  It shows all Bay Area counties and every one, except San Francisco, has double-digit percentages of the so-called 'underwater homes.' 

Feature!- Measuring For Money At Art By The Inch Fundraiser!

Pick a frame size, choose your portion of the painting, then cut it out! 

That's how it worked this weekend, at the annual Marin Museum of Contemporary Art fundraiser, Art by the Inch.  Check it out the festivities in MoreCulture!

Home Square Footage Prices Decline In 90% Of Bay Area

Bay Area home prices have plunged in almost every zip code during the past year, except for a very few.  In some cases, the decline has been in the double digits.  The analysis was computed using the price paid per square foot, rather than median home price which can be skewed by homes sold at the extreme high and low ends of the market. 

There were some surprises in Marin,though.  We checked the 'home price per square foot database' and found that in some cases, home price increased over the same time last year.  In fact three communities in Marin experienced double digit increases in price per square foot.  Check out the database to see how your town fared. 

Doyle Drive Replacement Deal Hammered Out

Doyle Drive, the infamous mile-and-a-half long approach to the Golden Gate Bridge in San Francisco, is in dire need of replacement.  The crumbling structure, built in 1936, has a Federal Structural Integrity rating of just 2 out of a possible 100.  It is not earthquake-proof and has no road shoulders or median divide.  Although state and federal funds will make up the vast majority of the cost, the Bay Area is on the hook to come up with its portion of the $1 billion dollar total reconstruction cost.

Now there appears to be a plan.

Metropolitan Transportation Commission (MTC) officials say they have come up with a finance structure that they believe will work.  $80 million dollars will come from the MTC through toll revenues from seven Bay Area bridges and another $80 million from the Golden Gate Bridge District (GGBD).  At this point, GGBD officials aren't sure how they will fund their portion but they have several options available, including higher tolls on the GGBridge.

If the plan is approved, construction would begin in 2010. 

Guv Calls For Cuts And Taxes To Fix The Budget Shortfall

Governor Arnold Schwarzenegger has just called a special legislative session to try and tackle the yawning budget shortfall of $11 billion dollars, and he wants to do it by cutting services and..gasp...by raising taxes!

Citing the Wall Street meltdown, Schwarzenegger says the cuts and taxes are necessary to "stop the bleeding."  Most of the spending cuts would be from education; both primary and secondary schools.  He is also asking that state employees take one unpaid day off each month, eliminate two state holidays and premium pay for working on a holiday.

He's also proposing raising the sales tax by 1 1/2 cents for three years, imposing an oil severance tax on each barrel of oil produced in California and increasing alcohol excise taxes.  And in order to increase employment, he'd like to accelerate infrastructure building and permit processes, including eliminating some environmental regulations in order to speed it up. 

The current legislative session ends at the end of November and the Governor is hoping there is action taken before then.

Big Week For Economic Numbers Could Be Scarier Than Halloween

The market rocketed up nearly 900 inexplicable points on Tuesday, but chances are that as of this writing it could go down just as much.  The market's wild up and downs are only mirrored by the housing markets continued record steep declines, a trend that most analysts only think will get worse.  This week we get a flurry of economic numbers, including consumer confidence spending, durable goods orders, jobless claims, personal spending and corporate earnings. And depending on some of these numbers, we'll find out whether we're in a recession (does anyone really think we aren't???).  KRON4 has the report-

     

Foreclosures In State Still Climbing, Including Marin

The past quarter showed a three-fold increase in the number of foreclosures in California, nearly 80,000.  In the Bay Area, over 12,000 homes fell into foreclosure during the past three months.  Contra Costa County led with 3,662, the most, and Marin County, with 149 had the least.  But even if Marin's numbers were well behind other counties, it was still a huge jump from the 41 during the same period last year.  Most of the foreclosed homes were in Novato and San Rafael.  But as one Realtor noted, even with the increase, over 99% of people's homes are not in foreclosure.  We guess that's one way to look at it.

North Bay Vintners Tallying Up The Tonnage After Rough Year

The 2008 wine grape harvest is just about wrapping up for North Bay growers, and for many of them, it's been a year they'd just as soon forget.

Bay Area Home Sales Skyrocket While Prices Plunge and Condos Are Hot In Marin

Homes in the Bay Area set two records during the month of September.  One was for the number of houses sold- 5,499- and one was for the largest drop in price- a full 40% less this year, than last.  Most of the sales occurred in the lower priced homes, in the lowest priced inland areas of Contra Costa, Napa, Sonoma and Solano counties.  Marin experienced white-hot condo sales, as 69 sold in September a 97% increase from August.  But the median price for condos dropped from $415,000 in August all the way down to $325,000 in September, mirroring the sales-skyrocket/price-plunge of the Bay Area in general.  House sales in Marin were also up, but mostly in the lower end markets.  Experts note that the buying activity occurred before the credit crisis/stock drops that nailed the financial markets in October, and that home purchased have cooled in October.  Check out the Marin IJ's home sales database, which is updated weekly.

That's One Huge Pumpkin...All 1,528 Pounds!

It was pumped up pumpkin power at the annual Half Moon Bay Pumpkin Contest yesterday!  An Oregon guy showed up with a massive mound grown from the seed of his winning pumpkin from last year.  He won again, this one weighing a ginormous one thousand five hundred twenty-eight pounds!  Here's a video of the event from AP-

    

Good News...Fuel Prices Sink

Looks like the economic meltdown has had one nice benefit; lower gas prices.  They appear to have fallen about 35 cents on average, according to the Lundberg Survey which was released yesterday. The price of crude oil has plunged to $78 from summertime highs of nearly $150 a barrel. 

If you want to find the lowest gas price in your neighborhood, check here.

Net Is The Golden Gate Bridge Directors Choice For Suicide Barrier

On Friday, in a nearly unified 14-1 vote, the Golden Gate Bridge district directors elected to go ahead with plans to install a stainless-steel net underneath the structure.  The net is designed to prevent suicide by collapsing around anyone who jumps off the bridge.  (graphic courtesy of SF Chronicle)

Franks Bar-B-Que Closes- A Sign Of The Times Here In Marin County

"You have reached Frank's Bar-B-Que and catering service. I regret to announce that Frank's Bar-B-Que is closing down due to the economic situation of our nation...We're going to try and revamp this operation and reopen, maybe by the first of the year, if we can hang in there...Thanks for being a loyal customer and patron of Frank's.  We appreciate you all.  Thank you for calling."

Halloween Deadline For California "Bailout"

A new report on the California economy says it's in a deep trouble.  Just a few days ago we told you about the $7 billion dollar loan that the Governor says is necessary to keep the state running in the short term.  In fact the State Treasurer says that we'll need that cash by the end of October to pay teachers and other state workers.  KRON4 has this video report.

    

And You Thought America Was In Trouble...

Iceland, that tiny island country up north somewhere about midway between New York and Europe is about to go bankrupt. 

Yes, that Iceland- the one of cool blondes, glaciers & geysers and $15 dollar beers.  (That's the capital city of Reykjavik to the left) It could be the very first victim of the global economy crisis spawned by the massive U.S. credit and mortgage crash.

Their whole country going broke kind of makes our 900 point dow drop over the last two days look like peanuts. 

What Economic Rescue Plan?

We guess someone forgot to tell Wall Street that the economic rescue plan- more commonly referred to as bailout- actually passed.   Monday's record 800 point  plunge coupled with the dip below the 10,000 mark for the first time in four years sounded a lot like panic.  But the market gained enough points to close only 350 points down, which these days sounds like a relatively good day.  News about consumer spending, which appears to have virtually stopped, won't bode well for the faltering economy either.  Auto sales, restaurant biz and most discretionary spending has been cut way back. 

You'd think with economic disaster staring us in the face, the candidates would focus on the task at hand, instead of suddenly reversing past promises to keep the campaign out of the mud.  Palin drew first blood over the weekend with her campaign stop references to Obama's past association with Weather Underground members.  Then McCain carried character issues onto the stump, while Obama hit back with a 13 minute video reminding voters about McCain's past involvement in the Keating scandal. 

Hey guys, it's the economy, stupid!

A Look At Palin In The Bay Area

Here's a look at the crowds who showed up to support, and protest the first campaign appearance of Sarah Palin in the Bay Area.  She was here to attend a GOP fundraiser in Burlingame.  Here's the KRON4 report-

     

Suicide Barrier Not A Popular Idea According To Online Survey

If half the respondents to an online survey asking for their preference regarding a suicide barrier had their way, there would be none at all. 

In all, 4,147 Bay Area residents completed the survey which gave them a choice of barrier options on the Golden Gate Bridge, including adding several feet of barrier to the existing railing, a below the bridge net or no barrier at all.  Suicides are a common problem at the iconic structure; upwards of 1,200 have jumped to their death since it opened in 1937.  An emotional battle is being waged between those for and against a barrier. 

The GG Bridge District who sponsored the survey, released the results and other public feedback at their board meeting last Friday morning.  The board will take up the online results and discuss them in the next couple of weeks, and may make an initial decision on the preferred alternative on October 24. 

Palin Has Brunch In Burlingame Amid Protests

Presumably Sarah Palin was able to round up a few Republicans in the liberal Bay Area, because she was here this morning at the Hyatt Regency in Burlingame having brunch with them. 

But as expected, throngs of protesters greeted the Veep candidate as she arrived at the hotel for her first Northern California appearance.  To attend the brunch, you had fork over anywhere from $1,000 to $2,500.

It makes sense that the McCain-Palin campaign is just trying to raise money here, rather than actively campaign.  As of now, the Golden State is squarely in Obama camp; he leads by about 17 points here.

Governor May Ask The Feds For Financing

California may be the next big victim of the credit crunch crisis.  Governor Arnold Schwarzenegger has apparently contacted Treasury Secretary Henry Paulson to seek possible short-term financing, because a $7 billion dollar note sale that would provide much needed funds for the state, may not be possible.

The weak credit markets are pounding financial entities as indicated by a telephone conversation California State Treasurer Bill Lockyer had with Reuters-

"Basically no credit is available -- zero today."

California was hoping the $7 billion issue of revenue notes would keep the state afloat financially until other forms of revenue kicked in.  The Governor says payments to teachers and other workers may have to be delayed.  Here's the Reuters article.

Green Commerce Is One Bright Spot In Down Economy

Retail biz is down and fuel and food prices are up.  Stocks keep tanking and unemployment has just hit a seven year high.  But there is one bright spot in the U.S. economy- green.  Green business is booming.  Take a look at this KRON4 report on one line of work that is virtually, sunny.

    

Governor Goes On Veto Spree

The Governor just set a record.  He vetoed 35% of the bills that crossed his desk, 415 of the 1,187 that were presented for signature.  It's the highest percentage in four decades since Sacramento began keeping track of that statistic, and his actions infuriated lawmakers.

Saying he wasn't interested in "Mickey Mouse bills", the Governor actually used a generic veto message on a third of the rejected bills that read-

"The historic delay in passing the 2008-2009 State Budget has forced me to prioritize the bills sent to my desk at the end of the year's legislative session. Given the delay, I am only signing bills that are the highest priority for California. This bill does not meet that standard and I cannot sign it at this time."

The generic veto especially angered lawmakers, some of whom vowed that it will be difficult for them to work with the Governor next year.

The Economic Crisis Is Even Affecting Illegal Immigration

If someone were to ask you- is illegal immigration growing or shrinking, how would you answer?  Most of us are probably under the impression that the numbers are going up every year.

Wrong.

If the Pew Hispanic Center in Washington D.C. who studies these things is correct, the answer is shrinking.  They claim in a study to be released today, that 25% less undocumented Mexicans have entered our country since a peak in 2005 and that illegal immigration from Central America is 50% less.  According to this Wall Street Journal article, many aren't bothering to enter and many more who already in this country, are even leaving due in large part to the terrible economic conditions found in the U.S.

The backward immigration wave began certainly as a result of President Bush's immigration policy; raids on workplaces, fines and criminal charges levied on undocumented workers and deportation efforts.  But the  increasing unemployment woes usually targets those at the bottom first, and a lot of them are immigrant workers.

The article goes on to note that immigration reversal isn't new; in fact it points out that nearly one third of the 30 million immigrants who arrived on U.S. shores between the Civil War and World War I wound up going back to their homelands.      (photo courtesy of JewishJournal.com)

No More Ciggies For Sale In SF Pharmacies

You'd think a a pharmacy, a place to get meds to cure disease, would be the last place you'd find something for sale that cause disease, like cigarettes.  But San Francisco is the only city in the nation that has banned the sale of cigarettes in places like Walgreens and other pharmacies.   However after the ban became law in July, Walgreens sought an temporary injunction to prevent the ban- which goes into effect today- from taking place.  They claimed that large grocery stores, who also sold pharmacy items, were not subject to the ban.  But a judge, saying there was a 'rational basis' for the ban, refused to allow the injunction.

Housing Prices Continue To Drop- Steep Decline In July

Home prices fell at a faster pace in July according to the S&P/Case-Shiller home report.  The two cities that dropped the most; Las Vegas and Phoenix.  Those home prices have sunk nearly 30% during the last year. 

Economic experts say the nationwide average 16.3% decline from the previous year, indicates the housing recession is not even close to hitting bottom, especially since the drop occurred before the Wall Street credit crunch.  In fact, most experts predict continued declines until a bottoming out in late 2009 or even 2010. 

Marin's Woolsey A No Vote On The $700 Billion Dollar Wall Street Rescue Plan

Representative Lynn Woolsey joined four other Bay Area members of Congress to vote NO on the Wall Street rescue bill.  Unless you've had your head under a rock for the last 24 hours you know that the market didn't like that, and stocks fell 777 points for a worst single-day drop in 20 years. According to the IJ, Woolsey had this to say-

"We need to do something.  But we didn't need to do $700 billion for Wall Street and nothing for 95 percent of the American people - who need unemployment insurance, who need an infrastructure program for jobs, who need the assurance that Wall Street will pay for some of this mess."

She echoed the sentiment of most Americans who feel the financial rescue plan does little to help their needs while it rewards the money managers who are largely responsible for creating the mess.  It should come as no surprise that Woolsey was likely to vote this way.  She had posted a letter to constituents on her website last Friday saying why she could not support the bailout as it stands.

The Largest Private Yacht In The World Is Here In Marin

The 289-foot Maltese Falcon sailed into San Francisco Bay over the weekend and will be part of a gala regatta fundraiser in Tiburon for the Leukemia and Lymphoma Society on October 5th.

The ship arrived at low tide so that the 191-foot masts could clear the Golden Gate bridge, which they did by just 20 feet. The massive ship has five staterooms and a circular staircase.  It is owned by mega-money man, Tom Perkins of Belvedere.  Here is some KPIX5 video of the yacht sailing under the Golden Gate Bridge.   

The Gov Goes Green

Actually Governor Schwarzenegger who has long been at odds with his own political party on ecological and environmental stances, just announced plans for a global warming conference here in November.  Governors of all fifty states would be invited, as well as lawmakers and executives from China, Europe and other countries around the globe.  Schwarzenegger, making his announcement at the Commonwealth Club in San Francisco, said real action for new ideas exists on the local level rather than with the Feds.   The summit will be scheduled for November 18-19 in Los Angeles.  Here is a KRON4 report-

    

California Economic "Doldrums" To Continue Another 18 Months

Things aren't going to be so golden for the Golden State for the next year-and-a-half.  That's the gloomy prediction of UCLA economic report that said we can expect a more layoffs, a continued decline in consumer spending and no bottoming out of the housing market for several more months.  Although they stopped short of calling it a recession, the authors of the study said Californians are additional hard times ahead.  KRON4 has a video report detailing the study.

    

Real Estate Home Prices Up And Down

If you're wondering how your neighborhood stacks up in the real estate valuation game, then check out this nifty little database from SFGate.  You can see which towns in Marin show a gain in median price, and those that dropped.  Big winner is the town of Ross with a median priced home of $2,853,000, up a whopping 86% from the same time last year.  It's no surprise that foreclosure-heavy Novato plummeted the most, dropping 51% to a median home price of $350,000 in the 94947 zip. 

California Finally Has A Budget

The photo (courtesy of AP) below says it all, but if you want to read more go here.

$700 Billion Doesn't Buy Much Peace Of Mind

Talk about a bad reaction. 

Yesterday, the price for a barrel of oil jumped nearly $17 bucks for the biggest ever one day gain and stocks plunged over 300 points as most Americans get ready to write a check to bail out the incompetent money managers that got us into this mess in the first place.

What the hell is going on?   

The bailout was supposed to calm nerves, not set everyone into a panic.  One economic analyst said this is the worst possible scenario that Treasury Secretary Paulson wanted to see.

Wow, we can hardly wait for this administration's next bright idea.

Judge Says NO WAY To No Contest Plea From Oil Spill Vessel Owners

A federal judge rejected a no contest plea for felony charges issued in the Cosco Busan oil spill case.  The ship's owner, Fleet Management, had asked the judge to allow them to plead no contest but prosecutors said that would be wrong because it would mean the company would not be responsible for criminal acts associated with the spill.  According to federal attorneys, "An accident waiting to happen is not  an accident."  The eventual fines could amount to more than $3 million.
(Photo courtesy of KTVU) 

Commuters Still Battling The Backup On 101

Caltrans said they would fix the problem, but according to this KRON4 report, Hwy 101 was still a mess on Monday for the morning rush.

    

California Unemployment Rate Rises To 7.7%

60,000 additional California residents joined the ranks of the unemployed in August, a full 2.2% jump from the previous year.  The report fueled belief that the subprime mortgage crisis has trickled into other industries.  And many economists believe the picture is likely to get worse before it gets better, however most feel it won't be as bad as the economic times during the Great Depression.  The jobless rate was a bit better in the SF metro area that includes Marin and San Mateo counties; it was 5.5%.

Bay Area Home Prices Experience Steep Drop In August

Home prices continued to drop in the Bay Area as a research firm study showed a 31% drop in the month of August.  MDA Dataquick data revealed a drop in Marin County median home price as well, showing up as $675,000 when counting all condos and houses.  That is down 25% from a year ago, when median prices were around $900,000.  The research showed foreclosure activity in the County was still low compared to others like Solano and and Contra Costa.  Condo sales, however, were way up in Marin.

Budget Agreement Reached!

It looks as if California legislators and Governor Schwarzenegger have reached an agreement and avoided another chapter in the budget battle.  Late yesterday afternoon, they met and agreed to a compromise spending plan that included some spending reform measures the Governor had insisted be included.  The revised plan also chucked out some borrowing measures that he vehemently opposed.  The vote on the compromise plan takes place today.

Prosecution Says Thanks, But No Thanks To Cosco Busan Owner

The owners of the Cosco Busan- the ship that crashed into the Bay Bridge and spilled 50,000 gallons of fuel oil into the Bay- want to plead no contest to criminal charges that resulted from the disastrous incident last year.  But the feds say no way, alleging the owners, Fleet Management, are trying to distance themselves from blame.  A no contest plea means the defendant accepts liability but not guilt.  Prosecutors say crew was not trained properly and that the spill was "an accident waiting to happen."   

Budget Battle Blowup

UPDATE-  California legislators and the Governor returned to the bargaining table today in an effort to iron out their differences, but they failed to reach an agreement.  They said they would resume negotiations on Thursday.  Schwarzenegger has indicated he will veto the budget on Friday.

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Governor Schwarzenegger has vowed to veto the budget that lawmakers approved on Monday, saying it doesn't go far enough in promoting fiscal reforms.  If Schwarzenegger vetoes the bill- as he expected to do when it crosses his desk today- it would be the first time in modern history that a California governor has ever done that.  The lawmakers in turn have threatened to override his veto and approve the spending plan, citing a desire to end the impasse.  The California governor says that if they override his veto, he plans to veto any other legislation that comes down the pike.  Looks like this battle isn't going to be over anytime soon.

Governor Threatens To Withhold Signature From Budget

Saying the budget doesn't go far enough to restrict future spending, Governor Arnold Schwarzenegger has told legislators he will not sign the budget unless changes are made to reflect his wishes.  Specifically, the Governor wants the plan to include more deposits into the rainy day fund and to also make it harder for legislators to raid the fund or suspend deposits into it.  However, if the budget is approved, but then vetoed, they could override the Governor with a two thirds majority.