Marin Real Estate July 15,2008 Through July 22, 2008

Check out the numbers … July 15^th thru July 22^nd …recovering from its post-holiday hangover, the Marin County real estate market did just fine…thank you. There were 63 new listings of Single Family Residences (SFR) but inventory actually went down. 62 listings went under contract, 36 sold, 34 withdrawn, and 83 price reductions.

Condominiums had an good week too. Continuing their recent popularity, 19 units sold during this period, while only 18 were listed. 40 listings went under contract.. Market inventory was reduced from 401 to 391 units.

 

The price of gas began to drop, the weather warmed up, and suddenly people felt a bit better, while the stock market struggled to get back into profitable territory, showing renewed signs of life in spite of many challenges and continued adverse economic news. DataQuick, the La Jolla based source of real estate statistics continued its string of pessimistic reports while allowing that San Francisco and Marin Counties were better off than most other Bay Area markets.

So, what’s happening in Marin County Real Estate? Lots of activity here with buyers getting tremendous value, especially in Novato and San Rafael, and particularly in Condominiums which languished for too long and are now enjoying renewed popularity courtesy of their relative affordability— a great opportunity for first-time buyers or downsizing sellers. Let’s see what happens next! Our market typically enjoys increased activity in the fall. Buyers who have been waiting may recognize the opportunity they have been waiting for is here now. Experienced local real estate professionals can help mine the gold in this market – they know values, and are an important resource for buyers and sellers alike.

Recently, George W. Bush was caught off camera commenting on the economy and that, “Wall Street had gotten drunk, and the question is, when are they going to sober up?”  Sounds like someone forgot to tell the President he was the bartender…oh well. (This Video was aired on the Evening News, and can be found on YouTube)

Home Prices Dip in Northern Marin

Click Here To Read Article

And, if you have a moment ,check out my Marin History Web Site with the Marin Independent Journal by clicking on the link below:

Marin Independent Journal’s Marin History Web Site

Mortgage Giants Receive Help

     On July 14, 2008 Jeannine Aversa/Associated Press reported that the Federal Reserve and the Treasury will take steps to shore up mortgage giants Fannie Mae and Freddie Mac, whose shares have plunged as loses from their mortgage holdings threaten their financial survival.
     The steps are also being taken to send a signal to nervous investors worldwide that the government is prepared to take whatever necessary steps to prevent the credit market crisis troubles that started last year from engulfing financial markets and further weakening the economy and housing markets.
     The Feds said that, “this should help companies ability to promote the availability of home mortgage credit during periods of stress in financial markets.”

Countrywide’s CEO Angelo Mozilo

 Quick quiz?  Which mortgage company CEO took 140 million home in compensation while the company he founded lost 704 million dollars?  For Marcie Geffners article from Inman News click on the following link:
Countrywide’s CEO Angelo Mozilo

Frannie Mae and Freddie Mac

      Last post I ran a headline that said, “Ignore the Headlines!”  Well, that might have been a little premature. Last Monday Indymac Bank, in an attempt to reassure depositors that the company is not near collapse, issued a response to letters to Federal Bank regulators from Senator Charles Schumer that “Indymac Bank’s financial deterioration posed a significant risk to both taxpayers and borrowers.”
     On Friday and Saturday depositers withdrew about 100 million dollars.
     The Center for Responsible Lending issued a report Monday claiming that interviews with former employees and lawsuits in 10 states showed Indymac pushed through loans based on bogus appraisals, worked closely with mortgage brokers who mislead borrowers about their rates and fees, and often treated elderly and minority consumers unfairly.
     While Schumer claimed Indymac Bank used brokered deposits to “finance rapid and irresponsible growth,” Indymac said those deposits,”lowered the risk for Indymac Bank and improved our safety and soundness during this turbulent period.”

     Fannie Mae and Freddie Mac reiterated Friday that the companies are adequately capitalized and that a government bailout is not imminent, but stockholders in the government chartered, publicly traded companies were not entirely reassured.
     Continuing a monthlong slide that intesified last Monday, Fannie Mae’s shares fell 22 percent on Friday and Freddie Mac was off more than 3 percent.  Investors are worried loses at Fannie Mae and Freddie Mac could force those companies to issue more common stock to raise additional capital.  And, if the companies are unable to raise capital, and the government steps in to place the companies in a conservatorship, their shares would be worthless.

Ignore The Headlines

     When prices are falling few people have the discipline to buy stocks, a house, gold, art or any other asset.  But, for those who do “pull the trigger” excel in the long run.  As John D. Rockefeller famously said,”The way to make money is to buy when blood is running in the streets.”
     In Marin County there are some areas where the streets are stained crimson (Novato). Consider this, the stock market is being pummeled, oil per barrel prices are going through the roof, and there’s panic that we’re in a recession.  The Fed rate cuts will lift the economy eventually, and the stock market wil typically starts responding just as the headlines get their gloomiest.  Sure, the market could fall again before recovering, but the “Recession” may be half over already – or we may avoid one all together. You just never know.
    But, let’s say you’re emotionally ready to be a homeowner.  You have good credit, plan to stay put for the next five years and have been waiting for the perfect entry point. Well, it may be time to get serious – before an inevitable rise in interest rates wipes out your advantage.  “The thing that will make home prices stop falling is the same thing that will push mortgage rates higher,” says Lending Trees chief economist Jim Syinth.  So,anything you gain by a further drop in prices might be offset by rising financial costs.
    It’s more complicated if you must sell before you can buy.  But, that logjam won’t persist forever – and if it appears you’ll be trapped for a few years, try to refinance at today’s lower rates.  Risk always seem most acute when the headlines give you ulcers.  But that’s exactly when you should think long term – and get off your thumbs.
    Ignore the headlines!

Independence Day in Marin County,California

 Independence Day is a heartbeat away and one of the beauties of life in the North Bay is the variety of fun events that our charming communities organize at this time of year. Read on to learn of the many unique ways to observe this all-American holiday. Happy Fourth!
 
Corte Madera-Larkspur
43rd Annual Corte Madera/Larkspur Chambers of Commerce 4th of July Parade – Elaborate floats, precision drill teams, classic cars and the Corte Madera Town Band.
Parade Time: 10:30 am
Route: From Redwood High in Larkspur, it moves down Magnolia into Corte Madera and continues down Tamalpais Ave to the Town Center.
Post-parade: Check out the festivities at Corte Madera’s Town Park: arts and crafts, food and drink, carnival games, children’s activities and live entertainment.
Info: (415) 924-0441.

Novato
16th Annual 4th of July Parade – Come see over 100 parade entries ranging from classic cars and vehicles from a military museum to Irish bagpipers and a Chinese drum and bell corps.
Parade Time: 10 am
Route: Downtown Novato, starting at the corner of Grant and Railroad Avenues 
Along the parade route, you will also find food and refreshment booths, and souvenir t-shirts.
Info: (415) 899-8900.

The 55th Annual Buckaroo Breakfast
Location: Redwood Credit Union parking lot: 1010 Grant Ave, downtown Novato
Time: Breakfast served from 7-10 am
Organizer: The event is presented by the Presbyterian Church of Novato.
Fee: There is a suggested donation of $5 for adults, $3 for kids. Proceeds will be donated to the Marin Community mission project.

First Annual Novato 4th of July Race
Tamalpa, a Marin running club, presents a “4 on the 4th” four-mile road race and a “Mayor’s Mile” one-mile family walk/jog.
Starting time/place: 7:20 am at 7th and Grant, downtown Novato
Entry fee: $15, which includes a race mug and post-race goodies
To register, go to the Tamalpa website.
 
Ross
Annual Ross Commons Picnic – Pack your own lunch, or you can order from Eddie’s. The picnic begins at noon and will take place at the Grove area of the Common.
Info: (415) 453-1453, ext. 176
 
San Rafael
Marin County Fair and Fireworks
The Marin County Fair (at Marin County Fairgrounds, Civic Center Drive) offers Marin County’s official fireworks display. The July 4th concert features the Preservation Hall Jazz Band from New Orleans.
Fair admission: $12 to $14, and includes free carnival rides, exhibits, and music
Fireworks begin at 9:30 pm
Info: (415) 499-6400 or  www.marinfair.org
  
Sausalito
4th of July Parade and Fireworks – This year’s parade will include the Cal Alumni Marching Band, floats of all shapes and sizes, and the Sausalito Fire Department.
Parade Time: 10 am
Route: Starting at South Bridgeway, it will move through downtown Sausalito to Caledonia St and into Dunphy Park.
Post Parade: A town picnic in the park with food, entertainment, raffles, tug-of-war, and an egg toss. Fireworks: 9:15 pm
For a complete schedule of the day’s events, go to www.ci.sausalito.ca.us
 
 
Tiburon
Fireworks Cruise – One of the best ways to see the San Francisco fireworks display is from the Bay! The Angel Island-Tiburon Ferry Co. will offer a 4th of July fireworks cruise.
Boarding Time: 7:30 pm and departs at 8 pm
Place: The Tiburon ferry dock off Main Street
Fee: $40 for adults; $20 for children
Info:  (415) 435-2131.

Woodacre
4th of July Parade and Pancake Breakfast
Breakfast Time & Place: 8-11 am at the Woodacre Fire Station, 33 Castle Rock Rd.
Cost: $7 for adults; $3 for children
Parade Time: Noon
Route: Starting at the Woodacre Improvement Club (1 Garden Way), it follows Railroad Ave to the Dickson Ranch.
Post-Parade: A good old-fashioned celebration at Dickson Ranch – A family affair with games, face painting for the kids, competitions (including the men’s ugly leg contest), horse rides, plenty of music, barbecue, bingo, and everyone’s favorite, the flea market.