Baton Rouge home prices fall in third quarter

A report from the National Association of Realtors says that existing single-family home prices in metro Baton Rouge fell by 3.3% in the third quarter to an average of $170,900. That compares with the average price of $176,700 in the third quarter of 2007, NAR says. The Greater Baton Rouge Association of Realtors' Multiple Listing Service shows an even bigger quarterly drop, falling 3.7% from $204,508 average in the third quarter of 2007 to an average sale price of $196,842 in the third quarter of 2008. The GBRAR includes new home sales, making the numbers slightly different than NAR. September sales activity was hammered by Hurricane Gustav, which shut down the market for about a week. NAR says 28 of 152 metro areas reported an increase in quarterly home prices. New Orleans reported a 4.1% quarterly increase, with home prices going from $160,200 in 2007 to $166,800 this year. Shreveport was unchanged, with the average home price staying at $140,200. Read the full report here.

Gas prices fall below $2 at some EBR stations

After topping $4 a gallon this summer, gas prices have plummeted to less than $2 a gallon in metro Baton Rouge. “We’re fixing to be $1.99 a gallon in five minutes,” says Justin Alford, who serves as vice president for three B-Quik convenience stores. Alford says it took three years to reach $4 and three months to get back to $1.99 a gallon. “I’ve never seen gas fall this fast," he says "That’s incredible.” According to Louisianagasprices.com, prices dropped to $1.89 a gallon at the Fuel Zone on Staring Lane near Perkins Road and $1.95 a gallon at a Valero station on Perkins and Essen Lane as well as a Spur station on Staring near Perkins. The average price for regular gas in East Baton Rouge Parish is $2.03, down from $2.04 on Monday, $2.95 one month ago and $3.09 one year ago, the Web site says.

Larry Wall, spokesman of Louisiana Mid-Continent Oil and Gas Association says he didn’t expect gas prices to go so low so fast, but they’re following falling oil prices. Oil prices hit a 22-month low Monday, trading at $55.49 a barrel. Along with the falling oil prices, the gas supply is up now that Texas refineries are at pre-Hurricane Ike production levels. Alford and Wall wouldn't speculate how low gas prices will fall, because of the uncertain market.—Anna Thibodeaux

Holden looks to continue contract with BRAC

A Metro Council committee is scheduled to discuss renewing the deal that allows the Baton Rouge Area Chamber to serve as the city-parish’s economic development department. A one-year extension of the agreement of the contract with the Greater Baton Rouge Economic Development Department is set to go before the council's Finance and Executive Committee on Wednesday afternoon. It calls for the department to once again get $500,000 to act as a professional business development agency, looking for quality jobs and economic opportunities. Mayor Kip Holden turned to BRAC to serve as an economic development agency for East Baton Rouge in January 2007. Holden has noted that it's cheaper for the city-parish to contract out economic development instead of hiring its own staff.

Real Estate Weekly: CDD could be part of Rouzan

Real Estate Weekly is out with news about a possible community development district for Rouzan, developer Tommy Spinosa’s TND planned for Perkins Road east of College Drive. Also: a potential tenant moves out of the Kress at Third and Main building, a longtime party retailer plans to move into a new building next year and the latest column from Brian Andrews. To read the newsletter, click here.

225 Menu Guide hits newsstands, online

225's Ultimate Menu Guide is now available. The guide has menus for 40 of the Capital Region's favorite restaurants, covering everything from po-boys and burgers to steaks and sushi. The guide can be found in every 225 rack, and is available in a digital format here.

Developer alleges agency reallocated tax credits

A Baton Rouge developer alleges the Louisiana Housing Finance Agency arbitrarily reallocated more that $18 million in tax credits and gap financing previously awarded for five low-income housing developments. Will J. Belton of AAmagin Property Group says the agency applied different standards than to other developers and didn’t allow for a fair hearing. The company is asking the 19th Judicial District Court to overturn the agency’s decision; a hearing for a preliminary injunction is scheduled for Nov. 24. The agency announced its decision on Nov. 12, saying projects that couldn’t produce closing documents had their credits taken back and allocated to new projects deemed more viable.—David Jacobs

Carville turns back on LSU to teach at Tulane

James Carville has joined the faculty of Tulane University, and his first course will be on the 2008 presidential election. The university says the political strategist who led Bill Clinton's 1992 presidential campaign will bring in nationally recognized journalists, politicians and pollsters to speak to students. Carville, who was raised in Carville is known not only for his Democratic political campaigns but also as a commentator on CNN. He earned undergraduate and law degrees from LSU. Carville and his wife, Republican campaign strategist Mary Matalin, recently relocated their family to New Orleans from Washington. His course on the 2008 race will be offered during the spring 2009 semester.

Paulson voices firm opposition to Big 3 bailout

Treasury Secretary Henry Paulson told Congress this morning that the administration remains firmly opposed to dipping into the government's $700 billion financial bailout fund for a $25 billion rescue package for Detroit's Big Three automakers, no matter how badly they need the help. "There are other ways" to help battered automakers, Paulson told the House Financial Services Committee as the auto bailout legislation clung to life support on Capitol Hill. Committee members grilled Paulson on the administration's stance that the $25 billion come from separate legislation passed by Congress, which was designed specifically to help auto manufacturers retool their factories so they can make more fuel-efficient vehicles. The $700 billion plan enacted by Congress in October and signed into law by President George W. Bush did not envision that the program would be used to help rescue nonfinancial companies, Paulson said.

Huckabee to swing through Louisiana

As Gov. Bobby Jindal prepares to visit Iowa this weekend to speak to an influential Christian family group, another politico who has also been mentioned as a contender for the Republican presidential nomination in 2012 is getting ready to swing through Louisiana. Mike Huckabee, who won the Iowa caucuses this year in his failed bid for president, will be in Shreveport on Tuesday, Nov. 25 to promote his new book, Do the Right Thing which hits bookshelves today. Huckabee will also be hitting 17 other states, including Florida, Iowa, Ohio, South Carolina and Virginia. The book captures Huckabee's experience of winning eight states with an underestimated, underfinanced, underdog presidential campaign. He shares inside stories about making commercials at Chuck Norris's house, meeting a woman who insisted on donating her wedding ring and other tales. But most importantly, the book also “explains Huckabee's vision for helping millions of hardworking, middle-class Americans with common sense policies.” As for whether Jindal will be facing off against Huckabee in 2012, that decision is up to Jindal. According to U.S. News & World Report, Huckabee waxes poetically about running again in his new book. "I believe it's time to hit the RESET button on our nation," the former Arkansas governor writes. "It starts with me, and it starts with you."—Jeremy Alford

News roundup: Wholesale prices post record plunge … Longtime Hancock Bank president dies … BCS games coming to ESPN in 2011

Big drop in energy prices fuels fall: Wholesale prices plunged a record amount in October as energy prices fell by the largest amount in 22 years. The Labor Department reported today that wholesale prices dropped by 2.8% in October, the biggest one-month decline on records that go back more than 60 years. The previous record holder was a 1.6% fall in October 2001, the month after the terrorist attacks. The overall decline in the department's Producer Price Index was bigger than the 1.8% drop analysts had expected. However, core inflation, which excludes energy and food, was not as well-behaved, rising by a bigger-than-expected 0.4%.

Worked for company for 60 years: Leo Seal Jr., who had served as president of Gulfport, Miss.-based Hancock Bank for the past 45 years, died Monday night after an extended illness. He was 84. Seal started working for Hancock Bank in 1947 and became president in 1963. During his tenure, Hancock grew from a $14 million bank with branches in two Mississippi counties, to a $7 billion regional powerhouse with 164 branches across the Gulf Coast.

Deal will be an obstacle to college football playoff: ESPN has signed a $500 million deal to televise the Bowl Championship Series games from 2011-14. The deal gives the network exclusive television, radio, online and international rights for the Fiesta, Orange and Sugar Bowls, plus the BCS Championship Game. The network and ABC already had the Rose Bowl under contract. The deal dashes the hopes of a college football playoff—something President-elect Barack Obama says he would like to see—until at least 2014.

Are you the fittest exec in the Capital Region?

Business Report launches its first Fittest Execs competition, in which Capital Region business executives compete in four categories (men under 50, men over 50, women under 50 and women over 50). The competition is limited to C-level, president, vice president, owner, partner, executive director or retired executives of companies or corporations with more than five employees. Fitness appraisals will take place at Bally Total Fitness Baton Rouge through Friday, Dec. 19, with the results to be announced in the Jan. 13 issue of Business Report. The deadline to enter is Monday, Dec. 15. Click here to register or for more information.