Month to month average sale price is down $45,281, year over year, average sale prices are down by $150,000 or 22.83%.

Average days on market, year over year are up 27 days.

Number of sales is up 16%.

These numbers are reflecting several factors……

• Year over year, you have many more short sales and REO or bank owned properties on the market.

• For comparable properties the bank owned properties tend to be priced lower than the short sales or regular sales reflecting the fact that the bank owned properties need more repairs.

• The fact that days on market are longer makes sense when you consider that negotiations tend to take much longer with short sales and bank owned properties.

• Sales are up because prices are becoming more affordable and buyers are seeing good deals.
  

Qualified buyers are out there as I’m seeing multiple offer situations on well priced properties.   This is all a function of market stabilization.  While I'm not sure that we've hit bottom I think we're close.  We won't really know until we look back a year from now.

For more information, check out  Burbank Foreclosures and Short Sales or  Burbank Real Estate Expert.

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer. Fair Housing Notice. Map Disclaimer.

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer. Fair Housing Notice. Map Disclaimer.

S The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer. Fair Housing Notice. Map Disclaimer.

Of Note:

• Consumer Confidence-came in at 51.9 Higher than last month, but still showing lots of pessimism and reduced spending plans.

• MBA Purchase Applications came in at 309.5 indicating continued weakness in the housing market.

• Jobless Claims , came in higher at 448k.

• GDP-final was revised up to 1% basically indicating that we’ve dodged a recession……hope they are right.

• Bonds…2 year 2.49%, 5 yr. 3.21% and the 10 yr. 3.93%.

• Crude oil closed at $125.10 per barrel.

The overall theme for last week is that while you can argue the exact definition of what a recession is....it's clear the economy is stalled. Non-farm payrolls declined by 51K jobs and the unemployment rate moved up to 5.7%. While the non-farm payroll number was better than expected, General Motors reported a huge loss, that and other negative auto news contributed to a negative day. Lots of information due out next week including the FOMC Announcement!

The Economic Week Ahead:

• Challenger Job Cut Report, Personal Income and Outlays(Monday)

• FOMC Announcement, ISM Non-Manufacturing Index, Motor Vehicle Sales(Tuesday)

• MBA Purchase Applications (Wednesday)

• Jobless Claims, Pending Homes Index Bank of England (BOE) Announcement , Chain Store Sales, ECB Announcement- Interest Rate policy issued by European Central Bank, Consumer Credit, Chain Store Sales(Thursday)

• Productivity and Costs(Friday)

Burbank has some great resources for Burbank residents aimed at being proactive and keeping our neighborhood safe.

Neighborhood Watch-Burbank Police Department has representatives that will sit down with you and explain how to set up a neighborhood watch so you can be proactive and help prevent gang activity, loitering, break-ins and auto thefts. 

For more information call the Community Resource Office at 818-238-3235.

Illegal Parking- Burbank Police Department will issue tickets, just call 818-238-3000.

Illegal Dumping-No one likes trash and junk sitting on their street!  Burbank has a weekly bulky item pick-up service that will remove bulky items.  Call 818-238-3805 two business days before your trash pick-up and give your name, address and location of the items. 

Graffiti removal at no charge!- Call 818-238-3806.

Abandoned shopping carts - Call 818-238-5280.

Burbank has a Zero Waste Plan that will aim to reduce waste in a significant way, by the year 2040.  To start, it calls for the gradual reduction and elimination of disaposable plastic bags and styrofoam..

The impact, at this point, is primarily on businesses that use styrofoam or plastic bags and at this point they will not be penalized.  This plan is intended to be a guide and will encourage both businesses and residents to conserve and do their part.

The City has started to do their part by using recycled paper and printing reports on both sides of the page.

In the future they will look at new rules, such as how garbage rates are structured, to provide incentives for residents to waste less and recycle more.

The Public Works Department will present a detailed plan at a future city council meeting, no date yet.

For more information on City of Burbank recycling.....check out Burbank Recycling programs.

Although there were no major economic reports out today and the housing reform bill was approved and signed into law this weekend,wil be signed into law, the market could not hold on to positive territory.  It's expected that this will help Fannie Mae and Freddie Mac stay in business and will help mortgage originators who sell the loans to Fannie Mae and Freddie Mac.

The Financial sector dragged the markets down and what's being termed as a "bear market rally" stumbled in a big way.  Continued concern over earnings, financial sector mortgage writedowns and the economy are weighing heaviy on the stock market.

The warning from the International Monetary Fund that bad credit conditions will continue to be a strain on the economy certainly did not help.  I know we all want to declare that this is over, but unfortunately it's not. 

Again, the caveat that while all this is happening on a macro basis, it's the microcosm of your particular real estate community that has to be evaluated.  Looking at certain areas of Burbank and the San Fernando Valley will tell you that not all areas are created equal and while some areas are feeling the pain of many short sales and foreclosures, many areas are not.

We'll see what the rest of the week brings........

Burbank homeowners and renters may be eligible for free state monies.

This valuable program is offered July 2 to August 28th for eligible Burbank seniors at the Joslyn Center, on Wednesdays from 9- 10am and Thursdays from 1-3pm, by appointment. 

Free assistance will be given in order to receive these dollars from the State of California.

You must bring in proof of income, ie...federal and state tax return for 2007, earnings statements, proof of age etc.

For more details, call (818) 238-5353.

Magnolia Park Vintage Car Show and Festival August 23, 3pm-9pm

The Magnolia Park Partnership and residents will be hosting a 4 block street fair and car show!  Between Hollywood Way and California.

Admission is free and it promises to be a fun event!

I have lived in Magnolia Park for 15 years and this event is one of the many reasons I love being a Burbank resident!  Come out and join the fun.