A couple of things are clear, many people have lost confidence in the financial system and this is not just a U.S. problem as the aftermath of this financial crisis is being felt around the world. Federal Reserve Chairman Ben Bernanke brokered the broadest coordinated interest rate cut in history, among all of the central banks. Yesterday, the Fed, the European Central Bank, the Bank of England, Bank of Canada and Sweden's Riksbank reduced their benchmark rates by half a percentage point. The Bank of Japan and Switzerland also supported the action and China's central bank cut it's key rate by .27 percentage point. The stock market has reacted sharply to economic and credit data this week and ended today at 8579, down 679 points on the day. We have not seen these levels since 2003. The... 10/09/2008

Market Index A market index of above 1.20 is a seller’s market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer’s market. After taking a dip in July, the market index rebounded up to 0.47, the highest in the last 12 months.  A year ago it was 0.14, in fact we are doing more business than last year.   New Listings We had 66 new listings, compared to 74 in August and 125 last September.   Pending The pending ratio jumped up to 1.00, another strong rebound, with 66 listings going into esrow.  Last year 0.17, the low point of the year.   Listing Inventory Two hundred and thirty two homes were on the market in September, less than last month, a big drop from the 383 last September.   Sold Listings The impact of lending problems can be seen with only 42 homes closing escr... 10/03/2008

Burbank Closed Sales for September 2008     Bedrooms Baths Square Feet List Price LP/SqFt Sale Price SP/SqFt DOM Min 0 1 465 $199,900 $270.57 $185,000 $268.03 1 Avg 2.7 2.25 1524 $560,785 $375.35 $540,557 $363.34 80 Max 5 5 3951 $1,490,000 $513.65 $1,400,000 $547.46 345     Month to month average sale price from August to September 2008 is down $14,258, year over year, average sale prices are down by $127,253 or 19%. Average days on market, year over year are up 23 days. Average square footage is down by 8% year over year. Most notably number of sold properties is down 34% from August 2008 and down 22% from September 2007. These numbers are reflecting several factors…… More foreclosures have been coming online, loans are hard to come by in the current credit environment. Mortgage applic... 10/01/2008

 THE BEST (AND WORST) DAYS THIS MONTH FOR FOURTEEN IMPORTANT ACTIVITIES FOR October, 2008 WHY MAGI ASTROLOGY IS MUCH BETTER THAN TRADITIONAL ASTROLOGY Buying real estate, selling real estate & investing in real estate are important events in our life. The day you sign the purchase offer, listing agreement, the day you put the property into the market, the day the offer is negotiated, the day you sign important loan document, the day you move into your new home may benefit when combining or selecting one of the following powerful days in each month.  Lupe Soto, Realtor in Burbank  CA, San Fernando Valley, Santa Clarita Valley, Antelope Valley in Los Angeles County, California uses Love & Money Calendar by Magi Astrology to time these important events. If you are interested in buying or s... 09/29/2008

The Federal Reserve left rates unchanged today, at 2% for the key benchmark, a surprise to some, but while they noted that the financial markets are under more strain with the credit crisis,they cited labor worries and inflation as their top concerns.  Providing liquidity for the markets is high on their list as well. Mortgage rates are averaging 5.93% for a 30 year loan.  Despite the talk that the government would not intervene  AIG was offered an $85 billion loan from the US government in return for an 80% stake in the company. What does all this mean for real estate in the San Fernando Valley and Burbank? For now we have lower mortgage rates but very tight lending standards which means that buyers will have to work harder in order to qualify for a loan and put more money down. In th... 09/16/2008

  Former Federal Reserve Chairman Alan Greenspan, who served as Fed Chairman for 18 years, said this financial crisis will probably lead to the failure of more firms. He went on to say, in his interview with George Stephanopoulos, that this is the worst financial crisis he’s ever seen. Treasury and Federal Reserve officials are working on brokering a sale of Lehman Brothers Holdings Inc., the 158-year-old investment bank that reported a third-quarter loss of $3.9 billion.      Given that the Fed acquired a $29 billion portfolio of mortgage-backed debt from Bear Stearns Cos. earlier this year, they are now trying to avoid using any government funds to rescue Lehman. Crude oil fell to a six-month low in New York, crude oil for October delivery fell $2.10, or 2.1 percent, to $99.08 a barre... 09/14/2008

Every few years the State of California mandates that cities provide a policy document that outlines programs that both promote the development of affordable housing and reduce any constraints to the development of added housing.  Individual cities that do not comply and complete this document risk losing funding for many future projects.   The draft of the General Plan Housing Element Update Project No. 07-0005885 GPA became available in February and City of Burbank has been holding public meetings to discuss the various elements of this plan and any mitigations that may be required.   On Monday, September 22, 2008 at 6pm the City of Burbank Planning Board will be holding a public hearing on the General Plan Housing Update and the proposed Negative Declaration.  The meeting will be hel... 09/11/2008

  Burbank August Closed Sales - 58 Properties Found   Bedrooms Baths Square Feet List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM Min 1 1 655 $289,900 $254.36 $280,000 $252.53 89.00% 69.00% 0 Avg 2.9 2.25 1584 $575,440 $370.33 $558,743 $362.22 97.00% 94.00% 59 Max 4 5 2547 $1,349,000 $561.23 $1,200,000 $561.50 145.00% 145.00% 287 Month to month average sale price is up $30,186, year over year, average sale prices are down by $104,851 or 15.8%. Average days on market, year over year are down 3 days. Number of sales is up almost 10%. These numbers are reflecting several factors…… • Year over year, you have 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 sale... 09/10/2008

Yesterday I wrote a post outlining some details of the Federal Housing Finance Agency's takeover of Fannie Mae and Freddie Mac. Today I want to expand on that post and bring up some other discussion points.  First, let's be clear that the failure of these two entities represents the #1 and #2 largest financial institution failures in history.  As such we should be aware that the impact will not be minimal, in fact I think we'll be feeling the pain for years.  While the markets reacted favorably to the takeover, the exuberance will be short lived as the reality of the state of the mortgage industry sets in. Let's start with the portfolio limits that will be imposed on these companies.  They shall not exceed $850 billion as of Dec. 31, 2009, and shall decline by 10 percent per year until ... 09/08/2008

Sunday it was announced that the government, through the Federal Housing Finance Agency, was making the landmark, although not altogether unanticipated, decision to take over the Federal National Mortgage Association (FNMA-Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). After suffering from the biggest number of mortgage defaults in 30 years, the two giants are in serious danger of failing and delivering a major blow on the already stressed housing market . In a nutshell, they're worried the mortgage market will fall apart. The end goal is to restore confidence, mainly abroad and at home, for those financial institutions that hold these companies' securities. Fannie Mae and Freddie Mac together own or guarantee about $12 trillion in mortgages or about half of t... 09/07/2008

(818)276-6882 LUPE SOTO Realtor YOUR CONDO / TOWNHOUSE SPECIALIST in Burbank CA, San Fernando Valley, Santa Clarita Valley , Antelope Valley including Palmdale & Lancaster in Los Angeles County, California.   For condo and townhouse styles and price ranges including newly built units 2000-2014 year built,  newew construction 1980 to 2000 year built, bank owned, lender owned, short sales, regular sale, HUD properties, fixer uppers, condo investment.  Please contact Lupe to chat about your real estate goals.  thank you for your preference.  EN ESPANOL: condos & townhomes en venta, bueno bonito y barato en Los Angeles , California.   Need a lender referral?  Low down? First Time Buyers Program FHA VA CONVENTIONAL, please call Lupe (818)276-6882  (hablo espanol).   BURBANK TOWNHOUSE FOR SAL... 08/28/2008

  July Closed Sale - 124 Properties Found   Bedrooms Baths Square Feet List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM Min 1 1 655 $279,000 $179.96 $260,000 $174.00 81.00% 69.00% 0 Avg 2.7 2.25 1514 $542,060 $366.82 $528,557 $358.51 97.00% 93.00% 71 Max 5 5 3089 $1,349,000 $581.25 $1,200,000 $581.25 145.00% 145.00% 301     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 reflec... 08/25/2008

I've decided to reintroduce my campaign of bringing what my team and I feel are great bargains in the Glendale, Burbank, and some of the surrounding areas.  I hope this is helpful. If you should need any assistance with your real estate needs please feel free to call me or email me. 08/20/2008

BURBANK, TOLUCA LAKE, BANK OWNED, REO, SHORT SALE - Make an offer today.   TO PREVIEW LIST OF REO'S BANK OWNED PROPERTIES IN TOLUCA LAKE click below www.HomesWithLupe.com     ABOUT BURBANK CA: Billing itself as the "Media Capital of the World" Burbank is a entertainment-oriented city that prides itself on its quality of life, combining 21st-century technology with a small-town feel. The city is named for Dr. David Burbank, a New Hamnpshire dentist who bought two large ranchos in the area in 1867. A half century later, the city became home of the budding aviation and entertainment industries. Lockheed Aircraft Co. purchased a piece of Burbank farmland in the mid-1920s, and Amelia Earhart and Howard Hughes were among the aviation pioneers who used its airfield. The motion-picture business... 08/07/2008

VALLEY VILLAGE HOME SALES REPORT Beginning Date: 7/1/08 Board Number: All Ending Date: 7/31/08 City: Valley Village Area: All Price Range: $0 - ALL Single Family Sales - Residential   Other Statistics Price Class Bedrooms     2 OR Less 3 4 Or More   Condo Sold Residential Active Condo Active $0 - $99,999 0 0 0   0 0 0 $100,000 - $149,999 0 0 0   0 0 0 $150,000 - $199,999 0 0 0   0 0 1 $200,000 - $249,999 0 0 0   0 0 1 $250,000 - $299,999 0 0 0   1 0 5 $300,000 - $324,999 0 0 0   1 0 2 $325,000 - $349,999 0 0 0   0 0 2 $350,000 - $374,999 0 1 0   0 0 1 $375,000 - $399,999 0 0 0   1 0 4 $400,000 - $424,999 0 0 0   0 0 1 $425,000 - $449,999 0 0 0   0 1 4 $450,000 - $474,999 0 0 0   0 1 2 $475,000 - $499,999 1 1 0   0 3 4 $500,000 - $549,999 0 0 0   0 3 2 $550,000 - $599,999 0 0 0   0 9 4 ... 08/02/2008

BURBANK HOME SALES REPORT Beginning Date: 7/1/08 Board Number: All Ending Date: 7/31/08 City:Burbank Area: All Price Range: $0 - ALL Single Family Sales - Residential Other Statistics Price Class Bedrooms 2 OR Less 3 4 Or More Condo Sold Residential Active Condo Active $0 - $99,999 0 0 0 0 0 0 $100,000 - $149,999 0 0 0 0 0 0 $150,000 - $199,999 0 0 0 0 0 1 $200,000 - $249,999 0 0 0 0 0 0 $250,000 - $299,999 1 0 0 1 0 6 $300,000 - $324,999 0 0 0 3 1 2 $325,000 - $349,999 1 0 0 0 0 5 $350,000 - $374,999 1 0 0 3 2 5 $375,000 - $399,999 0 1 0 4 4 11 $400,000 - $424,999 0 0 0 0 3 4 $425,000 - $449,999 0 1 1 8 10 9 $450,000 - $474,999 1 1 0 4 5 7 $475,000 - $499,999 3 3 0 3 18 9 $500,000 - $549,999 2 1 1 5 22 3 $550,000 - $599,999 3 2 1 1 18 9 $600,000 - $649,999 0 5 1 0 15 8 $650,000 - $699... 08/02/2008

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... 08/02/2008

      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.    Graff... 07/29/2008

          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 fut... 07/29/2008

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 th... 07/28/2008