Ever wonder what the difference is between a foreclosure and an REO or real estate owned property? A foreclosure is a legal process in which the owner's right to a property is terminated.  It usually involves a forced sale of the property by a public auction to repay whatever debt is owed on the property.  Real Estate Owned (REO) is real property that has been foreclosed by a lender and is now owned by the lender due to an unsuccessful sale at the public auction. Here are some facts: A foreclosure property goes through a foreclosure auction which is usually held on an assigned date on the steps of the county court house. Foreclosure property buyers need to be able to purchase the property for CASH. At auction, an opening bid on the property is set by the foreclosing lender. This openi... 01/21/2009

Burbank Real Estate & San Fernando Real Estate & Homes For Sale with Lupe Soto (818)276-6882. For Bank owned or REO properties in Burbank & San Fernando Valley, please go to:  www.SOLDwithLupe.com or for multi-family income properties, please visit: www.IncomeREproperties.com.  Lupe Soto, Successfully Negotiations Real Estate Transactions With Unmatched Dedication!  What makes a real estate agent a good negotiator?    Certified Real Estate NegotiatorLupe Soto   Quite often I see buyers and sellers request an agent with the number one prerequisite that they be a good negotiator. But what does that mean? What does that mean to the real estate agent and to the consumer who is requesting this quality? And does the consumer really understand what a good negotiator does in a real estate trans... 01/17/2009

Image via Wikipedia  Housing Tracker is predicting a trend of -23.9% for Los Angeles area home prices and Homepredictor.com is prognosticating a 21.7% drop in prices for the Los Angeles area. Many economists are predicting that housing will not rebound in 2009. But how do you know what your area will experience?   Whether looking at Burbank or the San Fernando Valley, if you have followed real estate home sales for any amount of time you know that neither gains nor losses are ever uniformly distributed throughout a city or county. Certain areas experience the majority of the gains, other areas will experience more of the losses and it’s not always easy to predict.  The reason for homes in a particular area to be hit hard on the up or downside depends on many factors. From a macro econom... 01/11/2009

  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.   Dropped from 0.41, FIFTEEN points to 0.26.  The last time there was a drop this big was the mortgage meltdown last fall.      New Listings - We had 88 new listings, compared to 79 in October, versus 64 in November 2007.   Pending  Listings – Forty-four listings opened escrow, compared to 79 last month and only 25  last year.   Pending  Ratio – 0.50, about even with October’s 0.49,  it was 0.47 in November of 2007.   Average Sales Price - $546,479, which is 13.6% lower than last November – but UP from July and steady for the past four months.   Price per square foot $345.87, down slightly from last month.  Down 15.7% from last year,but still a... 12/06/2008

  Economic Recap:   Pending home sales for September dropped 4.6%, worse than expected. Showing extremely weak numbers, total domestic light vehicle sales came in at 7.7 million annual unit sales. This the lowest since the recessionary times in the early 80s. The car rate of 3.9 million is the lowest yet in data going back to 1967. The October jobs report fell for a tenth-straight month, showing larger-than-expected job losses and the highest unemployment rate since 1994. Nonfarm payroll employment in October plummeted another 240,000, following a revised drop of 284,000 in September and a revised decrease of 127,000 in August. The For the year-to-date, the economy has lost 1.2 million jobs net. Federal Reserve lowered interest rates this week by ½% to 1% for the federal funds rate and ... 11/07/2008

Burbank Condos For Sale and Burbank Townhouses for Sale, Burbank Bank Owned Condos For Sale , REO's Townhouses, Short Sale, Foreclosure Condos & Townhouses in Burbank CA, easy to show, request an appointment TODAY. For other condos and townhouses for sale within Burbank Unified School District, please contact Lupe Soto condo-expert and Burbank Realtor.  Please call for faster service (818)968-3718.  If you are looking to find a condo, townhouses or home for sale within Burbank Unified School District, high-achieving school area, please contact Lupe Soto Burbank Realtor for assistance.  I will be honored to help YOU find the perfect condo or house for sale in Burbank CA.  Visit our BURBANK VIDEO BLOG with condos townhouses & homes for sale, click here For a List of REO's Bank Owned Short... 10/29/2008

Burbank SOLD Homes, Burbank SOLD Condos, San Fernando Valley SOLD Real Estate by Lupe Soto, Feng Shui Realtor (818) 968 3718 www.BurbankinAction.com  CONTACT LUPE TODAY FOR A FREE CONSULTATION     Simple Tips For Staging Your Home, Lupe Realtor Getting your house ready to sell can seem overwhelming, but it doesn't have to be. Just keep in mind that you're wanting potential buyers to be able to see their own family and possessions in your home. In order to do that, your home must have more "blank areas" than usual to allow buyers to imagine their things in your space. Since you're going to be packing for your move anyway, go ahead and get a start on it now. Box up out of season clothes to make closets seem more spacious. Remove family photos so buyers don't feel the house is already "tak... 10/27/2008

Looking for a POOL HOME or TOWNHOUSE WITH POOL in Burbnak or San Fernando Valley, Antelope Valley.  I am available to help YOU.  If you are looking for bank owned pool homes for sale in Burbank, Arleta, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills, Antelope Valley, you have come to the right place! CASAS en venta con PISCINA (hablo en espanol) http://www.CasasConLupeSoto.com    POOL HOMES FOR SALE FROM $234... 10/22/2008

BURBANK REAL ESTATE & HOMES FOR SALE (818) 276-6882   TOP 10 BEST BUYS IN BURBANK FROM $417,000 TO $600,000, ALL 3 BR HOMES, 2 BATHSFOR BANK OWNED LIST OF HOMES IN BURBANK & SFV, CLICK HER   http://www.soldwithlupe.com INSIDE ABOVE SEACH TOOL, YOU CAN ADD "REO/LENDER OWNED" DOWNPAYMENT ASSISTANCE PROGRAMS & GRANTS FROM $10,000 TO $80,000, CLICK HERE      Lupe Soto, Realtor & Certified REO & Bank Owned Specialist (818) 276-6882DRE # 01380599Burbank in Action Realty & Mtg Svcs3500 W Olive Ave # 300, Burbank CA 91505   FREE HOME SEARCH  24/7 - Any Area - Any Price 10/21/2008

Farmers' Market Information for Burbank   Day: Saturday Hours: 8:00 AM to 12:30 PM Location: East Olive Avenue & North Glenoaks Blvd City: Burbank County: Los Angeles Manager: Carolyn Hill Office Address: 717 N. Cordova, Alhambra, CA 91801 Phone: 626-308-0457     Make sure to visit the Burbank Farmers Market any time you visit the Los Angeles area. A street map to get to the Burbank Farmers Market is attached for your convenience. What's Fresh Right Now •           Spinach•           Pomegranates•           Tangerines•           Avocadoes•           Limes•           Persimmons•           Walnuts•           Asian Pears•           Winter Squash•           Green beans•           Beets•           Chinese Broccoli•           Brussels Sprouts•           Mandarin Oranges•           Honey•     ... 10/14/2008

  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