23. January 2009 by Burbank Real Estate.

Mortgage Applications go down as rates go up! 

Interest rates rose from record lows and the Mortgage Bankers Association reported that weekly mortgage applications declined 9.8 percent on a seasonally adjusted basis to 1,195.3 last week from 1,324.8 the previous week.

Most of the loans are still in refinances, but the refinance share of applications decreased to 83.3 percent of the total from 85.3 percent the previous week.

Interest rates:

• 30-year fixed-rate mortgages increased to 5.24 percent from 4.89 percent
• 15-year fixed-rate mortgages increased to 4.99 percent from 4.63 percent
• 1-year ARMs remained unchanged at 5.89 percent

Source: Mortgage Bankers Association (01/22/2009)

Housing starts in December continued to disappoint as starts fell another 15.5 percent, following a 15.1 percent plunge in November. The December pace of 0.550 million units annualized was down 45.0 percent year-on-year and was sharply below the consensus forecast for 0.615 million units. The fall in starts was led by the multifamily component which dropped 20.4 percent while the single-family component fell 13.5 percent.

After holding fairly stable for a year, pending home sales declined with the mounting number of job losses and a sinking economy. The Pending Home Sales Index fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001.

Will Congress lobby for higher loan limits?

Congressional leaders, both Republican and Democrats, have been lobbying President Obama to increase the limits of conforming loans – mortgages eligible to be purchased by Government Sponsored Enterprises (GSEs), like Fannie Mae and Freddie Mac – in high cost areas from $625,500 to $729,750 as part of an economic stimulus package. 

Last year, as part of the federal government’s economic stimulus package, the conforming loan limit was temporarily increased to $729,750 in high-cost areas.  Beginning Jan. 1, 2009, the conforming loan limit was lowered to its original level of $625,500 for high-cost areas.  This increase would be a huge boon in areas like Los Angeles where home prices are still much higher than many parts of the country.

Local news:

The Burbank-Glendale-Pasadena Airport Authority has entered into a $44,500 contract with Cooper Communications to inform the public about the Bob Hope Airport’s efforts to obtain a nighttime curfew for all flights.

The Airport Authority’s actions are part of the requirement by the Part 161 Study to inform the public about the curfew and get comments. 

Don’t get too excited yet, it’s still very unclear whether the FAA will support a mandatory curfew.  Read more…

Burbank City Council passes water ordinance, starting in March for more than 6,000 businesses.  This requires most businesses to install a low-flow faucet attachment to public restrooms.  Read more…

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18. September 2008 by Burbank Real Estate.

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8. September 2008 by Burbank Real Estate.

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.  Read more….

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10. December 2007 by Burbank Real Estate.

Items of note from the last Burbank City Council meeting:

• The council unanimously approved to hire American Homeland Solutions in order to review the Burbank Police Department’s organizational structure and make recommendations.  The review is expected to take 6 months and is part of an ongoing review process that occurs every 5 years.
• The Joslyn Adult Center was renamed for Mary Brady, a volunteer who donated her time and activism to the center for 24 years.
• The council unanimously approved the seismic retrofitting of the Police Pistol Range, Starlight Amphitheater and Fire Station 16.  The cost of the repairs is slightly over $1 million dollars and will comply with state mandates.

Items of note for this week’s City Council meeting:

• Report on the city’s financial status.
• Continuation of Energy Efficient Programs-In addition to continuing the Business Bucks program the city is considering distributing energy efficient light bulbs to all city addresses.
• Acceptance of $3,336 from US Department of Justice-For the purchase of bullet proof vests.

The Burbank City Council meets at City Council Chambers in City Hall, 275 E. Olive Ave. Tuesday at 6:00pm.

Don’t forget that you can watch the City Council meetings live on Charter Communications Channel 6 or online at City of Burbank’s website.

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20. November 2007 by Burbank Real Estate.

Items of note from the last Burbank City Council meeting:

• Quiet zone was established on the Metrolink Ventura Subdivision at Buena Vista Street and Vanowen crossing. Vote was unanimous.
• The new California building and fire codes were unanimously adopted. Because of past complaints this ordinance will change the Burbank Municipal Code with respect to construction hours. The new hours will be Monday through Friday 7 a.m. to 7 p.m. and Saturdays from 8 a.m. to 5 p.m. No work will be allowed on Sundays and holidays. For homeowners working on their own houses, they will be allowed to work on Sundays and holidays from 8 a.m. to 5 p.m.
• Unanimous adoption of the wind power agreement between Burbank and the Pebble Springs Wind project in Oregon. Through these and other efforts our power rates could increase less than 1% next year.

Items of note for this week’s City Council meeting:

• New Area Code update-Staffers to update the Burbank City Council about the October 22nd held by the California Public Utilities Commission to seek public comment and input on this issue.
• Citizen’s Option for Public Safety(Cops) Grant-The City of Burbank received a $207,000 grant from the state for the Cops program which provides funding for local law enforcement agencies.
• Alley Vacation-Conditional vacation requested for the alley near the 3800 block of Olive Avenue. This vacation would allow the developer of a proposed 33,420 sq. ft. project to build 14 parking spaces. This will be a mixed use development with office space, restaurant and residential units.

The Burbank City Council meets at City Council Chambers in City Hall, 275 E. Olive Ave. Tuesday at 6:00pm.

Don’t forget that you can watch the City Council meetings live on Charter Communications Channel 6 or online at City of Burbank’s website.

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