Here's an article regarding housing prices from the October 20, 2007 Burbank Leader (I'm quoted):
Challenges in Burbank Housing Prices
Average price of a single-family home in Burbank in September was $658,000, compared with $692,000 in August.By Jeremy Oberstein BURBANK - The average price for a single-family home in Burbank dropped almost 5% from August to September, and the number of residences listed on the open market in the same period increased almost 50%, according to the National Assn. of Realtors.
"Theres a decline, no doubt about it," said Judy Graff, a broker in Burbank.
The average asking price for a single-family home in August was about $692,000 and about $658,000 in September, she said.
In August, 229 properties were listed on the open market, while 336 homes and condos were listed by Sept. 30, she said.
Graff tied the decrease in housing prices and increase in homes for sale to the credit crunch by which many Americans have felt squeezed. "Theres a credit crisis in this country," she said. "Up to 40% of people who were able to get loans back in July cant get loans anymore."
The robust housing market of the 1990s and early 2000s, in which potential home buyers could easily secure a loan, seem to be a distant memory, said Ken Fears, an economist with the National Assn. of Realtors.
"The housing boom [lasted] from 1998 to spring 2005," he said. "The housing market has been slowing down since then and, since July 2007, home sale prices have sharply decreased."
That has directly affected Burbank residents, Graff said.
"It used to be that if you could fog a mirror, you could get a loan," she said. "Now, lenders want to see a 10% down payment and excellent credit scores. If the median price of a single-family home is $700,000, you would need to have $70,000 sitting in the bank. How many young couples have that kind of money?"
The decrease in sales can be tied to the fallout in the mortgage-backed securities market, which specifically affects Burbank, Fears said.
"What hurts Burbank is the lack of financing in the jumbo market, defined as any loan over $417,000," he said. "Mortgage-backed securities stopped buying jumbo market loans, driving prices up and causing more homes to be listed on the open market."
What's happening in your neighborhood?
The Planning and Transportation Division processes many different types of applications for residential, commercial, and industrial projects throughout Burbank. The planning projects map and lists include information about planning project applications that are currently being processed or have been recently approved or denied.
Planning projects map - Click on a project icon to display information about the project and link to its current status
Planning projects lists
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Energy efficiency in Burbank: Burbank Water and Power has great programs for Burbank residents and businesses, designed to help you save energy, water and money. At present, BWP will give you cash rebates when you purchase energy efficient appliances! There's also a free home energy analyzer service to help you reduce energy usage, and the "Made in the Shade" program offers up to 3 free shade trees. And Burbank even hosts "Green" workshops! For more information or to register, call the Burbank Recycle Center at 818-238-3900. Visit www.BurbankWaterAndPower.com for more details.
Note for September 2008: In January 2008, the Burbank City Council adopted a Sustainability Action Plan based on the Urban Environmental Accords. Burbank's action plan addresses current environmental needs while keeping in mind the needs of future generations. For details, visit the City of Burbank website at www.burbankusa.com and follow the link to the Sustainability Action Plan.
Free Shade Trees for Burbank Residents & Businesses!: By providing shad and blocking out the sun's heat, trees can cut the a/c use of your home or business. If you are a Burbank resident or business owner who can benefit from shad trees, please call Burbank Water & Power's certified arborist at 818-957-8196. They will meet with you at your home or biz to discuss energy saving planting sites on your property. Qualifying residents can get up to 3 trees and businesses can get up to 20, all for free! If you're a homeowner, this will save you hundreds of dollars.
More statistics?
Want more statistics? Please visit the Community Profile page. See also The City of Burbank Economic Profile, published every quarter. It's available from the Community Development Department at www.ci.burbank.ca.us.
Have you ever thought about starting your own business? Please see my "Business in Burbank" link for information about City business services.
See also...
...My Best of Burbank page, and www.downtown-Burbank.org (including the 12 days of Christmas fun and festivities), 20 Tips for Relocators and of course, my blog about real estate in the San Fernando Valley with an emphasis on Burbank.