THAT'S ALL that $1 mill buys you in Pakistan? Calling HGtv...

Here's my myopic Realtor take on bin Laden's compound: I was really surprised by the pictures. You probably were, too.  Really, it looks like a dump has absolutely no curb appeal.  And it's worth $1 million dollars? In the third world? Wow, talk about an inflated real estate market -- are that many terrorists people clamoring to live in Abbotabad? Jeez, the schools must be really excellent in that neighborhood.  For $1 million, you'd think there would be rain gutters, not to mention windows. And what about that weird fence? Jeez, thank God for city inspectors in this part of the world.  And this makes L.A. real estate look like the bargain of all time.

Seriously, this is a job for all of the producers of all of the shows on HGtv.  Let's start with Curb Appeal...

But wait! There's more! on the Studio City open house: it has just been reduced by $50k!

I've previously posted about this lovely traditional at 4209 Fair in Studio City.  I'll be holding it open on Sunday, May 8, from 2 to 5.  It's a 3+2 with pre-war charm and 21st century updates, and is in pristine condition. Not to gush, but...features include hardwood floors, crown moldings, sunny exposure, a/c, an entertainers' deck off both the kitchen and the master bedroom, updated kitchen and baths, built-ins, copper plumbing, detached garage, lots of storage and lots of greenery, plus a great location near Tujunga Village.  And best of all, it has just been reduced by $50k to $699,000.  This makes it one of the best deals in Studio City.  Can you tell that I'd like to live there?

Low interest rates. It's not supposed to be like this.

Haven't we all been told that interest rates would rise this year? And didn't interest rates tease us a little bit by rising in the late winter?  But now they're down again.  Buyer clients of mine got an FHA loan for 4.75% with no points on Monday.  And jumbo conforming loans -- up to $729k -- can be had at 4.85%.  And jumbo-jumbos at 5.5% (with 25% down).  Thanks, for once, banks.  You're just full of surprises, and this one is delightful for a change.

Open house on Sunday, 5/8, 2-5: 4209 Fair Ave., Studio City

More pics and info can be found at JudyGraff.com.  Come see this pristine 3+2 for $749,000, and visit me, on Sunday the 8th from 2 to 5!

Today's property showings featuring special guest stars: drunken neighbors

My clients saw lots of nice stuff today in Valley Glen, Toluca Lake and Burbank.  The first home we saw, in Valley Glen, is a gorgeous 4+2 for $440k.  It will be on the mls Tuesday, and I won't print the address because my clients may want to buy it.  It's a flip, and I have seen the contractor's work before.  The second, at 6633 Murietta in Valley Glen, (above) is listed at $375,000 and is updated.  Unfortunately, it backs up to apartments, but the house has a lot to offer and the neighborhood is really charming.  Once you get off the major streets, there are lots of really, really nice -- yes, suburban -- residential pockets all throughout the SFV.  Trust me on this.

Maybe it was the beautiful weather that brought out the inebriated hillbillies when we went east.  We saw a townhome in Burbank/Toluca Lake.  The listing agent hadn't warned us about the obnoxious security alarm. Or the obnoxious drunk neighbor who accosted us about the alarm noise and repeatedly exclaimed, "Nancy doesn't know a thing about this!" Um, who is Nancy? 

But anyway, on to a sweet house on Chandler in Burbank.  Again, no address here because my clients are also considering making an offer on this one.

Next, we saw 316 Ontario in Burbank.  It features a teeny knotty-pine kitchen that's too small for a full-size refrigerator, and a place for a washer/dryer in the dining room.  The home was billed as having two guest rooms, which is accurate if you count a partitioned garage with gold pile carpet.  We were watched by two hillbillies from the porch across the street. (Would those be Bur-billies?)  One staggered towards us, but I locked up and we scampered back to the car before he could intercept us.

Our final interaction with drunks was at a gorgeous condo in an older building in west Burbank.  At least, it looks gorgeous in the pictures -- we couldn't tell much as the electricity is off.  We could tell that it is huge and that the kitchen has been totally redone. We could also tell that we didn't want to live there when we were button-holed by the final drunk neighbor of the day, who demanded to know what we were doing there, and if the condo board had approved us.  No, and I don't think they'd approve of you either, mister.

In spite of the "local color," it was a fun and productive day for my clients.

Watch Kobe and Pau from the ladies' room in Burbank

Girls, now you can drink all the $2.50 beers you want and still never miss a minute of the Lakers! The Office Bar and Grill in Burbank has something of a first: a high-def tv in the (nice and clean) ladies room. And it's turned to whatever game the big screens are featuring at the bar. Now, this is social progress.

Weekly stats for the areas that I serve

Here are 7-day statistics from the areas that I serve, courtesy of the mls:
New listings: 211
Pendings: 256
Price changes: 200
Back on market: 86
Expired: 51
Sold: 152

Hot Lava in Burbank! A salute to SFV architectural kitsch

(Cue B-52s "Hot Lava" song) I viewed this listing at 338 N. Griffith Park, Burbank earlier this week.  It has lots and lots of exterior and interior lava rock accents and is a wonderful example of whimsical San Fernando Valley architectural style.  The rocks have been used both outside in the wainscoting and inside at the fireplace.  I suspect the owners added these to this 1940’s home in the 1960’s after seeing "Hawaii" with Julie Andrews. Do you know anybody that loves bungalows decorated with volcanic rock? I know; me neither. But if you meet anybody, here’s the deal.  Although it is listed as a 3+2, it’s really a 2+2 (3^rd bedroom is now an open den); square feet: 1289, redone and expanded kitchen with tile, not granite; new green carpet, sports bar-style patio, and terrific mid-Burbank location.  The price is $509,905 which may be a tad rich, but what do I know?  Now, if you could only turn this house into a tiki bar…

L.A. Times and Case-Shiller say it's officially a double dip. Buyers, here's your chance.

This comes as no surprise to those of us "on the street," but housing price gains in the last year have been erased. Article link here.  L.A. has dropped 1%.  Not to be too rah-rah, but buyers, here's your chance to buy at low prices and low interest rates.

Another distinction for Burbank, Glendale and La Crescenta: we have some of the biggest tax scofflaws in the state

Here's an article from today's Burbank Leader, bestowing yet another distinction on our area: according to the California Franchise Tax Board, Burbank, Glendale and La Crescenta have an usually high amount of people/businesses "behind" on their state income taxes.

L.A. Times discovers the San Fernando Valley! Can L.A. Weekly be far behind?

Today's LA Times' travel section has a long article about attractions in the San Fernando Valley! Yay! Way to go, SFV! Click the title above or click here to read.  Long-time readers of this blog will note that Aroma Cafe and The Federal Bar, posted about here, are featured in the article.

It's not all swimming pools and movie stars in Shadow Hills

...But this is the place to move to if you want exotic pets but still want to be in L.A. city limits. Yes, this was taken at a property showing today.

Real estate stats for you

Here are 7-day real estate transaction statistics for the areas I serve. (Note: this is not all of L.A. County, or all of L.A. City either, but includes Burbank, Studio City, Toluca Lake, Glendale, Montrose, Pasadena, Hollywood Hills, Eagle Rock, Sunland, Sun Valley, Valley Village, Valley Glen, North Hollywood, Granada Hills, Sherman Oaks, and much of the San Fernando Valley. Whew.) Yes, it includes single family homes and condos/townhomes, and it includes short sales and REOs in those categories, too.
New on market: 521
Price change: 424
Back on Market: 230
Expired: 155
Pending and Backup Offer: 524
Sold: 313
These stats are courtesy of the MLS.

(Where the hell is) Sparr Heights, the land that time forgot

I know this post probably seems counter-intuitive since I usually work more to the west, but I previewed a really nice home (above) in Sparr Heights this week. You say you don’t know where that is? Why, it’s part of Montrose (which is the north side of Glendale [where it meets La Crescenta and La Canada]).  Not far from Descanso Gardens.  And the 2 Fwy.  And close to the best TJ Maxx in our area (in La Canada).

When I haven't been there for awhile, I am always instantly reminded of how nice the community is.  If you've never been there, here’s the dope: it’s a very pretty, residential area with an old-school, charming vibe.  The properties are unspoiled but well-maintained (mostly, anyway) single family character homes of about 1100 sf to 1800 sf, with old growth trees, old L.A. street lights (the area began to develop in the 20’s), no McMansions, no upzoning,  and good public schools.  Real estate prices start in the $500ks.  For you statisticians, here’s a link to the city-data.com entry, which also has a map.  The community is close to the Montrose shopping streets of Honolulu Avenue and Ocean View, which is also an area that chain stores and restaurants mostly forgot.  The shopping street probably has more mom-and-pop stores than any other area this side of Arizona, but it also has some really cool restaurants, including the newish and getting better-known-by-the-day Bashan. 

What’s the catch? It’s miles from anything except La Crescenta and La Canada (and the best TJ Maxx).  Americana at Brand isn’t really even close.  And you have to go over or around a mountain to even get to Pasadena.  That’s probably why it’s so unspoiled – nobody goes there that doesn’t already live there and the residents like it just the way it is.  And houses don’t go up for sale there very often.  Still, the neighborhood is definitely worth a field trip if you're considering a single family home in the price range.

Do you like my new picture?

Whadda you think of the new pic, right? Like most women, I enjoyed being glammed up for the photo shoot.  Yes, as you can see, I am wearing more makeup than most drag queens.

Why did the foreclosure we tried to buy sell for less? Courtesy of About.com

Normally, About.com's answers are a little generic for me.  Hey, you can't please all of the people all of the time. But here's a good one: Why foreclosures sell for less.  Thanks, author Elizabeth Weintraub; this answers are short, to the point, and TRUE.

I'm set up in the new Sherman Oaks office!

I'm all moved in at John Aaroe Group in Sherman Oaks. New direct line: 818-453-9120, but the voicemail is not set up yet.  Same email, same cell phone.

Who ya gonna call? GHOSTBUSTERS! or maybe not

We took this pic at the Laurel Canyon offramp of the 134 in Studio City.  I guess the engine got slimmed.

Housing Trends L.A. has some good news

It is no surprise to me that housing numbers for L.A. are up for March over February, because February SUCKED: The MLS®/CLAW™ reports median single-family home price up 10.6% in Mar-11 over Feb-11, sales climb to 684.

Mar-11 Quick Facts:

* The median price of existing single-family homes increased to $536,250 up 10.6% vs Feb-11.
* Existing single-family home sales increased 44.0% from Feb-11 for a Mar-11 total of 684 sold units.
* Condos increased in price to $427,550 up 5.5% vs Feb-11.
* Existing condo sales increased 53.5% in Mar-11 over Feb-11 for a total of 390 sold units.

I've joined a new real estate company!

Yesterday, I ended my eight-year long association with Dilbeck Realtors and joined Aaroe + Williamson, a division of John Aaroe Group.  My new office will be in Sherman Oaks, but I'll still be covering Burbank homes for sale, Studio City real estate, Toluca Lake, Toluca Terrace, Glendale, Hollywood Hills, North Hollywood, Valley Village, Valley Glen and Sherman Oaks real estate.  And of course, as needed, Pasadena, Eagle Rock, the West San Fernando Valley, Silverlake, downtown L.A., etc., etc.  I cover the waterfront for my clients.

It was difficult to leave Dilbeck Realtors.  I've been in that office for 8 years (10 if you count when it was Coldwell Banker) and the people there are like family to me.  I know that's cliche to say, but it's true.  I have been very comfortable there.  Too comfortable.  I am ready for new real estate challenges, a new outlook, and new clients, and the John Aaroe Group fits the bill. (Call me or email me offline if you want more details.) I'm thrilled to be with r.e. geniuses John Aaroe's and Michael Williamson's relatively new real estate company.

For those of you that are curious, yes, I investigated other brokerages (again, email me offline...), including Redfin. I think Redfin may indeed be the wave of the real estate future, but I was not ready to jettison my own online presence -- and that includes blogging for you, dear reader.  But I hope to become a "partner" agent for Redfin once my feet are on the ground at JAG.

I don't have a new phone number yet, but if you would like to contact me, please call me on my cell, email me or answer here.  And please wish me luck!

Great new LOL site! Lovely Listing by the folks who brought you Icanhascheezburger.com

From the folks who brought us Icanhascheezburger, here is: Lovely Listing - Odd Finds in Real Estate Listings. Yes, as you can guess from the pic above, these are, well, really interesting interior/exterior shots of houses for sale, captured from various multiple listing services.  Anybody can submit a pic, and anybody can caption one.  The caption here is: "Sometimes a man just wants to sit by the fire and think. And sometimes a man just wants to take a piss. And sometimes a man says “I just had the best idea… ” and dashes off to the plumbing supply store. ($50,000 and this 2-bed, 1-bath — I guess they’re not counting the living room — house in North Carolina is yours.)"  Personally, IMO, the big selling point is the debris on the floor.  I call this...SOLD!

Elderly and Facing Eviction...and other Sunday reading

The first part of today's Sunday reading has more of a senior citizen theme than a real estate theme. Warning: none of these articles will leave you feeling particularly cheerful. Sorry. The first article, from yesterday's L.A. Times and by Rosemary McClure, is titled Elderly and Facing Eviction.  The title above should link; if not, click here.  Here's a quote: "California's foreclosure crisis has severely impacted some of the most vulnerable tenants in our state — seniors who live in residential-care facilities,...These residents had no warning that they were about to lose their homes, and their families and caretakers were left in a panic to find immediate emergency housing."  My late father was in assisted living and then a board-and-care home as he became progressively more feeble, and I find this article really scary.  It's another example of the social wreckage that foreclosures can bring, and I've wondered how long it would be before the national media began reporting on this element.

The second piece is more senior-related than real-estate related, and is yesterday's Tim Rutten column from the L.A. Times. Its subheading is Ryan’s budget blueprint would push the aged into poverty. Quote:"The nonpartisan Congressional Budget Office has outlined what adoption of this proposal to supplant Medicare with vouchers and private insurance exchanges would mean. The overall cost of healthcare would go up, and retirees' out-of-pocket medical expenses would double — an increase that would push tens of millions of people living on fixed incomes over the financial brink." There was a lot of talk this past week about the new budget plan and its war on women; what about its war on seniors? When did we get like this?

And finally, you'll need to have a strong stomach for the proposed new mortgage rules.  Here's an LAT article from today's edition titled Changes in mortgage finance rules could hurt recovery.  Quote: "...the Center for Responsible Lending...argues that if adopted in its current form, the proposal would make it much tougher for modest-income and minority consumers to afford a first home." IMO, it wouldn't make it tougher, it would kill it.  Hopefully there will be some middle ground in the new regulations.

Houses I saw in Toluca Lake and Burbank this week

Okay, we're finished with the digression from the last post and are back to really discussing real estate. Whew. The first listing that I saw this week (pictured above) was 4445 Cartwright #104, Toluca Lake.  It is listed for $259,000.  This is a very nice, very big condo in a very old (1963) building.  Although the building is dated, it’s immaculate.  You can really see where the HOA monies are going.  The condo has been painted, carpeted and spiffed up too and is quite large for a one bedroom.  Downside: the patio “screens” are cinder block.  Why did any designers ever think this was a good idea?

The nicest house I saw this week is 508 Groton, Burbank 91504, listed for $609k.  Yes, the picture on the mls is that teeny; I don't know why. It’s very plain vanilla from the outside but has been completely redone inside, and is in an excellent neighborhood.  2 beds, 2 baths, 1494 sq. ft. on a 7400 sf. lot.  I hope there’s some room in that price.

423 N. Naomi, Burbank 91505 is typical of many Burbank homes in that it has had a lot of square footage added to the original house. Actually, it feels a little cobbled together. It has 3 beds, 2 baths, lots of gleaming wood floors and paneling, a den with built in day beds, etc.  I think it is listed for $539k.  I asked the open house host why there wasn’t a price on the flyer, and he said, “We never put prices on flyers anymore.  That way, we don’t have to change anything when the price goes down.”  Okay.

345 N. Sparks, Burbank 91506 is a 2+2 listed at $499k.  It’s the home of the fat kitty from the previous post (see picture and post below).  The front landscaping is gorgeous (although the mls description says “Greeting you with a zest of colorful landscaping…” – what did they do, grind a few lemons over the front yard?).  It has an added on den and needs a little spiffing up inside – paint, etc, but the kitchen is pretty big.  The driveway to the garage is really narrow.

521 Irving Drive, Burbank 91504, above, also has a terrific location and seems well-priced at $565k.  It’s a 3+2 with 1436 sf, and a 7400 sf lot and would need some updating, but for somebody with an eye for design and the talent to remodel it, it might work.  The Xmas lights can come down any time now.

Talk about real estate! The fattest cat on caravan, and maybe even in all of Burbank

In addition to being a Realtor, I’m also a crazy cat lady. (My husband and I own only four cats.  We’re “holding” at four.  It is hard.)  During yesterday’s Burbank broker caravan, I met the fattest cat I've ever seen.  That’s him, above, in all his glory.  He could be a she (I didn’t ask), lives on Sparks Ave. and must weigh at least 35 lbs.  If he was any bigger, his parents would need to pay L.A. County property taxes on him.  He was a very sweet, friendly open house host.  This is good, because it’s not like he could have hidden anywhere. His/her belly drags on the ground, and needs to lose 20 lbs, at least, to be healthy.  Either that, or this kitty needs to be carried everywhere.  This amount of excess weight is as bad for cats as it is for people.  I’m sure this kitty’s parents know this.  Yes, I’ll have more about the houses I saw in another post, but couldn't resist letting you know about this wonder.

From Core Logic: House prices decline, BUT r.e. prices showing signs of stability

This is from our friends at Calculated Risk.  Yes, it's national, not local figures, but please read the whole thing.  It indicates that home prices may be stabilizing. Link: http://www.calculatedriskblog.com/2011/04/corelogic-house-prices-declined-27-in.html

A new short sale plan from BofA? Wha? Gah!

Apparently BofA, our all-time-favorite-lender-not, is rolling out a new short sale program.  It's called the coop program, and it calls for approval of a particular short sale before offers are received.  I learned about this from a listing agent when I called to inquire about the status of my buyer's short sale offer.

In the short term, this will delay the sales of these kinds of distressed properties.  In the long term, it will be good, however, as potential home buyers won't have to waste their time on properties that are not approved.

And not all short sales do get approved, or get approved at market price.  I just had a (different) short sale deal die because the bank would not approve the appraised price and wanted more money.  My buyers, and the seller too, have been waiting on the approval SINCE EARLY DECEMBER. The bank was Bank of Evil Empire Bank of America, naturally.  I hope to blog more about this particular transaction in the future.

IMO, the L.A. Times is back! At least the biz section, anyway

Many of us were dismayed when the L.A. Times began to cut back on its editorial staff and pages a few years ago.  Personally, I missed the separate LAT real estate section and the L.A. Land blog, especially when the editor was the outstanding Peter Viles.  I turned to Calculated Risk and Gretchen Morgenson of the New York Times for my real estate and business news. Caveat: while I don’t have a really sophisticated understanding of all things finance, I do try to keep up with the news, especially about banking, lending and real estate.

But regular business columnists David Lazarus and Michael Hiltzik have changed my mind about the quality of the L.A. Times’ business reporting.  Both are outstanding writers and produce business news columns that are informative, topical and easy to follow for us regular folks.  I’ll never give up reading NYT’s Gretchen, and this isn't a smackdown, but Lazarus and Hiltzik make reading the L.A. Times biz section an educational pleasure once again.

All your real estate good news/bad news reading in one convenient post!

If you regularly read the L.A. Times or any other major news source, you know that there's conflicting news out there about the economy and real estate.  Here are the latest links from the last week:

First, from Fortune Magazine: It's time to buy a house again.

http://finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/  

I'd love for this to be correct.  One thing though: we never had a lot of new homes here in the center metro area of L.A., unless you count condos.  And a lot of those new condos still haven't sold.

Next, from Rob Hahn via AOL, a rebuttal to the above article: Is it really time?

http://realestate.aol.com/blog/2011/03/29/its-a-great-time-to-buy-a-house-really/

Rob slices and dices the stats used in the Fortune Article and comes up with a different take.

Then, from yesterday's L.A. Times: Banks may be forced into agreeing to short sales.

http://www.latimes.com/business/realestate/la-fi-foreclosure-short-sales-20110330,0,732448.story

I read this with delight, until I got about half-way through the article.  Then, it said that banks can still refuse the short sale if they don't like the sales price.  So, what's the point?

And finally, from A. Lazo in today's L.A. Times: There really is a shadow inventory, and it's depressing prices.http://latimesblogs.latimes.com/money_co/2011/03/unlisted-shadow-supply-of-18-million-homes-looms-over-housing-market.html

I don't want to argue with the statistics experts -- Core Logic in this case -- but it bears repeating that no one set of statistics can be applied to hyper-local real estate markets.

What's your take on our market, dear reader?

I heart New York

We just returned from a biz (my husband's) and pleasure trip to the Big Apple.  I always love visiting there.  On this trip, we stayed at a friend's apartment in the Financial District, just one block away from Wall Street.  The neighborhood was bustling, eateries and bars were busy, etc.  Mind you, this is just my own myopic observation, but all the men and women I saw coming and going from the financial institutions that run this country seemed to have pep in their steps, a smile on their lips and a song in their hearts.  The crowds certainly didn't reflect the economic realities in the rest of the country.  Perhaps there really is a disconnect between Wall Street and Main Street.

But anyway, of course I scanned Manhattan real estate prices.  (That's me, above. [Cameras can correct for red eyes. Why can't they correct for big butts too?]) It is possible to buy a studio in a decent neighborhood for $400k.  The prices seemed to go to $700k for one bedrooms, and of course seven figures is common as well.  Brooklyn seems to be about as expensive as Manhattan.  Space is at a premium, so if you're contemplating a move, you'll need to get rid of a lot of your stuff.  Needless to say, you won't need a car, but subway rides are $2.20 each way, so you won't save a lot of money by not driving. 

Would I live there if I could afford it? Hmmm....

Not to brag, but...

Dilbeck Real Living held its annual awards ceremony last week.  Yours truly placed #3 in our Burbank office, right behind our two commercial producers.  I also won the Award of Achievement (for a certain dollar level of "production"), a Winners Circle award (for a sustained level of production over five years) and a Premier Service Award, which is based on a high level of customer satisfaction as reflected in customer surveys.  I'm thrilled.  Sadly, Dilbeck does not award a best/worst blogger award at this time.

Cute short sale for aviation buffs

(Disclosure: my client made an offer on this property. So have about a dozen other buyers. Currently, no more offers are being accepted. No, we don't know yet if our offer prevailed.) This cutie is 11558 Cantlay in North Hollywood. It's a 3+2, 1545 sf. short sale for $249,000. It's as nice inside as it is outside -- yes, hipsters, the style IS a little suburban. But...it has a spacious galley kitchen with new Corian counter tops and lots of storage, all the windows are new, new paint inside and outside, decent bedrooms, well maintained, attached two-car garage, nice backyard and side yard, etc. etc.

All around, this is a very nice home. If you like planes. It's just north of the Bob Hope airport. I mean just about 1000 feet from the runway. A plane landed while we viewed the home and I could count its rivets.

In spite of the location, this home sold for $507,000 at the height of the market.

Foreclosures and REOs - there is a differnce.

I'm often asked by potential property buyers if I will help them find a foreclosure. My buyer clients often think that these properties are offered for prices below market, and perhaps need just a little fixing to make them habitable. Umm, that's not quite correct.

First, there are two delicious flavors of foreclosure: plain foreclosure and REO. The differences bear repeating. A foreclosure property has not had its mortgage or other obligations paid in several months, and the lending institution is in the process of taking the home back from the owner. There are several stages to this; and the foreclosure can be "cured" at any of these stages. If the default is not cured by a certain date, the house usually goes to a trustee sale, which is often held on county courthouse steps. Very important to know: these homes are not on the multiple listing service, but you can find them on paid sites like ForeclosureRadar.com. Anybody can go and bid on a house at a trustee sale, but potential buyers will have to exceed the amounts owed to the lender on the property.

An REO stands for "real estate owned" -- by the lending institution that held the defaulted mortgage. This designation comes at the trustee sale when nobody has outbid the bank (frequently, nobody does). The lending institution now owns the property. The lending institution will eventually place the now-vacant home with a Realtor, and it will be available on the multiple listing service. And here's more bad news: once it goes on the multiple listing service, it usually goes out at market prices as well. There aren't usually deep discounts.

Yes, there are other details, and sometimes homes go for auction. (See auction.com post below.) But these are the main differences.

We test-drive a new North Hollywood gastropub

As an occasional public service of this blog, we go out and research neighborhood hot spots so you won’t have to. Last night we visited the new-ish Federal Bar on Lankershim in North Hollywood, and we can confidently report that it is safe for you to visit, too.  This sort-of gastropub is a really welcome addition to the NoHo arts area and is just across from the train station.

Federal Bar has been elegantly carved out of an old brick bank building by the same folks who brought you the Knitting Factory.  It has a quasi-Prohibition theme and it’s slightly more upscale than your average gastropub hang.  There are two main rooms, each with its own long bar, plus an upstairs party room with its own bar and a stage.  The place was pleasantly busy when we got there at 5:00 – hey, we’re old – but the restaurant and bars were packed when we left at 6:30.  And if you’re single, or like beer, by all means just go for the lively bar scene.

The wait staff is stellar.  Our lovely server, Ashley (pictured above; she should be America’s Next Top Model) could not have been more enthusiastic or knowledgeable about the menu and the drinks.  She truly seemed to be on a mission to make sure we enjoyed ourselves.  And gracious manager Carl gave us a complete tour of both upstairs and downstairs.

The plan was for the three of us to have a drink and an appetizer.  One finely-made cocktail turned into, uh, more, with beer chasers all around – there are over 20 beers on tap.  And the appetizers turned into meals.  The menu features several reasonably priced small plates, burgers and entrees. Since we ordered a lot, our final bill wasn’t particularly small. The food was good and I especially liked my friend’s fish and chips.  My husband enjoyed his burger, too. 

The North Hollywood renaissance continues…

Do-It-Yourself-ers, HGtv wants you!

Ronica Harris, the casting producer of HGtv's "Professional Grade," is looking for do-it-yourself-ers in the San Fernando Valley who are about to begin a home remodeling project.   It could be a kitchen, a bathroom, or maybe a master bedroom suite.  The producers are not limiting the renovation to those rooms in particular; they're looking for people with personality (naturally).

Here's the notice that Ms. Harris sent me: HGTV’s hit new renovation show “Professional Grade” is back for a 3rd season.  In the show, homeowners go toe to toe with the professionals for a chance of having their home renovation paid for by HGTV.  Our last BIG winner from last season took home $40,000. Homeowners act as their own “GC’s” and when the renovation is done, our experts price out the job based on the quality.  If their estimate is higher than what our homeowners spent, the homeowners pocket the cash difference. 

If you are interested, or know somebody who is (I've already contacted two sets of clients), please call Ronica at 303.872.8708 or contact her by email at Rharris@highnoontv.com. For an application, click on:  www.highnoonentertainment.com/casting_apply_new.php?application_id=3.  Good luck! Please let me know if you are selected!

921 N. Frederic, Burbank

I just saw 921 N. Frederic on Burbank's weekly caravan and I am impressed.  This 1104 sf 3+2 is listed for $549,000 and has been remodeled with a nice new kitchen, parquet and bamboo floors, new windows, redone bathrooms, etc., etc.  It feels much bigger than the 1104 sf to me.  It also has a bigger-than-usual grassy backyard and a good Magnolia Park location.  I recently sold a home on Frederic about a block away for $620k that was larger.  Query: there are lots of kids on this stretch of Frederic.  Is that a good thing or a bad thing?

I also viewed 1505 N. Pass in Burbank. It's also noteworthy.  It's a 3+2 and is a flip.  The kitchen is really spacious.  The only downside: there's no landscaping in the backyard.  It is listed for $495,000.  Last year, I sold a house just down the street for $485k which was a 3+1 and nowhere nearly as upgraded, so this seems like a fair price to me.

Those are today's standouts.  Tomorrow I'll be on caravan in Toluca Lake and Studio City.

Here's your chance to learn about property auctions

Our friend Ashley at Auction.com just emailed me about an upcoming property auction that should be lots of fun (this is not to be confused with Trustees' sales that take place at courthouses).  Here are the details:

Sunday, March 27 is our Southern California residential auction at the Riverside Convention Center. We host a pre-auction event called “#coffeeandtweets” from 8-9a where attendees can enjoy a complimentary light breakfast and coffee, meet the auctioneer and bidding assistants, learn more about the real estate auction process and hopefully join us on the social networks. We are encouraging brokers to attend the event and bring their clients as part of our broker co-op program.


Ashley also tells me that there's an auction at the L.A. Convention center on March 26.

More event details can be found on Facebook:
http://www.facebook.com/event.php?eid=158718024183107

Kendyl rocks multiple offers

My friend and top producing colleague, Kendyl Young, wrote a great blog post last week about how to deal with multiple offer situations.  It was so succint that I asked and received her permission to re-post it here (the italics are mine):

Last week I told you about a hot Glendale Home on Ridge. It was 3 bedrooms, 2 baths and had a pool with a lovely view. My friend, Anne, listed it for $499,000. She had multiple offers. The home is now in pending status and I thought a few details of what happened could help those of you who are active buyers.


First of all, Anne set a low price on purpose. This home was sold as a trust and the attorney wanted an auction-like scenario. Frankly, she could have created that with a price of $599,000- but $499,000 worked.

She received 40 offers.


Now, Anne is a true professional and she is not about to tell me what price was accepted, but she indicated that it was “high”.

There are some useful insights to be learned, here.

* With proper marketing and exposure, it is impossible to underprice a home


* There are a lot of buyers who have the ability to buy- don’t assume you are the only one.


* If you think it is a great deal everyone else does, too.


* Processing 40 offers is an insane amount of work. Make an offer designed to appeal to the listing agent as much as the seller.


* Know home values in the area you want to buy. Your offer should reflect exactly what you think the home is worth and not a reaction to the list price. (I would add that a low offer probably won't work and may not even get you to the counter-offer stage.  Brutal, but true. - Judy)

So here is a question for you. If the home of your dreams has 40 offers- what would you do? Make an offer or walk away? Would the number of offers influence your feeling about that home’s value?

Another free event from Burbank Green Alliance

Our friends at Burbank Green Alliance are hosting another free film premiere. The film's title is The Economics of Happiness.  Here are the details:

Date: March 31st
Time: 7-10pm (7pm booths, 7:30pm screening)
Location: Fletcher Jones Auditorium, Woodbury University 7500 N. Glenoaks Blvd. Burbank, CA 91504

Reservations: $10 suggested donation (no-one turned away.) Donate online at www.burbankgreenalliance.org/events.html or email info@burbankgreenalliance.org

Event Details: The evening is dedicated to sustainable communities and a better quality of life. There will also be booths and a panel of speakers dedicated to economic localization


"Economics of Happiness" finds local solutions to global problems. It shows that countless initiatives are united around a common cause: rebuilding more democratic, human scale, ecological and local economies – the foundation of an ‘economics of happiness’.

Discussion to Follow:
· "Complementary Currencies & The Woergl Experiment" w/ Hollis Doherty
(Screenwriter, The Miracle in Woergl)
· "New Economics & Responsible Investing" w/ Gregory Wendt, CFP
(V.P. Sustainable and Responsible Investing EP Wealth Advisors, Inc. & Green Business Networking)
· "Food Localization & Sustainable Communities" w/ Deborah Eden Tull
(Sustainability Coach & Author, The Natural Kitchen: Your Guide to the Sustainable Food Revolution)
· "Echo Park Time Bank" w/ Autumn Rooney (Co-Founder, Director)

OMG, cheapest condo EVER in Burbank

Pigs are flying.  I'm looking for a hat to eat.  And Burbank has its lowest-priced listing that I ever remember.  And it's not even a dump!  355 Maple, #114 in the Entourage development just listed at $99,000.  It's a 480 sf. studio and the building has lots of amenities.  It's close to the studios, too. Is it priced according to comparables or is it an auction price? I vote auction.  A similar unit there sold for twice this just last fall.  And in November, my buyers closed on a one-bedroom condo on Bethany which was the cheapest thing to list on the market in over a decade and it was $180,000.  And prices haven't dropped 50% in four months.  So yes, I do think it will go out much higher...still...stay tuned!

Japan

Our thoughts and prayers go to the people of Japan in the aftermath of their terrible earthquake and tsunami.

L.A. Times "message" from C.A.R. re short sales

I was surprised and pleased to find a full-page "message" from the California Association of Realtors in the first section of today's (3/10) L.A. Times.  (Since it's a paid announcement, there is no link.) It is an impassioned plea to streamline and speed up the short sale process.

'Bout time.  CAR claims to have advocated for improvements to short sale guidelines with major banks, U.S. Treasury officials, government-sponsored entities and others to standardize the process, comply with federal guidelines, increase staffing, etc.

CAR is also "calling on regulators, elected officials, nonprofits, business organizations, companies, and individuals ...to resolve this issue and others that get in the way of a recovery."

Here in So. Cal., you know that short sales can be up to 50% of a particular local market.  I also believe short sales -- or the way they are NOT conducted by the banks -- are partially responsible for the current market slowdown in many areas.  They are a large part of the market inventory, and nobody wants to go through the long, agonizing process of trying to buy one. (Seriously, I'd take 10 court confirmation-required probate sales over one short sale.) Hopefully, the C.A.R. message will be heard by our major mortgage servicers.

5233 Strohm, Toluca Terrace - not in multiple listing service yet

5233 Strohm in Toluca Terrace is an absolutely adorable 905 sq. ft. cottage with 2 bedrooms and 1-1/2 baths.  It features lots of character details, hardwood floors, a/c, a big back yard, above-ground pool, white picket fence and much, much more.  I can attest to its adorableness as I've been a guest in the house many times (although it's not my listing).  It will be in the multiple listing service at the end of the week, but is available for viewing now, and will be listed for $439,000.  If you're looking for this neighborhood and a home in great condition, this is an excellent deal.

Sellers, please be aware: First time buyers are picky, picky, picky

Thank you, L.A. Times, for running this story about picky buyers. (Title should link, too.) Now maybe you'll believe me.  I experience home buyer pickiness all the time -- buyers are much more educated than in years past and are much more savvy about finishes, appliances, construction, cabinets, etc.  We can thank our favorite channel, HGtv, for this.  Plus, many buyers are completely financially stretched after purchasing and don't have the time or money for fix-ups.  So if you're thinking about selling your home, spending a little money on fixes and repairs -- and especially, thorough decluttering and cleaning -- can go a long way.  If you can't afford to make any fixes, consider making the price reflective of the current condition by, yes, lowering it.  If you're considering selling your Studio City, Burbank or San Fernando Valley home, please call me and I'll consult with you about the easiest, cheapest ways to maximize the look and condition of your home.

What's my house worth? New feature!

What's your house worth? Click on the brand-new link to the right to get an idea of your home's value.  (Or click on the title above.)Whether your home is in Studio City, Burbank, or Charlotte, this new feature should work for you.  I gave it a test run with my own home and it looks...okay.  This feature is brought to us by Realist, the tax-assessor mapping service.

6212 Auckland, North Hollywood closed yesterday

6212 Auckland in North Hollywood closed yesterday.  I represented the buyers and it was a very smooth transaction.  This house had been flipped by a group of professional flippers who were really great to deal with.  Seriously!  And of course, the stalwart Dana Dukelow at Prospect Mortgage was wonderful, as always.

Here's what was different about this transaction.  For the first time ever, I never once spoke to the listing agent.  I only talked with his staff.  And again for the first time ever, I never once spoke with the escrow officer either, although she did leave me a voicemail when the transaction closed.  Why? In the harsh economic climate, we're seeing many companies consolidate (if they remain in business at all).  These companies need to do a high volume of business to survive.  And alas, a high volume business and high-touch customer service don't usually go together.  I predict that we will see more consolidation in the industry, however.

Burbank Airport is funding noise-abatement program, but maybe not for long

The Burbank Airport and the FAA teamed up several years ago to offer a noise abatement program to local homeowners.  If a home was subject to a certain decibel level of over-fly airline noise, the program provided and installed a/c, double-paned windows, double doors, insulation, etc.  Not bad, eh?  Many people took advantage of this.  The program ran out of money for awhile but is now funded again.

Now, though, the program funds may be on the federal chopping block.  Airport officials are encouraging eligible homeowners in the Burbank/North Hollywood/Sunland areas to apply now rather than wait.  Burbank Leader has a great article about this today and the title above should link to it.  This is an excellent program and eligible homeowners should get it while its hot!

LATimes: Housing prices edge towards double dip

I know I'm not supposed to report news like this, but today's L.A. Times has an article entitled Housing Prices Edge Towards Double Dip (the title above should link to the article).  I don't dispute the stats, nor do I want to gloss them over, but here are some things to consider:

• These are national stats.  All real estate is local, and some of our neighborhoods are seeing price rises.
• Studio City, Burbank, Toluca Lake and Sherman Oaks, et al do not have the same amount of foreclosures that other neighborhoods have, and foreclosures skew the stats lower as they make their way through the trustee sale process. Even short sales and foreclosures, when they eventually sell on the retail market, sell at market prices.
• This is good news for buyers as long as interest rates stay relatively low.
• If they purchased a home before 2003 (and didn't pull money out in HELOCs), most local sellers still have a lot of equity over their purchase price.
• Sellers with nice homes in nice neighborhoods at market prices are still seeing quick sales.

Dogs in restaurants in Burbank?

I saw a terrier mix in Burbank's Lancer's Restaurant this a.m.  I don't think it was a service dog.  Is this a start of a new and welcome trend in Burbank not-so-fine dining?  Or has Lancer's broken the time/space continuum and is that part of the restaurant really in France?

Lots of "flips" in the San Fernando Valley - what you need to know

If you're a local San Fernando Valley home buyer, you've no doubt noticed a lot of "flipped" properties for sale lately. (A flip is a property that somebody bought cheaply, fixed up and is now selling for a profit.) Buying an already-fixed up home can be a great choice, especially if you don't have the time, money or talent to do any fixing up yourself.  Trust me, remodeling is nowhere near as fast or easy as it looks on HGtv.

However, here are some things to be aware of, if you'd like to purchase a flipped home. First, not all lenders will fund a loan on a flipped purchase.  Second, loan approval may take a little while longer than normal.  Underwriters usually scrutinize the chain of title, especially if the house was previously a foreclosure.  And lenders will also want to see proof of the cost of the upgrades over the previous purchase price.  Third, the flipped properties still have to appraise to market value and can't be priced considerably over similar recent neighborhood sales (this is good news for buyers).  Finally, even if the house looks great, get a professional inspection.  As an old colleague of mine used to say, "A coat of paint can hide a world of sin." You'll want to know that corners weren't cut on home systems that you can't readily see, like plumbing, foundation or HVAC.  Along those lines, professional contractor-flippers usually do better with repairs and upgrades than individuals.  Happy hunting.

BofA has figured out a new way to torture short sale buyers

Honestly, Bank of America must have a department of weasels who stay up all night figuring out new ways to stab clients and potential buyers in the back.  Here's the latest from a short sale I'm involved with in Toluca Lake (I represent the potential buyer, who wants to pay all cash): BofA will no longer take equities (stock funds, etc.) as proof of funds to complete your purchase.  So now, if you send, say, your Morgan Stanley monthly statement with your offer to show you have the money to complete the short sale transaction, that won't be good enough.  BofA wants you to liquidate those funds and put them in a cash account, even though they haven't approved the transaction yet.  Or else, you can come up with a pre-approval letter from a lender stating that you have liquid funds to close. No word on whether they want you to liquidate your 401K in advance of approval.  What next from Darth Vader BofA?

Proof of Toluca Lake Don Cuco's hip cred: Destin and Rachel eat there!

Spotted tonight at the Toluca Lake Don Cuco's: Destin Pfaff and Rachel Federoff from Bravo TV's Millionaire Matchmaker.  This should prove for all time that Don Cuco's restaurant is an extremely cool place. No, there was no sign of Patti Stanger.

Quick sales and multiple offers again in Studio City and Burbank

Sales activity appears to be picking up locally, especially in Studio City, Burbank and Hollywood Hills.  It's the time of year for sales to pick up, and inventory is still low.  4222 Rhodes (pictured above), a short sale for $749k in Studio City, sold over the weekend (well, sorta, if it's a short sale, but that's another story). 2637 N. Lamer in Burbank sold over the weekend as well.  1335 N. Ontario in Burbank for $529k just listed, and has two offers on it already.  And I'm told that several properties that just listed in the Hollywood Hills have multiple offers.

Patrick Duffy at Housing Chronicles weighs in on Fannie and Freddie

I asked my friend Patrick Duffy, of Housing Chronicles, to weigh in on the possible disappearance of Fannie/Freddie, and here's what he wrote:

I think it's mostly about political posturing; Obama is trying to address it before Boehner and Co. can claim he has no plans to end it.

At the moment, there's simply no private market for residential mortgages, so unless the gov't wants to tank the housing market they'll have to at the very least test the waters very slowly.

Lou Barnes addressed this issue in his latest column (Inman News).

Regards,

Patrick S. Duffy

Principal

MetroIntelligence Real Estate Advisors

Contributing Editor, Builder & Developer

Author, The Housing Chronicles Blog

pduffy@metrointel.com

Phone: 818-584-1848

Toll-Free Phone & Fax: 888-82-DEVELOP (888-823-3835)

Mobile Phone: 310-666-8288

www.metrointel.com

www.housingchronicles.com

Thanks, Patrick!

Fannie Mae and Freddie Mac: hasta la vista, baby!

Fannie Mae and Freddie Mac have provided mortgage "liquidity" for the past few decades. While they are not government programs, they are government-sponsoredprograms, and had to be bailed out by the tax payers when the housing crunch hit.

Now, there are plans to eliminate or reduce Fannie and Freddie over the next few years. There are also plans for the government to get out of the mortgage-guarantee biz entirely, except in times of a financial crisis. (Which I don't get; how would that be different than what we have now? But I'm not an economist.) See G. Morgenson's NY Times article here; Calculatedrisk.blogspot.com also has a good analysis.

Here's my take on how this will affect housing markets (hint: not good). Disclaimer: I'm not an economist, and could likely be very wrong. But every analysis I've read says that it will be harder to buy a home. So here goes with my personal analysis:
Winners/losers:
1. Taxpayers/taxpayers. Taxpayers may no longer be on the hook for bailing out Fannie and Freddie. But many taxpayers will no longer be able to buy a home and hence take advantage of the mortgage interest deduction.
2. Banks/banks. This will definitely put more power over the housing market into the hands of the banks. Banks will have to deal with less government interference. And they still may have a back-stop during financial crises. However, fewer people will be able to afford homes and after all, the banks don't make money unless buyers borrow money.
3. Landlords and landlords Less home sales mean more home renters, which is good for landlords. However, it will be harder to sell rental properties.
Now, for the losers/losers:
4. Home buyers, home sellers and Realtors: If you're a home buyer, you'll need a bigger down payment. If you're a home seller, fewer able buyers may translate to lower prices. And if you're a Realtor (hey, I can add some self-interest here) you'll be looking at less transactions all the way around.
If you think I'm wrong (and I hope I am), I'd love to know your opinion and your reasons.

Help for those facing foreclosure. Or not.

Here is an article from today's L.A. Times with the following headline: "California plans $2 Billion program to help distressed homeowners." And here are details and quotes from the article:

"The Keep Your Home California program, which uses federal funds reserved for the 2008 rescue of the financial system, has the potential to make a sizable dent in California's foreclosure crisis and help the general housing market. State officials hope to fend off foreclosure for about 95,000 borrowers and provide moving assistance to about 6,500 people who do lose their homes." Sounds great, right? But wait. Apparently the banks aren't rushing to get on board. "Out of the five major mortgage servicers — Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Ally Financial and Citigroup Inc." only Ally Financial is on board.

And free-market proponents won't like this: "By keeping some cheap foreclosed properties from reaching the market, the program could give a boost to home values in general."

More details: "The biggest of the plan's four parts allocates $875 million as temporary financial help to people who have seen their paychecks cut or have lost their jobs, providing as much as $3,000 a month for six months to cover home payments and associated costs. The second-largest chunk of money, $790 million, is slated for a principal reduction program that would write down the value of an estimated 25,135 underwater mortgages.

Another piece would use $129 million to provide as much as $15,000 apiece to help homeowners get current on their mortgages, and another would take $32 million to provide moving assistance for people who can't afford to remain in their homes."

To qualify in L.A. County, a family could not earn more than $75,000 annually. Yes, that's a lot. I predict that, just as they are not doing now, the banks just won't get on board. And foreclosure help will continue to elude many homeowners.

News on Burbank lofts too!

And if the news that Americana at Brand in Glendale is almost sold out didn't rock your world, brace yourself: the Burbank Collection is almost sold out too! Only 13 units are left for sale in downtown Burbank's new loft building, and they're going at close-out prices.

Glendale lofts - an idea who's time has come, apparently

Rick Caruso was right all along, and we were wrong. Americana at Brand only has twelve residential units left for sale! Thanks, Phyllis Harb, for blogging about this. But don't worry. Even if you've been procrastinating about buying a Glendale loft, you'll still have an opportunity when the Circuit City project opens in 2012. Read all about it here, courtesy of our friends at Curbed L.A. The artist's rendering above is via Tropico Station.

Dilbeck Realtors is now part of the Real Living network of real estate companies

My company, Dilbeck Real Estate, is now Dilbeck Real Estate Real Living. The Real Living association has provided us with a pretty spectacular suite of on-line tools, and soon I'll be able to direct you to a super new mls search site. It's quick, easy, and you'll get more info on properties than you do on the regular public mls search. The site administrators are still de-bugging, so I hope to have this available to client-searchers next week.

Breaking Bad in Noho: my non-experience with a home's meth contamination

My buyer clients are in escrow on a property just outside of Burbank in North Hollywood. It's a flip (address to be revealed later). Through the grapevine, we heard that the former residents were either on drugs, were drug dealers, or something like that. Naturally, we became concerned as we've all been scared by the very real possibility of methamphetamine contamination on a property. Meth contamination is actually even an optional disclosure on the Natural Hazard Disclosure that every California buyer must receive. The sellers had never lived there, had bought it at auction, and knew nothing. I had not experienced the need for this test before, either.

So I went to the internet, fountain of all wisdom, to find meth testing labs here in So. Cal. Easy, right? Cal is a consumer-friendly state and we have inspectors for everything, right? And drugs have been done just about everywhere here, right? But no. Surprisingly, an inspector was hard to find. I had to really drill down on Google to get any info. (Although meth inspectors are easy to find in Utah, of all places, if you're in escrow there.)

But I finally found somebody, and here's where I give a shout-out to a vendor who gave me good info for free. The guy is Steve at affordableinspections.biz and he spent quite awhile on the phone with me. He explained about the different levels of contamination, what his services cost ($400), what to look for, etc. While he didn't discourage my buyer from using his services, he eased my troubled mind when I gave him details about the condition of the house. In the meantime, we learned that the former residents maybe were just weirdos and not addicts/dealers after all. So my buyer decided not to have the test and go forward with the sale.

So thanks, Steve, and may I never need to use your services.

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From Time housing still has a ways to go

This article about the housing market will be appearing in Time Magazine tomorrow. While I can't/don't argue with such esteemed economists, I can say this: all housing markets are local. While I don't see price rises on the horizon, it's hard for me to believe that home prices in more "middle class" areas like Studio City and Burbank are still set to drop by double digits. If that is so, why haven't they gone down further already?

We're Not Home Yet
By Rana Foroohar

At a bargain-basement auction of foreclosed homes held on Jan. 29 in a New York City Sheraton hotel, one of the music tracks that played as bidders prepared to pounce on distressed properties was James Brown's "Living in America." It was either a major planning blunder or a brilliant thematic choice. Either way, the song's lyrics ("everybody's working overtime ...") were a strangely fitting sound track to a new American reality: while corporate profits rise and economic growth returns, the housing market is only getting worse.

The latest figures from the Case-Shiller home-price index, showing a fifth straight month of price decreases — including major drops in cities such as Boston, Washington, Las Vegas and Dallas — have economists worried that we may be headed for a double dip in the housing market this year, which could restrain the economic growth we're finally starting to see. And 2011 was supposed to be the year housing recovered; now, analysts are betting on anything from a 5% to 20% price decline.

A rising number of foreclosures, tied to persistently high unemployment, is smothering housing's rebound. According to the Mortgage Bankers Association, there are already 4.5 million homes in some stage of foreclosure. Some experts believe an additional 1.5 million may be added to the pile this year. With that kind of distressed inventory on the market, it could take four to five years for prices to come back up, according to Capital Economics senior U.S. economist Paul Dales.

What's particularly troubling is that data suggests a good number of those properties belong to lower-income, higher-risk borrowers who had already gotten a break on their mortgage payments via federal programs designed to reduce defaults. November data (the latest available) on these so-called modified loans showed that 45% of them had been canceled, meaning that the borrowers very likely redefaulted, even after the payments had been adjusted.

This is yet another example of the bifurcated nature of America's economic "recovery." The Fed can keep interest rates low to encourage lending, and the government can dole out tax breaks to encourage spending, but as Dales points out, "If you don't have a job, you aren't going to be able to pay your mortgage." Indeed, the biggest factor in mortgage defaults is unemployment — and as we all know by now, the unemployment rate is still unnaturally high for this point in a recovery, especially among vulnerable groups like minorities and those without college degrees.

Unfortunately, the trouble in the mortgage market contributes to the trouble with job creation. "Lower home prices don't help jobs, because they constrain consumer spending," notes Yale economist and housing expert Robert Shiller. Job growth is tied to spending, because without more expected sales, companies won't hire. But people whose homes are decreasing in value won't spend; it's the wealth effect in reverse. So the poor housing market is holding back everything. Shiller, who just returned from the World Economic Forum in Davos, Switzerland, believes that the world leaders and policymakers who were there "don't really realize the extent of the suffering that's occurring. They are too insulated. But it's a vicious cycle that can make people feel worthless."

Don't get too comfortable if you live in an area that hasn't suffered big price cuts, because the problem could spread in the coming months. The latest numbers indicate that the lower end of the housing market is seeing the sharpest declines. But those declines could well drag down the value of higher-priced properties. Given that U.S. households still keep about a quarter of their wealth in property, the implications for consumer spending are sobering. "More than keeping interest rates low, the best thing that Washington could do for the housing market is to try and create some jobs — quickly," says Dales.

In lieu of that, policymakers might also get more creative about how mortgages are structured. In his 2008 book, The Subprime Solution, Shiller suggested a drastic fix to the current problem — a continuously changing mortgage balance that would be reset periodically based on both home prices and unemployment. Thus, mortgages would reflect ongoing economic reality, and banks would have to keep lending. Meanwhile, to help banks cope with the risk involved, a market would be created to let them trade home-price futures, rather than splicing and dicing baskets of high-risk mortgages and then passing the risk on to investors. (A small market of this kind already exists at the Chicago Mercantile Exchange.) "We need to be creative. It's all about democratizing finance and bringing more of the benefits of it to individual consumers," says Shiller. These and other housing-market reform ideas were deemed too radical when the crisis began. As it is now, they might not be radical enough.

— With reporting by Mackenzie Schmidt / New York

Yes! Pizza boxes are recyclable in Burbank, Glendale and Los Angeles

Your pizza boxes are indeed recyclable in Burbank and Glendale, as long as the greasy parts and food remnants are removed. I know what you're thinking: I can sleep again at night now! I can enjoy the Superbowl and still be green! Thanks to the Los Angeles Times for this info; it applies to L.A. as well.

If you're wondering about the best pizza in Burbank, my vote goes to either Dino's or Tony's Bella Vista. You can check my site's Best of Burbank page for other completely subjective picks for local restaurants and merchants.