Judy Graff

Yesterday's showing of a Burbank hill estate was going very well until we came upon this visitor (see it's photo at http://sfvrealestate.blogspot.com). I don't know what kind of snake it was, but it was about six feet long. Our reaction: first, we freaked out. Then we all pulled out our cell phone cameras and began snapping away. As the snake began to move closer to the house, listing agent Vangelis Korasidis offered him/her another property to view -- the inside of a green-waste bin. It was nice and shady in there, and obviously offered the true ambiance the reptile was looking for in a home. The snake went right in. The stalwart Trent of Jennings Termite showed up to escort the snake off the premises, and in all the commotion, the snake decided it didn't really appreciate the neighborhood character. It charged into the hillside bushes and wasn't seen again, which is probably a good thing as it did NOT appear to be a serious buyer.

I'll be listing a 4 bedroom, 2 bath, 1955 sq. ft. house next week in Burbank for $525k. I'll be seeing it for the first time in four years today at the photo shoot and will fill you all in. Last time I saw it, it was great, and they've redone the kitchen since then. It also has a pool and a separate, fully wired studio. Why so low? It's on a busy street. Check back here or at www.judygraff.com for more info.

I'm sure nobody has missed the latest headlines -- real estate prices are down. And not to put a glossy spin on this, BUT: Los Angeles is only down 1.7% from March 2010. Remember, all real estate is local (property investors and flippers are out in full force right now). The good news is that the national bad news has caused interest rates to go down, still, again. I personally am seeing many buyers in all price ranges in Studio City, Burbank, Encino, North Hollywood, etc. So please, don't anybody panic!

Please come see this pristine 3 bed, 2 bath in one of L.A.'s most desireable neighborhoods! Listed at $749,000, it features 1458 sf., 6303 sf lot, character, updates, and a desireable Woodbridge Park location. MLS #F11046652. I'll be there from 2 to 5 and hope your So. Cal. clients can swing by, too. More pictures and details can be found at www.JudyGraff.com.

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.