The number of distressed homes sold in Burbank last month dropped by almost 40% compared to a year ago, according to the latest real estate figures, which kept the city in line with nationwide trends.
The number of distressed home sales declined from 31 in November 2011 to 19 last month. The homes were either owned by banks or short sales, where a lender lets a homeowner sell their home for less than what is owed on the mortgage.
The number of short sales decreased to 14 last month and there were only five bank-owned homes sold, according to statistics compiled by Realtor Eric Benz with Dilbeck Realtors in Burbank.
Christopher Rizzotti, broker and co-owner of Rizzotti Real Estate in Burbank, said banks are now more willing to approve loan modifications, which is leading to a reduction in foreclosures.
“The banks have stepped up and concentrated on keeping people in their homes if at all possible,” he said.