Burbank Real Estate Blog

Burbank home values

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Wed, 15 Feb 2012 13:17:11 -0800

Burbank single family home values are seeing an uptrend according to the latest data. (see chart below)

Average selling price has rebounded to$562,068, up 14% from December 2011 prices. Days on market were down from 89 to 84 days in the same period.

Overall the sweet spot right now continues to be in the $425-$525,000 range where most of the buyers seem to be concentrated.

Inventory is increasing somewhat, which is normal for this time of year, but overall levels are low.

Next week we will have a host of numbers out, including Housing Starts, Existing Home Sales, Producer Price Index and Consumer Price Index.

Burbank: Sales September 2011 - January 2012

Month Sale Price, Average Days to Sell, Average

Sep 2011 $491,122 87 Oct 2011 $493,486 102 Nov 2011 $462,118 77 Dec 2011 $492,404 89 Jan 2012 $562,068 84

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Beautiful views in Sunland townhome

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Mon, 10 Oct 2011 15:32:08 -0700

Links

anaconnell.com

Photo Gallery

Large living/dining rooms

Mountain views from dining room balcony

Spacious kitchen

Stainless steel appliances

Serene complex

Second floor

Master bedroom with ensuite

Large patio for entertaining

Fabulous pool, spa and clubhouse

Description

This spacious, two story townhouse, boasts a large living room with patio access, great sized patio for entertaining, engineered hardwood floors on bottom level, fireplace, dining room with balcony featuring mountain views, in unit laundry, central air and heat. The kitchen includes stainless refrigerator, stove, microwave and dishwasher, all included in sale! All bedrooms are bright and spacious, master bedroom features en suite bath and walk in closet! Private, attached, full two car garage has ample space for storage and parking. This beautiful complex enjoys tranquility and a mature landscape while offering a pool, spa and recreation room. Great price and location, walking distance to shopping and restaurants! 210 Fwy adjacent, just minutes to Angeles National Golf Club, Hansen Dam Recreation area, Pasadena, Burbank, Glendale, and home includes a 1 year home warranty. Fantastic opportunity for first time or repeat buyers! This is a short sale!

Features

Bedrooms: 3 Bathrooms: 3 Parking Spaces: 2 Year Built: 1980 Attached on: 2 Sides Garage Size: 2 car Square Footage: 1658 Agent Name: Ana Connell Broker: G & C Properties MLS #: B11130919

Location

10480 Sunland Blvd. #38 Sunland CA 91040

Burbank real estate update

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Thu, 13 Oct 2011 14:27:28 -0700

Burbank single family homes sold in September(see chart below) reflected an average selling price of $573, 014, up 13% from August 2011 prices. Days on market were down from 71 to 65 days in the same period.

Overall the sweet spot right now continues to be in the $400-$525,000 range where most of the buyers seem to be concentrated.

Next week we will have a host of numbers out, including Housing Starts, Existing Home Sales, Producer Price Index and Consumer Price Index.

Burbank: September 2011

SINGLE FAMILY HOMES: Burbank:

September 2011

Total Sold Dollar Volume:............... $33,807,800

Average Selling Price:.................... $573,014

Average List Price:......................... $609,868

Avrg Sales Price/Avrg. List Price:... 97%

Average Days on Market:.............. 65

Number of Listings Sold:................ 59

CONDOMINIUMS: Burbank: September 2011

Total Sold Dollar Volume:............. $7,163,000

Average Selling Price:.................. $358,150

Average List Price:....................... $366,585

Avg Sales Price/Avg. List Price:.... 97%

Average Days on Market:............ 27

Number of Listings Sold:.............. 20

Burbank real estate report

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Tue, 21 Jun 2011 19:30:48 -0700

All real estate is local and nothing illustrates that point better than the S&P Case Shiller Home Price Index that came out last week. It reported that the average home price for March in the 10 city composite was down .6%(non seasonally adjusted) and the 20 city composite was down .2%. Actually if you read the report, the overall data was not that bad, but obviously showed a downtrend in prices. 18 out of the 20 areas did show a downtrend when you look at the unadjusted three month average.

In case you are curious the S&P Case Shiller Home Price Index tracks monthly changes in home prices in 20 metropolitan areas and comes out monthly. The report focuses on single family homes and excludes condos and new construction. Please note that this data was for March, so it does have a two month lag.

Los Angeles County home prices dipped roughly 1.7% for the first quarter of 2011.

With that in mind, let's look at the average home prices for Burbank single family homes over the last 12 months:

Information is Believed To Be Accurate But Not Guaranteed CRMLS

There are several ways to parse the data.

There was a spike in the fourth quarter of last year and we are down 8% from the spike, however, year over year we went from $538,773 in May 2010 to $557,000 in May of 2011, an increase of 4%. From January of 2011 to May 2011 we saw an increase of 11% , as we rose from $505,809 to present levels.

Overall, Burbank home prices are showing strength, and there is no doubt that the current amount of short sales and foreclosures will continue to put pressure on prices.......but the picture here is not as dire as in other parts of the country. I know it's a pipe dream but it would be nice if local media were to comment on our numbers as well as the national numbers.

Economic Round Up and Burbank Real Estate

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Tue, 16 Sep 2008 19:49:40 -0700

The Federal Reserve left rates unchanged today, at 2% for the key benchmark, a surprise to some, but while they noted that the financial markets are under more strain with the credit crisis,they cited labor worries and inflation as their top concerns. Providing liquidity for the markets is high on their list as well.

Mortgage rates are averaging 5.93% for a 30 year loan.

Despite the talk that the government would not intervene AIG was offered an $85 billion loan from the US government in return for an 80% stake in the company.

What does all this mean for real estate in the San Fernando Valley and Burbank?

For now we have lower mortgage rates but very tight lending standards which means that buyers will have to work harder in order to qualify for a loan and put more money down.

In the long run we need for the financial markets to finish the clean up process in order to help stabilize our housing markets. Look for more foreclosures to come online over the next year and hopefully a return to a more normal housing market after next year.

Here are some numbers to consider:

In August of 2005 there were a total of 80 homes/condos sold with an average of 24 days on market for an average price of $636,630.

In August of 2008 there were a total of 60 homes/condos sold with an average of 60 days on market for an average price os $555,118.

There are several things reflected in these numbers:

Longer days on market
More homes are selling in the lower price ranges
Overall prices are down, but not as much as the average would seem to suggest

Economic And Housing Round Up

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Fri, 19 Sep 2008 12:08:25 -0700

To say that it’s been a crazy week is a gross understatement. Let’s recap some items:

U.S. takes over AIG with a $85 billion bailout. This agreement states that the government is providing AIG with a loan $85 billion over a two year period, offered at 11.5%. The government also gets 79.9% equity ownership in the company. It appears at the moment that AIG’s ability to pay claims is intact.

Lehman Bros. goes into bankruptcy and the credit markets froze, basically on concerns that other companies were going to fail.

RTC2? Government has announced a plan to take failed assets off the books of companies, essentially by establishing a fund, similar to the Resolution Trust Corporation (RTC) that was formed during the savings and loan scandal in the late 1980’s. The cost is expected around $500 billion. The two part plan covers the private label mortgage securities underwritten by Wall Street and the already approved purchases of government backed mortgage securities, ie Fannie and Freddie. In theory it looks like the government would purchase the securities at deep discounts and maybe hire a manager to oversee the portfolio and their hope is that the enterprise eventually makes money. This plan requires Congressional approval and the details are not there yet. In case you are wondering….the net result of the RTC was a loss of about $125 billion to taxpayers.

Last night the SEC announced it’s stopping short selling on 799 financial companies until October 2. This is a controversial decision so I’m sure there will be more to come on this one.
Credit markets still under siege, despite the $180 billion infusion from the world’s major banks. The 3 month Treasury bill actually traded at 4 basis points, .4% a few days ago. You have to look back to the 1930’s to find T-bills under 10 basis points.
Two money market funds traded under $1 earlier this week and it led to $89.2 billion being pulled out of money market funds on Wednesday…..I’m sure that was a record.
Secretary Paulson announced that the government would offer to temporarily insure money market funds.

European stocks liked the news, especially when the UK issued a ban on short selling of financials through January 2009.

Dow is up, but keep in mind there’s lots of short covering going on today in light of the ban.

On the housing front…….Has the housing market hit bottom?

While some are comparing this real estate cycle downturn to the real estate downturn in the 1990’s, they are vastly different. The down turn in the 1990’s was driven by very high unemployment and regional factors.

In terms of past history there have been a couple of factors that should be taken into consideration. First, the relationship between incomes and home prices—home prices can only rise so far above income-based affordability before an adjustment period kicks in. Over the long haul, homes must be priced at levels buyers can afford. July’s median house price was $204,000. Assuming a 6.4% mortgage rate, that works out to an initial after-tax monthly payment of $795, or 20.7% of after-tax income, which historically is a relatively low share of median family income. Second, we can look at the number of new-home sales per 1,000 of population, which hit a high of 5.7 at the peak in 2005 and has since plunged to 2.2, just above the all-time low of 2.1 in 1982, after which we saw a rebound.

Existing home sales rose 3.1% in July—the largest increase in 17 months and well above expectations. On the surface this looks great, unfortunately the large number of foreclosed properties being sold at distressed prices is drawing significant buyers into some markets, lifting sales.

In some areas, foreclosures are increasing, housing inventories are higher than normal, and even well-qualified borrowers cannot receive mortgage loans. It’s become clear that credit availability will be a significant factor in a housing rebound as well as regional factors.

Another concern is that homeowners with good credit are beginning to fall behind on their mortgage payments. The percentage of Alt-a mortgages(one step above subprime) behind on payments has quadrupled since last year, while delinquencies among prime loans have doubled over the same period.

There are about $1 trillion in Alt-A mortgages outstanding (compared to $855 billion of subprime loans), with over 16% currently at least 60 days in arrears. Many of these loans were interest-only with the rate resets at three- to five-year intervals (“option ARMs”). Beginning next year, we will see a wave of resets with jumps as high as 4% to 8% from their initial rates. Many monthly payments are set to double!

Given all of this information......no we have not hit bottom.

While what we are going through is different in some ways from past scenarios our take away should be that our financial markets have always pulled through. In light of that information if you are a home buyer be advised that there are deals out there and I think there will continue to be deals for some time.

At the end of the day, your decision to purchase a home should be based on your specific situation. If it makes sense financially(consult with your CPA) and you find a well priced home, you should buy. Waiting for the bottom of the housing market is not all that different from waiting for the bottom of stock market.

Are you ready for an earthquake?

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Sun, 21 Sep 2008 15:08:54 -0700

Living in Southern California for over 35 years has made me somewhat complacent about earthquakes, but I know first hand how devastating they can be and at the very least I keep a good supply of bottled water in the house, just in case. But I know I need to do more.

Just as most people, I get busy with other projects, work, family and at the end of the day, feel unprepared for a catastrophic event.

On November 13th, 10am, the the Great Southern California ShakeOut will take place. This drill, quite possibly the largest earthquake preparedness exercise in U.S. history, includes businesses, hospitals,schools, non-profits, neighborhood councils, basically anyone who would like to participate.

The main purpose is to create awareness and to see how our resources would fare in responding to a magnitude 7.8 quake. If you remember the Northridge quake you saw the devastation and the damage a magnitude 6.7 earthquake can inflict.

They say there is a 67% chance that the Los Angeles area will have a magnitude 6.7 quake, or larger, in the next 30 years. Those percentages should be a wake up call for the many who are unprepared.

If you would like to stock up on emergency supplies, check out SOS Survival Products.

Economic Day In Review.....

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Mon, 22 Sep 2008 17:17:09 -0700

It's clear that the optimism from last Friday has quickly given way to a no confidence vote for Treasury Secretary Paulson's plan.

Today's highlights:

The Dow was down by 372.75 points but the big story is gold rising by $40 and oil rising by $15 per barrel to close at $120.
Morgan Stanley has received approval to become a bank holding company and talks between them and Wachovia are on hold.
Goldman Sachs received approval to become a bank holding company.

Giving Goldman and Morgan bank status basically allows them access to money through deposits, which would help manitain their liquidity needs.

Secretary Paulson and Fed Chairman Bernanke will be testifying before the Senate Banking Committee tomorrow. Here are some details of the plan for the plan, as I know it:

Secretary Paulson is asking for $700 billion
Original plan was to purchase non performing mortgage securities, but that appears to have changed to any type of non performing asset. It's unclear how they would determine if the price that they are paying for these assets is fair. In theory the banks would submit the assets with a price, but this approach leads to many more questions.
Foreign banks can also participate, if they have U.S. operations......ummmmm.
Increases the debt ceiling to $11.3 trillion dollars since we'll have to issue debt to pay for all of this.
The infrastructure for this plan has not been outlined.
No real plan to help main street, just wall street.

It's clear the markets are not happy with this plan and there are worries about the impacts to our financial system. More details will have to surface and hopefully Congress will not approve a hastily conceived plan without thought to the longer term impacts. More to come as details unfold.

Existing home sales and new home sales are due out later this week.

Market Recap

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Fri, 26 Sep 2008 01:03:48 -0700

It was quite an eventful day as democrats and republicans tried to get a handle on what's going on with our financial system. Not sure there is a perfect solution, but what's clear is that no one wants to hand over a blank check without firm oversight. Dow was up almost 197 points on hopes that an agreement could be reached, but alas that was not to be.

Let's recap:

Washington Mutual's branch system and deposits bought by JP Morgan after regulators seized the savings and loan. This now represents the largest bank failure in U.S. history. (This happened after the close of business)

Weekly initial jobless claims jumped 32,000 to a seven-year high of 493,000.

Durable goods orders fell 4.5% in August, well below the estimate of a 1.9% decline. Ex-transportation, orders fell 3.0%, south of the forecast of a 0.5% drop. Growth in Japan has been weak, and Europe appears to have entered a recession, which are most likely contributing to orders being down.

New home sales fell 11.5% in August to an annual rate of 460,000, short of the estimate of a 1.0% decline to 510,000. The supply of homes rose from 10.3 months to 10.9 months. Existing home sales, which make up over 80% of residential sales have stabilized over the past year, but new home sales remain in a downward spiral. In order for prices can stabilize, it is critical for the market to absorb the excess inventory on the market.
Existing Home Sales were down in August following a gain in July as tight mortgage credit was blamed on the slow down. Nationally, existing-home sales declined 2.2%.

It looks like further negotiations are needed to come to an agreement on how to handle this mess as the meeting/photo op at the White House today was unsuccessful in building a consensus. Secretary Paulson provided a 2 1/2 page outline of what he and Chairman Bernanke would like to do, which included little to no oversight, no accountability and a $700 billion price tag.

Congress is asking for:

Legislation to help homeowners avoid foreclosure;
limiting compensation to executives of troubled firms receiving assistance, ie, no golden parachutes;
greater oversight than the limited bi-annual reporting requested in the current proposal;
giving taxpayers an equity stake in companies;
decreasing the timeframe for the Treasury workout from two years to one; and
limiting the initial outlay followed by a reassessment early next year prior to providing additional funds.

We'll see what happens over the next few days!

Disclaimer: All information in this post is subject to change without notice and is an opinion, is not guaranteed, may be time sensitive, as well as based on information collected from many sources which are not guaranteed to be reliable.

A perspective on our current....well......financial mess!

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Mon, 29 Sep 2008 23:52:06 -0700

The severity of the state of our credit markets, should be a wake up call for anyone who has not yet made the time to get educated on what’s been going on in our financial markets, today and over the last 20 years.

Understanding the speculation that led to the Great Depression, the repeal of the Glass Steagall Act and how less regulation has impacted the banking industry, the global impacts of our financial system, should all be considered as we head into uncharted territory and try to figure out how to move forward.

I don’t have the answer of what exactly will fix this mess, but I do know that a well thought out plan needs to be crafted, that includes restoring liquidity to our credit markets, decreasing our dependence on credit and restoring common sense rules to the process of issuing credit to consumers. It should include many other items, including accountability, that I will not go into at this time.

Today we lost $1.1 trillion dollars in net worth as a result of the market’s 778 point drop, which represented a 7% drop and the biggest point drop ever! In case you are wondering how this compares to previous drops, here is a list of historic stock market collapses:

12.8%: Drop in the Dow Jones Industrial Average (DJIA) on Black Tuesday (Oct. 29, 1929)

22.6%: 508 points Largest one-day percentage drop in stock market history (Black Monday, Oct. 19, 1987)

4.4%: 504 point drop in the DJIA on Sept. 15, 2008

(If the markets continue to drop, there are circuit breakers that were introduced after the crash in October 1987 and then further revised to take into account the increased volume and index levels. There are trigger levels or circuit breakers for a one day decline of 10%, 20% and 30% of the DJIA. These levels are calculated at the beginning of each calendar quarter using the average closing value of the DJIA for the previous month to establish specific point values for each quarter.)

For more information on this, check out the SEC’s website.

Unfortunately this credit crisis and the fall in the financial markets impacts all of us directly, through our 401k, IRA, money markets, annuities and just as importantly being unable to obtain access to home loans, business loans etc.

We need to move beyond partisan labels and the finger pointing, because the impacts, in the end, will be felt by everyone.

Economic Update!

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Wed, 01 Oct 2008 13:35:45 -0700

Senate is set to vote tonight on an amended bailout bill, which includes raising the FDIC deposit insurance to $250k and continuing some tax breaks for corporations and individuals. Apparently some in the House are working on an amended bill as well. No House vote is scheduled yet.

The National ISM fell sharply from 49.9 to 43.5. Economists were forecasting 49.5.

This is the lowest number since October 2001. ISM points to a recession as a reading below 50 suggests activity is receding and this is evident by sharp drops in new orders, production, and employment.

Moreover, experts are saying conditions may worsen since the full impact from the credit crisis is yet to be felt.

ADP jobs report came in at -8,000 nonfarm payrolls for September, Employment Situation report is due out on Friday.

Mutual fund withdrawals hit a record $74.5 billion in September. The previous record withdrawal month was September 2001, with $27 billion cashed out.

Equity fund withdrawals were over $50 billion of the total $74.5 billion. You could look at that as a really bad sign, but there is the glass is half full view. Those investorswon't be racing back into the market yet, but it does mean there is a lot of cash available to return to the market when conditions are more favorable.

Many have been debating the mark to market or fair-market valuation accounting methods. Some in Congress urged suspension of the rule. But the SEC and FASB have flatly rejected this idea. The FASB has issued a “clarification” of the existing rule.

Under this “clarification” they are now telling auditors that if there is no valid market for securities, the existing rules permit institutions to value securities based on reasonable cash-flow projections. This is huge, and it is also controversial. Considering the mortgage market started to malfunction last year you have to wonder where the SEC and FASB were during all of this and why they have waited so long to "clarify" the rules.

More to come!

Economic Update!

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Wed, 01 Oct 2008 13:45:19 -0700

Senate is set to vote tonight on an amended bailout bill, which includes temporarily raising the FDIC deposit insurance to $250k and continuing some tax breaks for corporations and individuals. Apparently some in the House are working on an amended bill as well. No House vote is scheduled yet.

The National ISM fell sharply from 49.9 to 43.5. Economists were forecasting 49.5.

Moreover, experts are saying conditions may worsen since the full impact from the credit crisis is yet to be felt.

ADP jobs report came in at -8,000 nonfarm payrolls for September, Employment Situation report is due out on Friday.

Mutual fund withdrawals hit a record $74.5 billion in September. The previous record withdrawal month was September 2001, with $27 billion cashed out.

Many have been debating the mark to market or fair-market valuation accounting methods. Some in Congress urged suspension of the rule. But the SEC and FASB have flatly rejected this idea. The FASB has issued a “clarification” of the existing rule.

More to come!

Burbank Real Estate Sales Statistics For September 2008

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Wed, 01 Oct 2008 16:46:31 -0700

Burbank Closed Sales for September 2008

Bedrooms

Baths

Square Feet

List Price

LP/SqFt

Sale Price

SP/SqFt

DOM

Min

465

$199,900

$270.57

$185,000

$268.03

Avg

2.7

2.25

1524

$560,785

$375.35

$540,557

$363.34

Max

3951

$1,490,000

$513.65

$1,400,000

$547.46

345

Month to month average sale price from August to September 2008 is down $14,258, year over year, average sale prices are down by $127,253 or 19%.

Average days on market, year over year are up 23 days.

Average square footage is down by 8% year over year.

Most notably number of sold properties is down 34% from August 2008 and down 22% from September 2007.

These numbers are reflecting several factors……

More foreclosures have been coming online, loans are hard to come by in the current credit environment.

Mortgage applications have been down, despite lower rates, but mainly due the seizing up of the credit markets.

Economic Update

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Thu, 09 Oct 2008 18:39:47 -0700

A couple of things are clear, many people have lost confidence in the financial system and this is not just a U.S. problem as the aftermath of this financial crisis is being felt around the world.

Federal Reserve Chairman Ben Bernanke brokered the broadest coordinated interest rate cut in history, among all of the central banks. Yesterday, the Fed, the European Central Bank, the Bank of England, Bank of Canada and Sweden's Riksbank reduced their benchmark rates by half a percentage point. The Bank of Japan and Switzerland also supported the action and China's central bank cut it's key rate by .27 percentage point.

The stock market has reacted sharply to economic and credit data this week and ended today at 8579, down 679 points on the day. We have not seen these levels since 2003.

The giant safety net that the Fed and Treasury have initiated has helped to keep the financial system afloat, but it has not restored confidence nor has it enabled US banks to start lending to each other again. Banks in Europe, as evidenced by the extremely high Libor rate, remain on the defensive and continue to hold on to cash. The Libor rate is at it's highest level this year.

Why should you care about the Libor rate?

Some business loans and many adjustable rate mortgages in the US are tied to the Libor rate, the rise will probably put added stresses on consumers and could offset some of the easing by the Fed over the past year if the rate stays high. Questions to ponder:

Currently the nominal value of all delinquent US mortgages, as of the 2nd quarter, was put at $680 billion by High Frequency Economics. If this number is accurate, will the $700 billion bailout or rescue plan do enough to alleviate this problem. Additionally there is enough anecdotal evidence to suggest that this number will be rising over the next year. If you look at the reaction of the stock market this week, the answer to that question may be negative.

It's clear we're in a recession, the big question is how long will we stay there and how long will it take the credit markets to unfreeze?

I think many things need to happen for the economy to turn around, but key elements include shoring up the unemployment situation as well as our credit markets. How quickly this will happen as well as cleaning up our mortgage situation will determine how fast we come out of the current quagmire.

As far as the local real estate market, we'll have to see how the local economy is impacted by unemployment and the current credit squeeze as well as the number of foreclosures coming online over the next few months.

G-7 Meets.....What's Next?

Burbank Real Estate Agent Ana Connell (G & C Properties/John Aaroe Group) — Sat, 11 Oct 2008 01:07:15 -0700

Group of Seven finance chiefs, vowed to do whatever was necessary to prevent the collapse of major banks.

The policy makers included representatives from the U.S., Japan, Germany, U.K., France, Canada and Italy.

The G-7 policy makers were under pressure to roll out new policies, but they came up short on details which will undoubtedly disappoint many investors.

Global central banks have executed emergency interest-rate cuts and pumped more cash into financial markets and the Federal Reserve said it would buy commercial paper and start taking equity stakes in financial companies.

For more on this story, see Bloomberg.com.

Hopefully the aggressive efforts from the Federal Reserve, Treasury, and global central banks are beginning to ease the fear and lack of confidence in our markets.

Next week's economic calendar is full of key reports on manufacturing, inflation, consumer spending, and housing, so we'll see how this impacts the direction of the market and interest rates.

Producer Price Index, Empire Manufacturing, business inventories, retail sales and the Fed's Beige Book release on Wednesday.
Consumer Price Index, Industrial Production and Capacity Utilization, weekly initial jobless claims along with the Philly Fed Manufacturing Index will come out on Thursday.
Housing starts and building permits will be released on Friday. Forecasts are calling for declines in both readings, which may be a good thing as we need for inventories to decline.