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Linwood Fullam's Blog

By Linwood Fullam, III | Agent in Burbank, CA
  • Fewer Foreclosure houses available.

    Posted Under: Home Buying in Burbank, Foreclosure in Burbank, Investment Properties in Burbank  |  March 1, 2013 2:41 PM  |  302 views  |  No comments


    Buyers often ask me about buying short sales and foreclosure properties. They are completely different. A foreclosure is almost always vacant, the former owener has been foreclosed on and now the Bank owns the property. A short sale is where an owner has gotten behind on his/her mortgage for one reason or other, and is claiming hardship to sell the home for less than the balance of the mortgage. The owner often lives at the house still, and will be leaving the house with no money because the bank will take just about all the proceeds from the sale.

    In the more desirable parts of LA including my areas of Burbank and Hollywood Hills there have been very few foreclosure listings recently. Foreclosures are still plentiful in Sylmar, Lancaster, Palmdale, and in San Bernadino County.

    According to the LA Times, the number of homes mired in the foreclosure process fell again last month, for the 15th consecutive month of year-over-year declines.

    Irvine-based CoreLogic said Thursday that roughly 1.2 million homes nationwide, or 2.9% of all homes with a mortgage, were in some stage of foreclosure in January. That's a 3.3% drop from December and a 21% decline from January 2012.

    Although the foreclosure inventory shrank, the number of completed foreclosures rose 10.5% from revised December figures. Still, the 61,000 foreclosures completed in January were down 17.8% from a year earlier.

    “The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3% of all mortgages in foreclosure,” Mark Fleming, chief economist for CoreLogic, said in a statement.

    The improvement was widespread, Fleming said. Only six states and 13 of the largest 100 metro areas had foreclosure rate increases compared to a year ago.

    California saw its foreclosure inventory drop 1.2% from January 2012.

    Before the housing crash, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006, CoreLogic said. CEO Anand Nallathambi said the firm forecasts foreclosures to decline as the year progresses amid a stabilizing housing market and increased purchase activity.

  • How to get $30,000 from BofA from Short Sales.

    Posted Under: General Area in Burbank, Home Selling in Burbank, Foreclosure in Burbank  |  May 18, 2012 12:37 PM  |  562 views  |  No comments
    Bank of America offering up to $30,000 for short sales

    NEW YORK (CNNMoney)--Bank of America is offering some struggling homeowners payments of up to $30,000 if they sell their homes in a short sale and avoid ending up in foreclosure. This is good news for some Burbank Home Sellers! 

    Under the plan, Bank of America will offer homeownersoffer homeowners relocation paymentsof between $2,500and $30,000 dollars if they sell their home in a short sale. Short sales are when a sale price of a home is less then the amount the seller owes the bank.

    The bank first tested the payments in a pilot program in Florida last fall. Under that initiative, Bank of America paid up to $20,000 to borrowers who sold their homes in short sales. In the Los Angeles area the Bank would give up to $30,000, the problem is that many home owners are more than $30,000 under water.

    "This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home," said Bob Hora, an executive for the bank.

    Chase (JPM, Fortune 500) started a similar initiative in late 2010 that pays as much as $35,000 to short sellers. Wells Fargo (WFC, Fortune 500) has also paid five-figure incentives to short sellers or to owners who turned over their deeds to the bank.

    BofA said it has completed 200,000 short sales over the past two years, many of which were in Los Angeles area. These sales are generally more cost effective for banks than foreclosures. By avoiding foreclosure, the lenders get distressed properties back from delinquent borrowers more quickly, which helps them to avoid property tax payments, maintenance expenses and legal fees that can build up for months, even years, as foreclosures work through the system.

    Read the full story

    http://money.cnn.com/2012/05/15/real_estate/short-sale/index.htm?iid=HP_River

    About the blogger: Linwood Fullam is a Burbank based Realtor. If you have questions about selling your home, including Short Selling your home please feel free to contact me at Linwood@Rodeore.com or 818-207-0080.

  • California Pending Home sale increase from January, and from February 2011. Tight housing inventory persists.

    Posted Under: Home Buying in Burbank, Home Selling in Burbank, Foreclosure in Burbank  |  March 27, 2012 2:17 PM  |  449 views  |  No comments

    LOS ANGELES (March 26) – Pending home sales in California gained ground for the second consecutive month in February, while the share of equity sales posted higher after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

    Pending home sales:

    C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 102.3 in January to 127.8 in February, based on signed contracts. The index also was up from the 111.8 index recorded in February 2011, marking the tenth consecutive month that pending sales were higher than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

    Distressed housing market data:

    “A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February,” said C.A.R. President LeFrancis Arnold. “In fact, REO inventory declined 24 percent in February from the previous year, while short sale inventory dropped 17 percent during the same period.”

    • After declining for two straight months, equity sales increased in February, making up 51.1 percent of home sales in February. Equity sales made up 49.9 and 44.8 percent of all sales in January 2012 and February 2011, respectively.
    • Meanwhile, the total share of all distressed property types sold statewide decreased in February to 48.9 percent, down from January’s 50.1 percent and from 55.2 percent in February 2011.
    • The share of short sales dipped slightly in February. Of the distressed properties sold statewide in January, 23 percent were short sales, down from the previous month’s share of 23.8 percent but up from last February’s share of 22.9 percent.
    • The share of REO sales also edged down in February to 25.2 percent, down from January’s 25.9 percent and down from the 31.9 percent recorded in February 2011. (Source CAR.ORG)

    About the Blogger: Linwood Fullam is a Burbank Resident, and sells residential real estate in the San Fernando Valley, Hollywood and the surrounding area. He lives with his partner, dog Max, and Cat Lola and works at Rodeo Realty.

  • Where are the bargains in the Hollywood Hills? 90068!

    Posted Under: Home Buying in Hollywood Hills, Home Selling in Hollywood Hills, Foreclosure in Hollywood Hills  |  August 23, 2011 8:58 PM  |  451 views  |  2 comments
    Many people are looking for deals and steals since the real estate market is down.

    Unfortunately, many people dont realize that to get the steals they need to see through the now and look at the possibility that a foreclosure or short sale home offers. One example is attached at Holly Hill in 90068, its a great location, and at $253/square foot its an amazing price for the hollywood hills, but, its beat up!

    I would love to help you find bargainz in markets that are currently down, and can help even to get homes fixed up because I know some great decorators, contractors, landscapers, and handymen.

    http://reports2.mrmlsmatrix.com/MatrixReportServer/Output/373018/Customer_Full3020.PDF

    Please call me to help you find the properties that will be great investments!

    Linwood Fullam
    Rodeo Realty - Studio City office
    818/207-0080
    www.linwoodfullam.com
  • Worst May for Home Sales - Great time to buy!

    Posted Under: Home Buying in Burbank, Home Selling in Burbank, Foreclosure in Burbank  |  June 18, 2011 12:21 PM  |  291 views  |  1 comment
    According to the Burbank Daily News May was the worst home sales ! What happened?

    Home sales in the San Fernando Valley plunged 26 percent last month, the worst May on record and a troubling sign that a double-dip may be looming, the Southland Regional Association of Realtors said Thursday.

    Realtors sold just 501 single-family homes in May, compared with 679 a year earlier and 548 in April - an indication that the summer buying season will be tepid at best.

    "Good God, it's not good. But it's not a complete surprise. The housing market refuses to recover," said Nancy Sidhu, chief economist at the Kyser Center for Economic Research in Los Angeles.

    The number of transactions during the first five months of the year suggests that 2011 could break the record low of 6,271 sales set in 2007 as the Great Recession swamped the economy.

    Realtors recorded 2,477 sales through May 31, 466 fewer than during the comparable period in 2007. The report covers the area from Calabasas to Toluca Lake.

    Jim Link, the association's chief executive officer, said the real-estate market is paralyzed by the generally weak economy.

    "Our numbers reflect what's going on all over the state. Things are down," said Link. "I'm guardedly optimistic that things will improve slightly. (But) this may be the second dip."

    Foreclosures and short sales dominated the market - sales


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