Newport Beach Short Sales | Market Update | January, 2013
The Newport Beach real estate market has both short sales and foreclosures. The definition of a short sale is when a lien holder or bank agrees to accept a discounted payoff on a loan balance as a result of either economic or a financial hardship on the part of the mortgagor.
The lenders or banks will attempt to obtain fair market value for the property. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals to help establish value.
Currently there are 4 active listings, 9 in back up status, 11 pending and there were 1 sales in February, 2013.
4 active listings compared to 3 active listings January, 2013
9 back up listings compared to 14 back up in January, 2013
11 pending listings compared to 11 pending in January, 2013
1 sold listings compared to 5 sold listings in January, 2013
The short sale inventory and sales continue to decline monthly.
There is a low absorption rate for short sales in Newport Beach. It is favoring a seller's market with approximately one month absorption rate (or less).
Past months market reports for short sales in Newport Beach.
See below for a the review of 2012 Newport Beach short sales homes sold, price per square foot and number of homes sold per month.
Originally posted at NewportBeachRealEstateCafe.com
Sharon Paxson REALTOR®