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®
Arbor Real Estate
Other Newport Beach, CA Neighborhoods
Information on this page is based on information on real estate for sale in the Newport Beach area per the CRMLS and is deemed reliable but, not guaranteed