Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO home buyers are competing with cash buyers as well. Newport Beach currently has an inventory of REO or bank owned homes. Currently, there are four active listings, one in back up, nine pending, and there have been five sales Newport Beach bank owned sales in October, 2011.
Listings Down 2 from September, 2011
Back Up Down 1 from September, 2011
Pending Up +1 from September, 2011
Sold Down 1 from September, 2011
In general the number of Newport Beach REO properties sold has increased when comparing the number of sales for the year from September to October, 2011. The increase of sales by year is up by 11 properties and in my opinion the trend will most likely continue because of the number of active listings which are short sales is 45.
Posted at NewportBeachRealEstateCafe.com
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Sharon:
Nice post good stats. Hope you are enjoying your day. Have a super week.
Sharon - it seems like people are taking advantage of the fantastic deals in Newport Beach bank owned porperties before the disappear for good.
Hey! I'll take the one for $7,000! As long as it doesn't have a bunch of environmental problems! Like your posts! You are doing a great job!
Hi Alan and Michelle - thank you so much.
Hi Larry - it is a great time to buy and the prices have softened in this area.
HI Brett - thank you! And I would buy it too for $7000 - have to check that one out!
Hi John - glad you like the reports.
Sharon, every time I see your REO report I have to wonder how every market and price point has been affected by the downturn, I would have never guessed Newport Beach having REO's....nor Beverly Hills....
Hi Enre - we do have them but in comparison to standard sales the number is small - but yes we have them.