Newport Beach REO Market Update for August, 2011
Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Newport Beach REO home buyers are competing with cash buyers as well.
Newport Beach has an inventory of 15 bank owned homes or REO. There are 15 active listings in all of Newport Beach, there are three in back up, and there are five pending sales in Newport Beach. There were no Newport Beach REO sales during the month of August, 2011. That number is down from the same period last year – August 1, 2010 to August 30, 2010 – there were two Newport Beach bank owned sales.
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{ 1 comment… read it below or add one }
I think it’s funny that most people don’t even know what an REO property is, much less how to buy one. I’ve just decided to call them bank owned to prevent confusion from my unsophisticated buyers. I see that the REO market has slowed down in Newport Beach, and it’s slower here also. I take it as a sign that the real estate market is just getting better.