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 3 active listings, 14 in back up status, 11 pending and there were 5 sales in January, 2013.
3 active listings compared to 5 active listings December, 2012 – down -2
14 back up listings compared to 19 back up in December, 2012 – down -5
11 pending listings compared to 8 pending in December, 2012 – up +3
5 sold listings compared to 3 sold listings in December, 2012 – up +2
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.
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