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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