Newport Beach REO Market Update, August, 2011

Newport Beach REO Market Update for August, 2011

Newport Beach

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.

If I can answer any questions about REO properties in Newport Beach, please contact me.

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1 thought on “Newport Beach REO Market Update, August, 2011”

  1. 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.

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Sharon Paxson is a full-time REALTOR® with Compass and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords and Tenants with their real estate needs.

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