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Newport Beach Bank Owned Market Update November 2011

Newport Beach Bank Owned Market Update November 2011

Leave a Comment / Featured Blog Posts, Market Reports / By Sharon Paxson, Realtor®

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Newport Beach bank-owned property real estate market update for November 2011. 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 five active listings, three in back up, four pending, and there have been four sales Newport Beach bank-owned sales.

Listings are down -1 from October, 2011
Back up is up +2 from October, 2011
Pending is down -5 from October, 2011
Sales are down -1 from October, 2011

There is a low absorption rate of the REO property as you can see on the graph. These properties move quickly as buyer’s perceive them as the best deal. Keep in mind when buying an REO property – they are purchased “as is”. Also, remember that the bank will want fair market value and go to great lengths to obtain that value.

Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.

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About The Author

Sharon Paxson, Realtor®

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach CA. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681 EQTY | Forbes Global Properties DRE 01501912

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Sharon Paxson is a full-time REALTOR® with EQTY | Forbes Global Properties 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.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

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