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Newport Beach Short Sale Market Update | February, 2012

Newport Beach Short Sale Market Update | February, 2012

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

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The Newport Beach real estate market has both foreclosures and short sales for sale. The definition of a short sale is when a bank or lien holder lender agrees to accept a discounted payoff on a loan balance as a result of either economic or financial hardship on the part of the mortgagor.

The bank also wants fair market value for the property and will go great lengths in order to obtain the appropriate value of the home. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.

Currently, there are 38 active listings in Newport Beach 43 in back up status 15 in pending status and there were 5 sales in the month of February 2012.

Listings are down -4 since January 2012
Back Up is down -2 January 2012
Pending sales are up +2 January 2012
Sales are up the same since January 2012

There is a low absorption rate for short sales in Newport Beach. One month does not signify a trend however the trend for absorption rate is declining from January 2012.

Search the MLS for Newport Beach short sales and Newport Beach homes for sale.

View map below for distressed property in Newport Beach.

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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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