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 banks or lenders want fair market value for the property and will attempt to obtain the the fair market value of the property. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.
Currently there are 17 active listings, 29 in back up status, 22 pending and there were 15 sales in May, 2012.
There is an average sales price over the past one year of $814,618 and a price per square foot of $384.87. Listings are down -2 since April, 2012
There is a low absorption rate for short sales in Newport Beach.
|Absorption Rate, June, 2012|
|Newport Beach Short Sale Market Update|
Information Deemed Reliable but not Guaranteed
Courtesy of www.NewportBeachRealEstateCafe.com
Info taken from CRMLS
Do Not Use Without Permission
Past months market reports for short sales in Newport Beach.
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
[idx-listings linkid=”143409″ count=”50″]