Newport Beach Short Sale Market Report | Update on Short Sales in Newport Beach

The Newport Beach real estate market has both short sales and  foreclosures. The definition of a short sale is when a bank or lien holder 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.

Lido Island in Newport Beach

Currently there are 12 active listings, 34 in back up status, 20 pending and there were 12 sales in July, 2012.

Active listings are down -5 since June, 2012
Back Up  is up +5 since June, 2012
Pending sales are down -2 since June, 2012
Sales are down -3 since June, 2012

There is a low absorption rate for short sales in Newport Beach.

Absorption Rate, July, 2012
Newport Beach Short Sale Market Update
Information Deemed Reliable but not GuaranteedCourtesy of www.NewportBeachRealEstateCafe.comInfo taken from CRMLS

Do Not Use Without Permission

 OneMonth ThreeMonths SixMonths TwelveMonths
Listings 12 12 12 12
Sold 12 43 66 116
AverageSold/Mo 12 14 11 10
Month’s Inventory 1.0 .8 1.1 1.2

Past months market reports for short sales in Newport Beach.

May, 2012
April, 2012
March, 2012
February, 2012
January, 2012

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

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