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Newport Beach Short Sale Update September 2012

Newport Beach Short Sale Update September 2012

Newport Beach Short Sales | Market Update | September 2012

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 11 active listings 28 in back up status 16 pending and there were 9 sales in August 2012.

Average sales price for Newport Beach short sales over past one year is $842106 with a price per square foot of $414.04.

5 active listings compared to 11 active listings August 2012 – down -6
29 back up listings compared to 28 back up in August 2012 – down -1
24 pending listings compared to 16 pending in August 2012 – up +8
12 sold listings compared to 9 sold listings in August 2012 – up +3

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

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

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ABOUT ME

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.

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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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