Newport Beach Short Sales | Market Update | September, 2012

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 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 $842,106 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.

Newport Beach Short Sale Market Update

Past months market reports for short sales in Newport Beach.

August, 2012
July, 2012
June, 2012
May, 2012
April, 2012
March, 2012
February, 2012
January, 2012

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

[idx-listings linkid=”143409″ count=”50″]

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