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.
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.
Past months market reports for short sales in Newport Beach.
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