;

CALL NOW 949-280-0681

Newport Beach Short Sale Market Update | March, 2013

Newport Beach Short Sale Market Update | March, 2013

Leave a Comment / Featured Blog Posts, Market Reports / By Sharon Paxson, Realtor®

0 Shares

Newport Beach Short Sales | Market Update | March 2013

The Newport Beach real estate market has both short sales and foreclosures. The definition of a short sale is when a lienholder or bank agrees to accept a discounted payoff on a loan balance as a result of either economic or financial hardship on the part of the mortgagor.

The lenders or banks will attempt to obtain fair market value for the property. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals to help establish value.

Currently there are 3 active listings, 6 in back up status, 7 pending and there were 6 sales in March, 2013.

3 active listings compared to 3 active listings February, 2013
6 back up listings compared to 9 back up in February, 2013
7 pending listings compared to 11 pending in February, 2013
6 sold listings compared to 1 sold listings in February, 2013

The short sale inventory and sales continue to decline monthly.

There is a low absorption rate for short sales in Newport Beach. It is favoring an extreme seller’s market with approximately one-month absorption rate (or less).

Past months market reports for short sales in Newport Beach.

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

0 Shares

About The Author

Sharon Paxson, Realtor®

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach CA. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681 EQTY | Forbes Global Properties DRE 01501912

Leave a Comment Cancel Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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.

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.

Copyright © 2024