Newport Beach Short Sales | Market Update | May, 2013
The Newport Beach real estate market has both short sales and foreclosure property for sale. However, the inventory for both short sales and REO properties has declined.
The definition of a short sale is when a bank or a lien holder 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 lender or bank may request more than one BPO (broker price opinion) and obtain independent appraisals to help establish value.
Currently there are 0 active listings, 6 in back up status, 9 pending and there was 1 sales in June, 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) because there are no active listings at this time.
Past months market reports for short sales in Newport Beach.
June, 2013
May, 2013
April, 2013
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
