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 lender 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 appropriate value of the home. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.
Currently there are 16 active listings, 50 in back up status, 24 pending and there were 9 sales in April, 2012.
There is an average sales price over the past one year of $808, 870 and a price per square foot of $362.19.
Listings are down -13 since March, 2012 (trend is continuing this year with declining number of active listings)
Back Up is up +4 March, 2012
Pending sales are up +9 since March, 2012
Sales are up up +2 since March, 2012
There is a low absorption rate for short sales in Newport Beach. One month does not signify a trend, however the trend for absorption rate is declining from February, 2012. There is a two month trend of the absorption rate declining.
Past months market reports for short sales in Newport Beach.
March, 2012
February, 2012
January, 2012
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
Originally posted at NewportBeachRealEstateCafe.com
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