Newport Beach Short Sale Market Update | November, 2011

The Newport Beach real estate market has both foreclosures, and short sales for sale . 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.

There are more short sales for sale in the Newport Beach area than foreclosures. In November, there are five active REO listings in Newport Beach. The short sale market in the Newport Beach area has many variables. There are both back up and pending status, and some of these short sales may not get approved by the lenders. If that is the case, then the property may go back to the bank.

There are factors which influence Newport Beach short sales and some of the considerations are as follows:

1. Actual hardship
2. Lien(s) on the property
3. Back HOA dues
4. Back property taxes

In Newport Beach, there are currently 45 active listings, 28 in back up, 10 pending, and there have been three sales during the month of the November.

Listings are the same from October, 2011
Back Up is down -6 from October, 2011
Pending is down -3 from October, 2011
Sold listings are down -6 from October, 2011

The absorption rate is for one month is generally not a trend, as it shows a fairly high absorption rate.

Search the MLS for Newport Beach Short Sales for sale, and Newport Beach homes for sale.

Originally posted at NewportBeachRealEstateCafe.com