REAL ESTATE MARKET DATA FOR AUGUST 2013
The numbers are in for August 2013 I thought I would share them with everyone. I have illustrated the change from July of 2012. Green for an increase and Red for a decrease.
|Newport Beach||Single Family Homes||Townhouse or Condo|
|# of New Listings||74 (25.4%)||43 (59.3%)|
|# of Pending Sales||54 (-29.9)||19 (-9.5%)|
|Average Sales Price||$1,953,348 (1.2%)||$866,673 (12.6%)|
|# of Homes for Sale||209 (-34.7%)||71 (-27.6%)|
|Costa Mesa||Single Family Homes||Townhouse or Condo|
|# of New Listings||86 (79.2%)||32 (39.1%)|
|# of Pending Sales||60 (71.4%)||34 (100.0%)|
|Average Sales Price||$708,452 (28.5%)|
Today, I wanted to take a few moments to talk about some scams that are occurring in the Orange County Real Estate market so you can fully protect yourself and your investment.
The most common forms of real estate fraud in Orange County are equity fraud, flipping, and equity skimming. Here is what they are:
Equity fraud - this occurs when someone forges a property owners signature and obtains a loan against your home. Basically, they steal your equity. If your identity has been stolen at one point or if it has been stolen and you don't know you could be a target.
Flipping - This occurs when someone buys a home and resells it at an inflated price based on bogus appraisal values.
Equity skimming - The occurs when an owner sells a property to a…