Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Henderson: Anasazi

Las Vegas NV Area December 2008 REO Inventory Update: The Heat is On!

Las Vegas Foreclosed Homes

Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has risen dramatically (+286 units), Pendings have dropped -92 units  Closing data is up up UP at +300 units.  Watch inventory rise in Feb/Mar as the foreclosure moratorium ended Jan 9.   Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.   Foreclosures are showing NO signs of stopping!

REO sales accounted for 77% of all resales in December 2008.  REO listings account for only 38% of total resale listings.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

  • Listings (1/12/2009): 8072
  • Under Contract (1/12/2009): 3590
  • Sold December 2008:  2245
  • Absorption Rate:  3.6 Months

View Last Month's Report Here  

To find the most recent report, click here

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call:  702-966-2494:

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Watch for growing inventory in Feb/Mar with the current foreclosure moratorium ending Jan 9!  The absorption rate is extremely low in this market which means multiple offers on homes and offers above list price.


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 5 commentsRenée Burrows • January 18 2009 07:04PM
Las Vegas NV Area December 2008 REO Inventory Update: The Heat is On!
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Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has risen dramatically (+286 units), Pendings have dropped -92 units Closing data is up up UP at +300… more