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
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:
- Option 1 if you are a Buyer wanting to purchase REO Property.
- Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
- Option 4: Para español presione el cuatro.
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.
