Las Vegas Area REO Inventory has FALLEN since last report (-116 units), Under Contracts have FALLEN (-623) units Closing data has RISEN (+170). Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 62% of all Las Vegas Area Valley resale closings in December 2009. REO listings account for only 20% 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 (1/15/2010): 2137
- Under Contract (1/15/2010): 3288
- Sold December 2009: 2548
- Absorption Rate: 0.8 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
