Las Vegas Area REO Inventory has FALLEN since last report (-670 units), Under Contracts have FALLEN (-96) units Closing data has FALLEN (-867) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 57% of all Las Vegas Area Valley resale closings in January 2010. REO listings account for only 15% 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 (3/15/2010): 1467
- Under Contract (3/15/2010): 3192
- Sold February 2010: 1683
- Absorption Rate: 0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
