Las Vegas Area REO Inventory has risen since last report (+99 units), Under Contracts have fallen (-589) units Closing data is UNCHANGED. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 66% of all Las Vegas Area Valley resale closings in October 2009. REO listings account for only 22% 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 (11/15/2009): 2243
- Under Contract (11/15/2009): 4454
- Sold October 2009: 2869
- Absorption Rate: 0.8 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
