Las Vegas Area REO Inventory has FALLEN since last report (-399 units), Under Contracts have RISEN (+42) units Closing data has FALLEN (-652) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 60% of all Las Vegas Area Valley resale closings in January 2010. REO listings account for only 17% 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 (2/14/2010): 2137
- Under Contract (2/14/2010): 3288
- Sold January 2010: 2548
- Absorption Rate: 0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
