Las Vegas Area REO Inventory has FALLEN since last report (-119 units), Under Contracts have FALLEN (-379) units Closing data has RISEN (+327) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 53% of all Las Vegas Area Valley resale closings in March 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 (4/15/2010): 1348
- Under Contract (4/15/2010): 2813
- Sold March 2010:2010
- Absorption Rate: 0.7 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
