Las Vegas Area Short Sale Closings are beginning to take a larger slice of the pie and we have seen a dramatic shift over the last year!
Here is last year's graph:
Here is this year's graph:
As you can see short sales became a popular alternative after recycled REO inventory is getting gobbled up by very high buyer demand. Las Vegas Area Short Sale Closings only owned around 9% of the market share last year vs 28% today.
Short sale closings in May of 2009 recorded at only 301 closes where in April 2009 there were 968 units closed. Don't be fooled though, there are just more listings and contracted listings.
The "OTHER" category (mostly standard sales) has also risen from 15% sold a month to 28% sold due to the popularity of the trustee sale flip (homes that have been foreclosed on but purchased by investors rather than going "back to the bank".)
Las Vegas Area Active listings are rising due to tax credit expiration so if you have been waiting to jump in the buyer pool you may want to start considering doing so now :)