Inventory is increasing RAPIDLY. This may be due to the first time buyer's tax credit expiring. This is also good news as we could emerge from the extreme seller's market that we have been in for over a year to a stable market in about 8 months (with a consistent increases like the ones we have seen this month.)
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
- Listings (6/15/2010): 10548
- Under Contract (6/15/2010): 15748
- Sold May 2010: 3513
Short Sales:
- 43% of Listings
- 29% of Sales
REO (Foreclosures, Bank Owned:)
- 20% of Listings
- 42% of Sales
In One Month: Listings are UP +994 units, Contracted ListingsDOWN -553, Sales are DOWN -85 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.
DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!
The Most Current REO (Foreclosure) Report
