Las Vegas Area REO Inventory has risen since last report (+10 units), Under Contracts have fallen (-543) units Closing data has vallen (-491 units). Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 63% 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 (12/15/2009): 2253
- Under Contract (12/15/2009): 3911
- Sold November 2009: 2378
- Absorption Rate: 0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY)
