Let me first make a huge statement: Not all sectors of Las Vegas NV Real Estate are bad. I am following two markets that are sinking as quick as mortgage products disappeared in July: the high rise market and the short sale market.
The short sale market absorption rate has risen from 43 months in July/August to 51 months in August/Sept. We are currently looking at 77 months of inventory for September/October. There are many reasons for it and it is outlined in this post. The major jump this month is the same old story: inventory (listings) have risen and closings have dropped.
Short Sale Synopsis:
- Listings 10/19/2007: 3708
- Pending 10/19/2007: 262
- Closed 9/17-10/17/2007: 48
Renee- Keeping your eye on the market is ever so important. Providing this type of information to the general public will help make you the area expert.
Regarding short sales you are correct that having experience people involved makes the process easier.
Renee, I've followed your blog for some time, now. The Florida market has been sort of similar to LV in many ways. Fortunately, the SW Fla area doesn't echo that chart. Brutal!
Gary: Scary a bit, eh?
Jennifer: Even though I won't touch a listing with a ten foot pole, I do know who has their stuff together and who doesn't as far as list agents go!
CEG: Very brutal indeed!
Nancy: Thanks for stopping by and the compliments!
Renee:
Great grafs where do you get them. Thanks for commenting on my blog. Have a great weekend.