The absorption rate for Las Vegas Short Sales has risen once again in November 2007. Inventory has risen
dramatically (+333 Units) even though we saw a nice sales increase (+24 units) in this sector. Pendings (+19 units) are only up slightly.
The short sale market absorption rate has risen from 51 months in August/Sept to 77 months in Sept/October. We are currently looking at 56 months of inventory for Oct/Nov. There are many reasons for it and it is outlined in this post.
Are we beginning to see the banks allowing the properties to go for less to avoid the costs of foreclosure?
Short Sale Synopsis:
- Listings 11/21/2007: 4041
- Pending 11/21/2007: 281
- Closed 10/18-11/18/2007: 72
- Month's Inventory: 56.1
One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.
Read here for last month's report on Las Vegas Area Short Sales.
My Goodness. This is a disaster. A house doesn't last that long in short sale opportunity. Many of these homes have got to go to foreclosure. I didn't realize the market in Las Vegas was in this condition.
Happy Thanksgiving Renee to you and your family. We are all so blessed to be a part of great network.
Sincerely
William
Renee - wow! Those numbers are a little scary, aren't they? You're so right about consumers needing an experienced agent on their side! Like Lenn, I had no idea your market was like this.
Ann
William: Yes we are!
Ann: Yes they are scary! We will all survive though :)