Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption! Inventory has risen slightly (+193 units), Pendings have risen considerably (+82 units) and closings have gone up too (+25 units). Monthly absorption rate down slightly (0.2)
Current Listed Bank Owned Statistics:
- Listings (11/21/2007): 2029
- Under Contract (11/21/2007): 368
- Closed (10/18-11/18/2007: 213
- Absorption Rate: 9.5 Months Inventory
More is being done to deplete Las Vegas Bank Owned Listing Inventory. Three major auctions with 677 total bank owned foreclosure properties will be held in December:
- Dec 2 @ Ritz Carlton in Lake Las Vegas: 332 Properties. Many of these homes are listed and pre-auction bids will be entertained if they are received early.
- Dec 8 @ Plaza Hotel: 150 Properties
- Dec 9 @ Plaza Hotel: 195 Properties
If you are considering buying in this submarket, beware that it is moving!
All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.
MiniCooperAgent (Chris): I wish I wasn't in my market too. What would I do without challenges though..LOL!
Michael: There is a field! We can separate from NOD's, Short Sales and REOs. Unfortunately Short Sale listings are not always entered correctly and I would say there is double the inventory in the short sale market.
At least you have that field. It's something not available here and most likely wouldn't be used properly here either. It's incredible that they offer us something around 100 fields to populate but not something so basic as short-sales and REOs. We do have an NOD field which is important for disclosure purposes.
Yet another thing for me to rant at my board about. ;-)
Renee,
quick note, nice to see you around, tomorrow I will comment on some of your blogs :) keep it good
Ray Saenz