YES! We hit the magic 500 Las Vegas Foreclosure pending number that I predicted several weeks ago. There are exactly 500 REO listings under contract as of today. That is +64 units from last week, up 123 units from two weeks ago, and up 214 units from October 2007 (a mere two months ago!) We have almost doubled the amount of pendings in two months. Listings are down 55 units from last week but up 297 units from October. Actual closings remain stable. I expect absorption to slightly drop at the beginning of the New Year (2008) as we watch the rising pendings close.
Here are current REO (bank owned, foreclosure) statistics:
- Listings (12//16/2007): 2120
- Under Contract (12/16/2007): 500
- Sold (11/5-12/5/2007): 205
- Month's Inventory: 10.3
Renee. This is really good info.
But, help me put it in context. How many active listings are there??
Hey,
I have been using graphs a lot too...where do you get your from?
Hi Renee, being a numbers guy myself I've enjoyed reading through your blog and have just added it to my subscription list. What is your source for foreclosure data?
Neal: I was writing a post when you wrote that comment! I sent you an email.
Brad: Thanks for stopping by and I hope the info helps.
Don: Greater Las Vegas Association of Realtors. Basically the MLS