Pendings have risen well over the 500 I predicted several weeks ago from these Las Vegas Foreclosure auctions! Three weeks post we are looking at rising closings (+6 Units/one week) and rising pendings (+13 Units/one week)! Yes we are seeing listings rise (+38 units/one week). I am almost wondering if this market may swing into a seller's market for one or two months early in 2008. It is definitely the closest thing to a seller's market when you break down all the sub markets here.
The closings I have pulled are only until the 22nd due to the holidays and maybe some late entries in the MLS. What I am seeing after the 22 is phenomenal and I am sure we will see plenty of recordings on the 31st to hit the end of the month/year. Next week we will see some interesting absorption :)
Here are current REO (bank owned, foreclosure) statistics:
- Listings (12/30/2007): 2170
- Under Contract (12/30/2007): 570
- Sold (11/22-12/22/2007): 242
- Month's Inventory: 8.9 <~ Down 0.1 months from one week ago!
Renee: Love your graphs! As well, I admire your positive outlook in your tough market. I must say that I pulled from you post that, hey, homes on the market are down from last WEEK--probably the slowest week of the year! Happy Selling and Happy New Year!
Debe in Charlotte, NC
That is great to hear things are coming back for Vegas. Have a great New Years eve.
J.
John: The reason why I do these reports is so that people understand that when they purchase an REO they are chasing a hot market. While some of these properties are scratch and dent many are not. They were purchased by an "investor" directly from the builder and are brand new, never lived in. People come in with the same mentality (a little less anger) than you thinking they can get something "50% off" and they are not. Do you ever have anything nice to say on my blog or do you just like playing devil's advocate? I do have to say I received plenty of leads from you playing Devil's Advocate with my responses to you in my multi family units post in October that got syndicated on Reuters.
Debe: :wink: Unfortunately the BPOs have been coming fast and furious and December was a record breaking month for many BPO agents I know. These banks are working hard to get these properties online as quick as possible.
Sandi: Thanks I am trying! I know you work the same market in Chico. What is going on over there?
Jeff: You have a great NYE also !
Renee,
Excellent information, you are really giving good information here and it is much appreciated indeed. Lance.
You always have great charts Renee, I enjoy reading your reports. They must be a great benefit for your clients. There is nothing like them for my area, I need to reread your post on how how to get them. Glad to see your market is picking up. Happy New Year.
Great chart Renee! I need to learn how to do that :) HAPPY NEW YEAR
Renee, I have nothing against your business improving. In fact, I am happy for you; you are an interesting blogger (unlike a lot of people), which is why I read your blog. But I often do not agree with what you say, which motivates me to respond. It seems to me that you want to deny there is a downturn in the housing market and that prices are falling.
If you only want people who agree with you to post comments, just say so and I will stop. But if you do, it's going to make me wonder just what you're so afraid of.