Pendings are still rising 5 weeks post Las Vegas Foreclosure auctions! Five weeks post we are looking at rising closings (+10 Units/one week) and pendings rose at a nice rate when I expected them to start leveling off (+66 Units/one week)! Yes we are seeing listings rise (+51 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.
Here are current REO (bank owned, foreclosure) statistics:
- Listings (1/13/2008): 2261
- Under Contract (1/13/2008): 649
- Sold (12/5/2007-1/5/2008): 292
- Month's Inventory: 7.7
I was only going to do these stats weekly for 6 weeks but it looks like I will continue to do them as long as the closings and pendings are rising steadily! This is THE market to watch!
Renee, All I see is opportunity. I hope you're seeing it too.
Bill Roberts