Pendings are still rising 6 weeks post Las Vegas Foreclosure auctions! Six weeks post we are looking at rising closings (+8 Units/one week) and pendings rose at a nice rate when I expected them to start leveling off (+51 Units/one week)! Yes we are seeing listings rise (+34 units/one week). With the auction homes starting to close, we should see this swing into a seller's market.
Here are current REO (bank owned, foreclosure) statistics:
- Listings (1/20/2008): 2295
- Under Contract (1/20/2008): 700
- Sold (12/17/2007-1/17/2008): 299
- Month's Inventory: 7.7
This is THE market to watch as it is sparking buyer's interest.
If you are an investor and are interested in bulk REO (Bank Owned) packages, any state, please visit my website. Unique opportunities are being presented in the current market. Builder packages too! $7 Million minimum.
Renee,
Your posts are outstanding. I really appreciate your graphs.
Renee - love these posts. Sounds like things are moving in the right direction. Good luck with your REO stuff.
Jeff
BTW I hit PB today - more later. :)
Larry: Parts of the market are changing. Some are getting worse :/
Sal: Why thank you!
Jeff: Can't wait to hear it! Did you go to the beach for me?
Mike: Actually I sell mostly new construction. These buggers are NOT easy to get into contract even if you have a "good as gold" client! Trying with two clients right now but no such luck after multiple offers!
When the banks soon realize that unless they are going to be holding on to property that is worth less then they will have to unload them at .10 on the dollar...you will see even more property available just to unload at crazy prices..the banks need to take what they can get.