The absorption rate for Las Vegas Short Sales has dipped slightly for January 2008.. Inventory has risen dramatically (+316). Pending units have risen slightly at +38 Units. Solds have increased by 10 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 1/27/2008: 4561
- Pending 1/27/2008: 365
- Closed 12/20/2007-1/20/2008: 64
- Month's Inventory: 71.3 (=5.9 Years Inventory.)
One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.
Read here for last month's report on Las Vegas Area Short Sales.
