Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has risen dramatically (+286 units), Pendings have dropped -92 units Closing data is up up UP at +300 units. Watch inventory rise in Feb/Mar as the foreclosure moratorium ended Jan 9. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues. Foreclosures are showing NO signs of stopping!
REO sales accounted for 77% of all resales in December 2008. REO listings account for only 38% of total resale listings.
Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.
Current Listed Bank Owned Statistics:
- Listings (1/12/2009): 8072
- Under Contract (1/12/2009): 3590
- Sold December 2008: 2245
- Absorption Rate: 3.6 Months
To find the most recent report, click here
If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call: 702-966-2494:
- Option 1 if you are a Buyer wanting to purchase REO Property.
- Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
- Option 4: Para español presione el cuatro.
All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.
Watch for growing inventory in Feb/Mar with the current foreclosure moratorium ending Jan 9! The absorption rate is extremely low in this market which means multiple offers on homes and offers above list price.
Renee -- It is intereting to see how things are different from one market to another. This is a very informative post.
Joan: Thank you and yes they are. It can go down to the subdivision and sector!
Hi Renee, It is interesting to see your market and stats as compared to ours. As a percentage, your stats are way way better! Send some t CA. I really enjoyed seeing this post. Well done!
Renee, thanks for the information. It's so important for buyers to see that they can't dilly-dally where the REOs are concerned. Most ot them are priced to sell and I am seeing many cases, not just isolated ones, of multiple offers and sales at higher than list price. For this reason, I tell my buyers that if they're interested, they put in a decent offer. I had an offer of $90K on an REO listing of $146K. Of course it was rejected and sold the following week for close to asking price to someone else. Let's stop the bottom feeding. Please.
William: Thanks!! Hopefully you will get some runoff. Everyone thinks they are the only buyer here and I can only describe it as "frienzied"
Maggie: I like that: "let's stop the bottom feeding please" Can I buy the tshirt for showings?