Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has fallen dramatically (-835 units), Pendings have risen +709 units Closing data is slightly down at -84 units. 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 82.4% of all Las Vegas Area Valley resales in December 2008. REO listings account for only 35% 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 (2/15/2009): 7237
- Under Contract (2/15/2009): 4299
- Sold January 2009: 2161
- Absorption Rate: 3.3 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.
Renee
How is your market doing for multi families.
Sincerely
Tom Braatz
Tom: Interesting question! I would say multi-family foreclosures are just starting ;) That market still needs to correct.
An absorption rate of only 3.3 months is pretty significant - I bet you're starting to see a lot of multiple offers, and homes selling over their final list price.