During the past week, the number homes listed as contingent remained above 11,000 units. Contingent units are generally classified as properties that have contracts pending but require some action to take place. While traditional contingencies focused on action required by the buyer such as a loan approval or the sale of another home, the dynamic has shifted. By the close of November 2009 approximately 75% of contingent units required action on the part of the seller's lender. The bulk of contingent properties are awaiting short sale approval, a scenario that can be difficult to accomplish. Demonstrating the inability to service the debt can be difficult to prove particulary as lenders have been approached by borroers unwilling to service their obligations due to a backwards loan-to-value ratio. With 11,372 homes listed as "available" in Las Vegas housing market the question remains, will the bulk of these contingent units ultimately close as planned or fall out of escrow and add to this availability figure?
Last month statistics are out. Medium home price remains stable in Las Vegas for single family homes, $140,000 compared to medium prices for condo's dropped slightly to $68,000 from $70,000 the month prior. Stay tuned for detailed statistics tomorrow!
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