So my recent post on Las Vegas Shadow Inventory has really caused a stir on Active Rain. Comment #28 proceeds to ask: Well it was my opinion because I am so entrenched in this market. It was definitely what I see and feel all around me. That comment (along with several others) has prompted me to actually do the research. Ready for some boring numbers that will scare the “Shadow Inventory Boogeyman” back into oblivion? (you may want to read this before bed as it may bore you to tears if you don’t like the numbers and truth!) I am starting with two samplings: I choose this area because this is where I live and work around and since it boasts “newer” Las Vegas Communities– it is definitely a decent – yet provides a wide – sampling of trustee sales being held. This is the area that I live, work and play around and this is also ground zero folks! All the numbers are provided from 2009 trustee sales – this has given more than enough time for banks to get those assets off the books and deal with the things they need to deal with that I discussed in the Las Vegas Shadow Inventory article that caused much stir & controversy: the legal, trashouts, tenants and uncooperative tenants. The Shadow Inventory Boogeymen are going to GASP at how wrong they actually are when I get down to Clark County’s actual and factual numbers of holds. FYI, this is all of Clark County – I did not filter it out for purely the Las Vegas Valley. It does include outlying areas such as Mesquite & Laughlin. So – after about a half an hour after digging in our tax records and without further a-do here we go! Half Mile Radius from My Home in SW Las Vegas: One Mile Radius from My House: In all of Clark County in 2009: There were a total of 28332 Trustee Sales A total of 26856 Trustee Sales were Resold. 1476 of those Trustee Deeds are still being held today. Using my 16-40% samplings that means you have a total – again in all of Clark County of bank inventory – from 2009 to amount to the low 200s to the 500s (in units). Take that times 4 years of hell and you only end up with 2000 units if you figure on the high end. Maybe 1000 on the low end – when experts claim the amount that the banks are “holding” is really in the tens of thousands in our valley alone. Bye Bye Shadow Inventory Boogeyman. You will not be missed.
Wow Renee...you sure do know how to put the statistics together. All the best.
You. Are. Awesome. "Shadow Inventory Boogeyman"...hilarious! Congrats on a follow-up blog well researched and presented, and thanks for cracking me up, too :)
Great. Now my head hurts. But the Real question I have is... Las Vegas is Ground Zero? I though my market was! I'm not gonna play tug-o-war with you over it, but our Incredible Metro Detroit area is Brutal. (and No, I'm not even gonna Try to pull the data like you did, oh Queen of the Statistics!)
Doug: Thanks
Shannon: L.O.L. (love the punctuation)
Eric: I think more than one bomb hit the country - we all have our own challenges.
Claude: Hiss and Meow.
Renee - I supported your first post based on your opinion but I love how you've now proven it to the naysayers who still think there is a shawdow inventory boogeyman. Like you, I think the whole "shadow inventory" nonsense is just what some people want to believe so they can have someone or something to blame for whatever.
Renee, I waited until bedtime and you're right it's akin to lengthy reviews of actuarial tables from your life insurance agent. Just tell me where to sign?
Renee, you know your statistics for Las Vegas, and STILL shows your know your market!
Renee, that was a fair amount of work to dig through all those numbers. Good job!
Great work Renee. Nice job presenting the facts for those who have opinions garnered from inaccurate news reports.
Renee, I am highly dissapointed in you! I want graphs! I want nice colorful graphs!
I'm with Damon, where are the kick @$$ graphs girlfriend. With your mad charting skills, I'm sure you could whip some wicked cool graph lickity split.
I wonder where the shadow inventory really is at.. We aren't seeing it in our area either!
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