Real Estate Blog - Las Vegas Bank Owned (REO) Listings Inventory Update: 9.5 Months Inventory

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Las Vegas Bank Owned (REO) Listings Inventory Update: 9.5 Months Inventory

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are seeing some absorption! Inventory has risen slightly (+193 units), Pendings have risen considerably (+82 units) and closings have gone up too (+25 units). Monthly absorption rate down slightly (0.2)

Current Listed Bank Owned Statistics:

Listings (11/21/2007): 2029
Under Contract (11/21/2007): 368
Closed (10/18-11/18/2007: 213
Absorption Rate: 9.5 Months Inventory

More is being done to deplete Las Vegas Bank Owned Listing Inventory. Three major auctions with 677 total bank owned foreclosure properties will be held in December:

Dec 2 @ Ritz Carlton in Lake Las Vegas: 332 Properties. Many of these homes are listed and pre-auction bids will be entertained if they are received early.
Dec 8 @ Plaza Hotel: 150 Properties
Dec 9 @ Plaza Hotel: 195 Properties

View Last Month's Report Here

If you are considering buying in this submarket, beware that it is moving!

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 11/21/2007 08:47 PM

Comments (6)

las vegas foreclosures

Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Bank Owned (REO) Listings Inventory Update: 9.5 Months Inventory

This post has been included in Nevada Information Clark County, NV Information Las Vegas, NV Information
Post is included in group: Foreclosure Education Forum

6 Comments on Las Vegas Bank Owned (REO) Listings Inventory Update: 9.5 Months Inventory

NOV

2007

Thought I would check in on you. I'm glad I'm not in your market. :)

How are you able to track bank-owned listings in your market? Is this a key or field that you have available in your local MLS? I don't have any way of finding the same stats in my local area and I think it's because they don't really want us to know.... :-(

MiniCooperAgent (Chris): I wish I wasn't in my market too. What would I do without challenges though..LOL!

Michael: There is a field! We can separate from NOD's, Short Sales and REOs. Unfortunately Short Sale listings are not always entered correctly and I would say there is double the inventory in the short sale market.

At least you have that field. It's something not available here and most likely wouldn't be used properly here either. It's incredible that they offer us something around 100 fields to populate but not something so basic as short-sales and REOs. We do have an NOD field which is important for disclosure purposes.

Yet another thing for me to rant at my board about. ;-)

NOV

2007

Michael: Yes push for it! From a negotiating perspective it is important to know what type of transaction you are entering!

DEC

2007

Renee,

quick note, nice to see you around, tomorrow I will comment on some of your blogs :) keep it good

Ray Saenz

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