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
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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