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.

Posted by Renee Burrows - Las Vegas NV Real Estate on 11/21/2007 08:47 PM

Comments (6)

las vegas foreclosures

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Post is included in group: Foreclosure Education Forum

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

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

11/21/2007 09:05 PM

by Chris Lengquist, RIPS (Keller Williams Realty)

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.... :-(

11/21/2007 09:31 PM

by Michael J. O'Connor (Diamond Ridge Realty)

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.

11/21/2007 09:33 PM

by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

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. ;-)

11/21/2007 09:43 PM

by Michael J. O'Connor (Diamond Ridge Realty)

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

11/23/2007 10:13 PM

by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Renee,

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

Ray Saenz

12/03/2007 12:47 AM

by Aurora Colorado Real Estate Ray Saenz, Colorado Realtor (United Property Brokers, INC)

This blog does not allow anonymous comments

Real Estate Agent: Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Renee Burrows - Las Vegas NV Real Estate
Las Vegas, NV
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Specializing in those forgotten "at" Rhodes Ranch Communities in Southwest Las Vegas that offer peek-a-boo views of the mountains and city lights! I love to watch trends and statistics in this fascinating market! I do have a newsletter that you can subscribe to - so if you want to keep in tune with the Las Vegas Real Estate Market Conditions on a monthly basis, sign up with absolutely no obligation!

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