YES!  We hit the magic 500 Las Vegas Foreclosure pending number that I predicted several weeks ago.  There are exactly 500 REO listings under contract as of today.  That is +64 units from last week, up 123 units from two weeks ago, and up 214 units from October 2007 (a mere two months ago!)  We have almost doubled the amount of pendings in two months.  Listings are down 55 units from last week but up 297 units from October.  Actual closings remain stable.  I expect absorption to slightly drop at the beginning of the New Year (2008) as we watch the rising pendings close.

Here are current REO (bank owned, foreclosure) statistics:

• Listings (12//16/2007):  2120
• Under Contract (12/16/2007):  500
• Sold (11/5-12/5/2007):  205
• Month's Inventory:  10.3 

View last weeks stats here.