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Las Vegas Foreclosure Listings: Three Weeks After Auctions, ABSORPTION BEGINS!

Pendings have risen well over the 500 I predicted several weeks ago from these Las Vegas Foreclosure auctions! Three weeks post we are looking at rising closings (+6 Units/one week) and rising pendings (+13 Units/one week)! Yes we are seeing listings rise (+38 units/one week). I am almost wondering if this market may swing into a seller's market for one or two months early in 2008. It is definitely the closest thing to a seller's market when you break down all the sub markets here.

The closings I have pulled are only until the 22nd due to the holidays and maybe some late entries in the MLS. What I am seeing after the 22 is phenomenal and I am sure we will see plenty of recordings on the 31st to hit the end of the month/year. Next week we will see some interesting absorption :)

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

Listings (12/30/2007): 2170
Under Contract (12/30/2007): 570
Sold (11/22-12/22/2007): 242
Month's Inventory: 8.9 <~ Down 0.1 months from one week ago!

View last weeks stats here .

View Monthly stats here.

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 12/30/2007 01:20 PM

Comments (10)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Foreclosure Listings: Three Weeks After Auctions, ABSORPTION BEGINS!

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

10 Comments on Las Vegas Foreclosure Listings: Three Weeks After Auctions, ABSORPTION BEGINS!

DEC

2007

Great stats. Some day I'll be able to do that. I'm a numbers person, so I would rather see a chart and a spreadsheet, than someones opinion. Keep up the good work, I know it's tough out there.

Thanks Larry, me too about the charts and spreadsheet. I really love when someone states "It's a transparent market" without any facts. LOL!

Renee, I'm confused. Is there ever a seller's market in the REO segment? It seems to me that these properties always sell for less than the non-REO market, so can it be a seller's market even if the inventory is less than 6 months? After all, these properties are in the "bargain bin" already; isn't the reason they are there in the first place only because it is a buyer's market? It's kind of like going to Walmart and saying, look how great the sales are, the "50% off bin" is selling like crazy!

Renee: Love your graphs! As well, I admire your positive outlook in your tough market. I must say that I pulled from you post that, hey, homes on the market are down from last WEEK--probably the slowest week of the year! Happy Selling and Happy New Year!

Debe in Charlotte, NC

Gotta love those charts- they spell things out so people really get a grip on the info you're providing :)

That is great to hear things are coming back for Vegas. Have a great New Years eve.

John: The reason why I do these reports is so that people understand that when they purchase an REO they are chasing a hot market. While some of these properties are scratch and dent many are not. They were purchased by an "investor" directly from the builder and are brand new, never lived in. People come in with the same mentality (a little less anger) than you thinking they can get something "50% off" and they are not. Do you ever have anything nice to say on my blog or do you just like playing devil's advocate? I do have to say I received plenty of leads from you playing Devil's Advocate with my responses to you in my multi family units post in October that got syndicated on Reuters.

Debe: :wink: Unfortunately the BPOs have been coming fast and furious and December was a record breaking month for many BPO agents I know. These banks are working hard to get these properties online as quick as possible.

Sandi: Thanks I am trying! I know you work the same market in Chico. What is going on over there?

Jeff: You have a great NYE also !

DEC

2007

Renee,

Excellent information, you are really giving good information here and it is much appreciated indeed. Lance.

You always have great charts Renee, I enjoy reading your reports. They must be a great benefit for your clients. There is nothing like them for my area, I need to reread your post on how how to get them. Glad to see your market is picking up. Happy New Year.

Renee - Love your market report - shows why you're the local expert - Wishing you the best in 2008!

Great chart Renee! I need to learn how to do that :) HAPPY NEW YEAR

Renee, I have nothing against your business improving. In fact, I am happy for you; you are an interesting blogger (unlike a lot of people), which is why I read your blog. But I often do not agree with what you say, which motivates me to respond. It seems to me that you want to deny there is a downturn in the housing market and that prices are falling.

If you only want people who agree with you to post comments, just say so and I will stop. But if you do, it's going to make me wonder just what you're so afraid of.

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