Las Vegas, NV Foreclosure Listings: Four Weeks Post Auction, Absorption is Healthy!

Pendings have risen well over the 500 I predicted several weeks ago from these Las Vegas Foreclosure auctions!  Four weeks post we are looking at rising closings (+40 Units/one week) and pendings are still rising but at slower levels and remaining steady (+12 Units/one week)!  Yes we are seeing listings rise (+40 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.  

Absorption (month's inventory) has dipped by 1.1 months in one week!

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

• Listings (1/6/2008):  2210
• Under Contract (1/6/2008):  583
• Sold (11/29-12/29/2007):  282
• Month's Inventory: 7.8 <~ Down 1.1 months from one week ago!
  

View last weeks stats here.

View Monthly stats here. 

I was only going to do these stats weekly for 6 weeks but it looks like I will continue to do them as long as the closings and pendings are rising steadily!  This is THE market to watch!