The absorption rate for Las Vegas Short Sales had a slight dip in July/August 2008. Absorption still remains high and above the 2 year mark. Inventory has risen dramatically (+510 units). Pending units has also risen dramatically by +142 units. Many under contract are no where near bank approval. Solds have increased by +53 units. Maybe the banks are finally getting their act together to get these approved!
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 8/16/2008: 6299
- Pending 8/16/2008: 2242
- Closed 6/26-7/26/2008: 233
- Month's Inventory: 27 (=2.3 Years Inventory.)
One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.
If you would like to talk about your options on selling your home short, please call 702-966-2494 and press option 0. If you are a buyer and would like to attempt to purchase a short sale listing call 702-966-2494 and press option 1.
Read here for last month's report on Las Vegas Area Short Sales.
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