Real Estate Blog - Las Vegas NV July 2008 REO Inventory Update: 2.7 Months Inventory, Strong Seller's Market!

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Las Vegas NV July 2008 REO Inventory Update: 2.7 Months Inventory, Strong Seller's Market!

Las Vegas Bank Owned Listings

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are enjoying a HOT SELLER'S MARKET! Inventory has risen dramatically (+593 units), Pendings have risen DRAMATICALLY (+306 units.) Closing data is up up UP at + 278 units.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

Listings (8/16/2007): 5226
Under Contract (8/16/2007): 3802
Sold 6/26-7/26/2008: 1958
Absorption Rate: 2.7 Months

View Last Month's Report Here

If you would like to buy a bank owned property call 702-966-2494, press option 1 and let us know what you are looking for. We will set you up on a search to have the new listings emailed to you as soon as they hit the market!

All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 08/23/2008 11:49 AM

Comments (10)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas NV July 2008 REO Inventory Update: 2.7 Months Inventory, Strong Seller's Market!

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10 Comments on Las Vegas NV July 2008 REO Inventory Update: 2.7 Months Inventory, Strong Seller's Market!

AUG

2008

Great absorption rate Renee in this category and well over half sold or under contract. Very healthy. It's hard to find that good a seller's market anywhere.

Renee

Great absorption, density, and the emergence of a better market.

Hats off to you!

Tom Braatz

Good stuff Renee.....looks like your market is getting better? I know that our's is moving as well. Lots of people scurrying to get their home before the end of September. ;-)

Rene, after thinking about all your market has seen this can only be the beginning of a great explosive market heading our way. Thanks for the updates.

Gary: this subsection is doing wonderful. Lots of frustrations from buyers who are in multiple offer situations but if they listen to advice from their Realtor and have patience, there are some incredible deals out there!

Tom: It's a fun time here in the valley!

Teri: Same same in regards to end of sept!

Frank: GOOD LUCK!

AUG

2008

This is a perfect example - doomsdayers keep trying to say that real estate is dead no matter what the price is - don't they realize how stupid they sound?

These are good numbers!

Renee, Glad to see your market make the shift. Hope it spreads here.

AUG

2008

Wow Renee, these are impressive numbers! We haven't had as many REO's but our market is still going down so good news in your area means we will eventually get there too!

Christina: It has really heated up this week. Everyone is playing "beat the clock" with DPA

Courtney: I am loving it :)

Pat: SENDING SOME LOVE YOUR WAY!

Diane: Best of luck! You have to see my new entry. We are so busy our heads are spinning here. I am being conspiratorial and going on a limb to say that the banning of DPA was an inside job lobbied by the banks to dump inventory!

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