Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has risen dramatically (+2047 units), Pendings have dropped -202 units  Closing data is up up UP at + 225 units.  Even though sales are increasing month to month, inventory is rising at an uncontrolled pace which is causing the absorption rate to rise also.

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

Current Listed Bank Owned Statistics:

• Listings (11/14/2007): 7273
• Under Contract (11/14/2007): 3600
• Sold 8/28-9/28/2008:  2183
• Absorption Rate:  3.3 Months

View Last Month's Report Here  

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase REO Property.
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 4:  Para español presione el cuatro.

Burrows Group is proudly affiliated with and brokered by Nevada Realty Solutions, LLC.  NVRS is one of the top listing and sale brokers for both REO and Short Sales.  While we are not given preferential treatment for any in-house listings, we do have a distinct advantage when we work with REO and Short Sale buyers. 

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

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

↑ Grab this Headline Animator