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 (+286 units), Pendings have dropped -92 units Closing data is up up UP at +300 units. Watch inventory rise in Feb/Mar as the foreclosure moratorium ended Jan 9. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues. Foreclosures are showing NO signs of stopping!
REO sales accounted for 77% of all resales in December 2008. REO listings account for only 38% of total resale listings.
Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.
Current Listed Bank Owned Statistics:
- Listings (1/12/2009): 8072
- Under Contract (1/12/2009): 3590
- Sold December 2008: 2245
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Absorption Rate: 3.6 Months
View Last Month's Report Here
To find the most recent report, click here
If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call: 702-966-2494:
All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed.
Watch for growing inventory in Feb/Mar with the current foreclosure moratorium ending Jan 9! The absorption rate is extremely low in this market which means multiple offers on homes and offers above list price.
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Renee -- It is intereting to see how things are different from one market to another. This is a very informative post.