It's been quite some time but it has happened... the inventory for Las Vegas Bank Owned Homes available for sale on the Las Vegas MLS has actually significantly declined.
Since May of 2007 I've been randomly checking the Las Vegas MLS for areas 101 through 606 and reporting the number of Las Vegas foreclosures available for sale and listing the numbers on my Las Vegas Foreclosure page.
From January 20th to March 1st, the number of Las Vegas Foreclosures available for sale on the Las Vegas MLS decreased from 7,750 to 6,765. Quite a reduction of Bank owned homes available for sale. Keep in mind I do not spend a lot of time tracking down the total numbers and there really is nothing scientific about this. Just something I do to supply some information as the real estate correction takes it's course.
It is quite interesting to watch the number of foreclosures from May of 2007 and the price declines for Las Vegas home values and to see the correlation that took place.
HOWEVER - Keep in mind what may be taking place that I reported on my Las Vegas Real Estate News blog concerning Las Vegas Foreclosures numbers followed by a post concerning what the Las Vegas Review Journal reported about Las Vegas Foreclosures.
Unfortunately... Nobody really knows how much of an effect the Government tampering of the free market has with the foreclosure moratoriums that in effect. Personally, I can't stand games that manipulate numbers and interfere with all of the natural forces that are in place for a normal real estate market. But... we've been living with it for over 6 years so what's a couple more... as long as we understand what's taking place?
BUT Thinking About what I saw this Past Week
This past week I probably showed about 20+ Las Vegas homes for sale to clients and was remarking how some of them I remember as being the same price back in 2001 and 2002... or even cheaper then when they were built brand new during this same time frame.
While we still have plenty of Las Vegas Foreclosures for Sale.. I have noticed quite a decrease in Quality Las Vegas bank owned homes under the $250,000 price range with the fantastic deals in the lower $400,000 range... including some that used to sell around the $900,000 range during the peak. (Keep in mind that we were in Southern Highlands and scouring Summerlin real estate.)
While we Can Track Las Vegas Real Estate Numbers...
Unless a Las Vegas Real Estate agent was actively licensed before all of the sub prime nonsense.. It's probably pretty hard to comprehend that Las Vegas real estate prices could come down so much. I figure it will be within a week or so that the Las Vegas Review Journal will report the decrease of foreclosures available for sale... and about another week after that of e-mails circulating all around with the "Good News" to send your clients...
Just be warned that the numbers could be down because of the foreclosure moratoriums in place...
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
UPDATED 3/13/2009
Record Defaults for Las Vegas Real Estate
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I agree with you that the government has been doing nothing but meddling with inventory for a while now.
Pendings are up sharply too along with inventory going down so I don't believe the current madness has much to do with the moratorium but rather buyer interest being at an all time high.