I may have been a little conservative when I estimated weeks ago that we would see 500 pendings rise from these Las Vegas Foreclosure auctions! Two weeks post we are looking at rising closings and rising pendings (+57 Units)! Yes we are seeing listings rise (+13 units), not to outpace the rise of closings and pendings. I am almost wondering if this market may swing into a seller's market for one or two months early in 2008. It is definitely the closest thing to a seller's market when you break down all the sub markets here. I do want to hold off on my optimism. We will be seeing another avalanche of foreclosures as speculators who are bleeding to death would rather chop off their arm (let a non-performing investment go back to the bank.)
Here are current REO (bank owned, foreclosure) statistics:
- Listings (12/23/2007): 2133
- Under Contract (12/23/2007): 557
- Sold (11/15-12/15/2007): 236
- Month's Inventory: 9.0 <~ Down 1.5 months from one week ago!