Las Vegas NV Area December 2008 REO Inventory Update: The Heat is On!
By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
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 D...