11.15.2007 | 9:49 pm | News, Real Estate Market, Uncategorized
Nevada ranks number one again in the percentage of increase in foreclosures. Foreclosures for the third quarter of the calendar year were up 33.9% from the previous quarter and 212% over the previous year. I say we are NOT going to come out of this by Spring. Anybody care to wager? Just kidding. Nevada is leading the pack with 1 in every 61 homes in foreclosure. But, don’t think this is an isolated trend. There were only three (that’s 3) states that did not report an increase in forclosures for the same quarters. Those are Oklahoma, Louisiana and Utah. Hmmm…Utah’s not so bad, and it’s not far away…NAH, there’s no place like Vegas baby!!!
Comments (0)
11.14.2007 | 12:09 am | News, Real Estate Market, Uncategorized
Here are your Las Vegas numbers for this week. There seem to be a little disagreement on the way I calculate our months of inventory versus they way others do. But, regardless of how you calculate it, the window is open! IT’S TIME TO BUY, BUY, BUY, IN VEGAS AGAIN!!! Prices are almost back to “pre-boom” numbers! I received an email from a new home sales associate that I know. They are selling a 1612sf home for $185,000.00!!! It almost sounds crazy, but I think the buying window will be open for the nex 12-16 months. After that, there will still be good deals, but buyers will be behind the power curve again. Just my speculation.
Weekly MLS Market Snapshot
As of COB: Friday, November 9, 2007 @ 9:00 p.m.
Category Number Totals Vacant Percentages
SFR Inventory 21,978 10,140 46.14%
Condo Townhome Inventory 5,666 3,152 55.63%
Total 27,644 13,292 48.08%
Total Contingent & Pending 2,276 1,655 72.72%
Total 29,920 14,947 49.96%
Short Sales (EA/ER) 3,998 1,668 41.72%
Repos (estimated EA/ER) 1,969 1,889 N/A
Total Distressed 5,967 21.59%
Total Sold in last 30 Days 1,208 809 66.97%
Sold short sales 70 (46) 5.79%
Sold REOs 188 15.56%
Months of inventory at current rate of consumption (29,920 / 1208) 24.768
Lowell Caro, Jr
Your Real Estate Advisor
Comments (8)