[eventusstultorummagister]

Same trend, nothing new...

[Tek_Freek]

That graph stops in January of 2010.

It's March, 2012 now...

[007 license to sell]

Originally Posted by BBMW

Does anyone have good numbers of how many houses in Clark County have been foreclosed, but are not on the market?

Because the banks aren't recording their ownerships at the court house it has been most difficult to get a reading on exactly how many bank owned properties are sitting empty. According to some analysts and REO companies they estimate Las Vegas Valley vacant inventory any where from 60,000 to 100,000 and another 200,000 Las Vegas valley delinquent home owners waiting either for a foreclosure or short sale.

And the reason there are multiple offers is because those buyers are getting caught up in the frenzy of low inventory and low prices. There is going to be a temporary artificial increase in prices due to the low inventory and once the inventory is released again prices will drift down again. So anyone purchasing now due to low inventory could see their value of their property go down once the banks release inventory.

Just because there are multiple offers doesn't mean it's a good thing,remember inventory is temporarily low and yes prices are low anyway but don't get caught up in the hype. But don't hold off if you find a property you like just don't go over board on the multiple offer game.

You can bet that the banks will not want to dump properties all at once on the market it will drive values into the ground if they did that.

Also allot of home owners that were thinking of short selling are staying in their properties while the banks sort through this.

When I went to a real-estate conference a few weeks ago an REO company shared some information on short sales. A little known fact is the reason banks may take so long to agree to a short sale if they agree to a short sale is the bank or the investor the bank is servicing the loan for has put mortgage insurance on the property without the owners knowledge.
The investor or bank that owns the note will agree to a short sale as long as the investor or bank received the mortgage insurance payments. According to some REO companies those payments take 1000 days before the bank or investor have received all payments.

The home owner is never told this is what is happening or the buyer so the buyer and seller are led to believe that the bank could agree to an offer in 90 days or sooner.
Granted there are some short sales that do get approved but far more aren't being approved.

I don't tell you this to discourage you from purchasing a property but to help you have the information to make informed decision when purchasing a property. When looking at purchasing a property a buyer has to look at it allot differently than they did just 4 years ago. A purchase of property cannot be looked at as a piggy bank but as some where the family can enjoy living and raising family or just enjoy as a vacation home.

[JohnG72]

^^^^^^^^

Again, the short inventory concept is a lie of sorts.

Yes there are relatively few homes available for sale. But to imply that this "shortage" is anything other than an artificial creation....is significantly false. As the previous post states, and as anyone who takes the time to drive through Las Vegas neighborhoods would discover....there are tens of thousands(if not more) of vacant homes, and even more homes where the mortgage has not been paid in a very long time.

[MomMom]

Originally Posted by JohnG72

^^^^^^^^

Again, the short inventory concept is a lie of sorts.

Yes there are relatively few homes available for sale. But to imply that this "shortage" is anything other than an artificial creation....is significantly false. As the previous post states, and as anyone who takes the time to drive through Las Vegas neighborhoods would discover....there are tens of thousands(if not more) of vacant homes, and even more homes where the mortgage has not been paid in a very long time.

I keep hearing on here about neighborhoods with all vacant homes, can you or anyone else give me the names of those areas?

I'm so curious to see where these developments are, just for my own curiousity. Everywhere I go in the valley, I don't all these vacant homes, but then again, mostly I travel in the older, more established areas where people I know live.

I'm interested to go see these vacant areas of homes, and wondering if they are new build, newly constructed, built since 20__

Are the prices really low in these areas and what kind of homes are they? Small? Large? No yards?

[JohnG72]

Originally Posted by MomMom

I keep hearing on here about neighborhoods with all vacant homes, can you or anyone else give me the names of those areas?

I'm so curious to see where these developments are, just for my own curiousity. Everywhere I go in the valley, I don't all these vacant homes, but then again, mostly I travel in the older, more established areas where people I know live.

I'm interested to go see these vacant areas of homes, and wondering if they are new build, newly constructed, built since 20__

Are the prices really low in these areas and what kind of homes are they? Small? Large? No yards?

Along Hollywood Bl heading out towards Nellis is what I saw last weekend.

Previously also saw this in North Las Vegas north of Ann Road near Camino Al Norte.

[MomMom]

Originally Posted by JohnG72

Along Hollywood Bl heading out towards Nellis is what I saw last weekend.

Previously also saw this in North Las Vegas north of Ann Road near Camino Al Norte.

Interesting, I'm going to check out those areas this weekend, thanks for the locations!

[370z]

Originally Posted by logline

Same in our complex. Closing prices are rising and inventory is at an all time low. I know for a fact that the last 2 sales involved bidding wars and the homes were on the market for less than a week.

Sounds like then the homes all sale for more then the asking price, right? I would assume this happens when there are bidding wars.

[Robustus]

Originally Posted by MomMom

I keep hearing on here about neighborhoods with all vacant homes, can you or anyone else give me the names of those areas?

I'm so curious to see where these developments are, just for my own curiousity. Everywhere I go in the valley, I don't all these vacant homes, but then again, mostly I travel in the older, more established areas where people I know live.

Yeah, I don't see many either. My neighborhood should be a prime area for vacancies - I'm in the far Northwest, on the edge of town, in a community of 3/2 and 4/3 homes built in 2006 on small lots. My neighborhood has 77 homes in it. There are currently 2 vacant homes, one is a foreclosure and on the market, the other was foreclosed on a year ago, and is not on the market. Two other homes in the neighborhood are for sale, but not vacant.

I have friends in Aliante (close to Ann / Camino Al Norte) and I haven't noticed neighborhoods with double-digit vacancies, at least from I can gather by quickly driving through. I'm sure some exist, but I do think the severity of actual vacancies tends to be exaggerated; ie, someone notices one particular street, and then relays the experience to 10 people who now have a skewed impression.

I agree that prices aren't going up anytime soon - the number of people not paying their mortgages is a huge problem that's not going to be solved soon - but if they're not leaving Clark County, that's not going to translate into vacancy; just debt deleveraging, one way or another.

[MomMom]

Total agreement with you Robustus^^^

But I have nothing planned for this weekend, so I'm going to take a drive out to the areas JohnG72 mentioned and see the vast vacancies for myself and what kind of neighborhoods these are.