[Jade456]

Excellent points olecapt. My wife has been showing my friend homes around Anthem and Green Valley. Found a Pulte home in Athem Highlands, just over 2,000 sf with a pool for $212k. By Monday there were several offers on it. It was move in ready. Great deals will have multiple offers, that's a fact. Crappy beat to hell homes will stay on the market.

[nwlv]

Originally Posted by olecapt

Sorry that is quite untrue. REO inventory is down more than 15% since the start of the year.

Most of these listing agents have not been inside their listings and have no plans to do so. They are running on 1% or 1.5% commission and running as many as 150 homes at a time. They have to sell a couple every day to make their nut. Getting the utilities on after a contract is reached is the maximum participation you can expect.

Low offers are generally not very bright. You make an offer that fits the circumstance. If the property has been on the market 60 days at the list price you should certainly go well under list. If the property has been on the market a day and is 25% under the recent comps you should probably go well over list.

Like many other fields you need to understand what it is you are doing.

2000 closings in January, you can't tell me there are fewer than that (more foreclosures). BTW, how many sales does that equal per licensed realtor? About .2?

[Desert Palm]

My husband and his friend were looking at REO, a Townhouse in Southfork. It was listed at $170 something. 1774sqft. 3 b/ 2 1/2 baths. They were told there were already 2 offers. They still went in at 10k less plus the bank pays closing. The bank came back and said no and they said fine and dropped it. (They were paying cash) The next day the bank came back and accepted the offer and it closed in 3 weeks.
Given the location and primary school it is a great deal! They already have people wanting to rent, so it is all working out well for them.
So, to me, the banks apparently like cash...LOL

[Daddys///M3]

Originally Posted by nwlv

2000 closings in January, you can't tell me there are fewer than that (more foreclosures). BTW, how many sales does that equal per licensed realtor? About .2?

What does this have to do with anything? Anyway, my response to your post backed up with sources below.


ReviewJournal.com - Business - FORECLOSURE REPORT: Foreclosures in Las Vegas drop in January

Las Vegas home foreclosures declined 20 percent in January to 2,609 from 3,283 the previous month, online source Foreclosures.com reported Friday.

LAS VEGAS: January housing data indicates no bottom - GLG News

Existing home sales reached 2,737 – a 71.1% increase over last January.

[nwlv]

There were fewer than 2737 closings, which does not dent the REO inventory. Even if all sales actually close (unlikely), there were still more new foreclosures. So what I am disputing is the 15% reduction in REOs. There may be miniscule peaks and valleys as a result of temporary moratoriums and holidays, but that only creates new waves further down the road.

[rpachigo]

Originally Posted by nwlv

There were fewer than 2737 closings, which does not dent the REO inventory. Even if all sales actually close (unlikely), there were still more new foreclosures. So what I am disputing is the 15% reduction in REOs. There may be miniscule peaks and valleys as a result of temporary moratoriums and holidays, but that only creates new waves further down the road.

There's plenty of REOs for everybody. There is absolutely no diminishing amount of REOs hitting the market. Every day my target population increases - it has for one year straight. I hear more people choosing to walk away also - I can't say it's a flood yet but it might well be soon.

[Daddys///M3]

Originally Posted by nwlv

There were fewer than 2737 closings, which does not dent the REO inventory. Even if all sales actually close (unlikely), there were still more new foreclosures. So what I am disputing is the 15% reduction in REOs. There may be miniscule peaks and valleys as a result of temporary moratoriums and holidays, but that only creates new waves further down the road.

Actually there were not fewer than 2737 closings. Sales equal closings, not contracts or offers. Another source to back up the 2737 number.

Bad numbers cloud outlook - Las Vegas Sun

Now, with all due respect 2737 is greater than 2609. So there were more sales than new foreclosures, end of story. That bein said, a 15% reduction in REO it is not, but your initial claim of more foreclosures than closings is wrong, point blank.

Now if you are talking strictly REO closings vs. new foreclosures then I would have to agree with you based on the numbers I have seen. If that is what you meant you should have clarified. And in the future if you wish to dispute my figures with figures of your own, please source them. I cannot tell you how many debates I have had on this board with folks that pull numbers out of their rear end. Unfortunately arguments with unsourced data simply do not hold water.

[ft_chief]

Okay, lets see if I have this straight? Las Vegas home foreclosures were at 2609 in January 2009. Pre-foreclosure filings were at 6050 in January 2009 which was an increase of 316 from December of 2008. There were a total of 2737 closings in January 2009 in Las Vegas. So according to my math, we are increasing foreclosure inventory in Las Vegas with more coming, unless 100% of all closings are foreclosures?

[olecapt]

January 1 inventory of REOs was 6475. At present REO inventory is 5663 and dropping fast. That is down about 12% since the first. This is SFRs only as condos have too much junk data to be useful.

Another interesting numeric is that pending are rising rapidly and are now into numbers not seen since last July/August. This is an almost cerrtain indicator of very high volumes coming in the months ahead.

Note as well that not all REOs are priced well. There are a number of REOs on the market at good but not exceptional prices. These sell very slowly like all the other reasonably priced places.

Barring some substantial and unlikely change in the market we are going to run the well priced REO inventory to nothing in the next 90 days.

Then we see what happens. Intersting times.

[VegasMomof3]

It sounds like a decent buy, but I think that price is a little high. There was a house, in almost brand new condition on Chuckar street a few months back that sold for $130K, I believe. I think Cockatiel is right by there. I probably wouldn't pay that much, but it's a good area. Close to a good park, library, shopping, and the 215.