Mar 09
4
Yesterday we learned that we had record low pending sales in January. It’s important to remember that this data has only been collected since 2001.
That data is nationwide. Here in Las Vegas, we are not experiencing low pendings. In fact, pending sales are on the increase. We have had over 7000 pending/contingent contracts for several weeks running now. A year ago it was just under 4000. That’s just one more reminder that real estate markets are local, not national.
Not all is rosy here, however. We still have way too many homes that are somewhere in the foreclosure process. This map says it all: “What we had is less a foreclosure problem than a foreclosures in California, Nevada, Arizona, and Florida problem.” Nevada still has the highest rate of foreclosures and pre-foreclosures. That tells me that without some radical intervention, we will have a supply of bargain-priced distressed property for at least 6 months.
For more detailed information on our local market, or assistance buying/selling real estate, please be sure to click the “Contact Me!” link in the sidebar or call the number at the top of the page.
[...] in some of the most battered real estate markets – concentrated in California, Florida, Nevada Pending Sales Data and Foreclosures – bridgetmagnus.com 03/04/2009 Yesterday we learned that we had record low pending sales in January [...]