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Henderson Nevada Bank Owned Homes: Inventory Update, 09-05-09

Much of the market activity for Henderson Nevada bank owned homes over the summer has been just maintaining equilibrium. Over the last two weeks we've absorbed a little bit more of this distressed inventory, but there is still a long way to go.

Shadow inventory still remains a concern; no one can really tell exactly how many homes the banks have yet to release to the market. Another potential issue involves the financial statements. Will banks dump homes in the 4th quarter to clean up their books?

Henderson Nevada REO Inventory, 09-05-09

Total Listings REO Listings % REO Total Escrows REO Escrows % REO
Single Family
09/05 1498 229 15.3% 1505 419 27.8%
08/23 1520 250 16.5% 1492 419 28.1%
08/15 1511 243 16.1% 1481 421 28.4%
08/01 1492 242 16.2% 1427 407 28.5%
07/25 1501 248 16.5% 1442 425 29.5%
07/18 1504 246 16.4% 1429 428 30.0%
07/04 1533 237 15.5% 1395 431 30.9%
Condominium
09/05

173

 40 23.1% 201 72 35.8%
08/23 180 44 24.4% 202 79 39.1%
08/15 190 52 27.4% 202 80 39.6%
08/01 189 56 29.6% 202 85 42.1%
07/25 199 63 31.7% 198 84 42.4%
07/18 208 60 28.9% 193 83 43.0%
07/04 224 61 27.2% 174 88 50.6%
Townhouse
09/05 124 33 26.6% 184 71 38.6%
08/23 134 38 28.4% 169 60 35.5%
08/15 132 38 28.8% 159 54 34.0%
08/01 137 40 29.2% 149 51 34.2%
07/25 124 35 28.2% 160 59 36.9%
07/18 132 36 27.3% 158 61 38.6%
07/04 130 33 25.4% 158 67 42.4%

Buyers and buyer agents in the Henderson REO market continue to struggle with what exactly 'list price' means. In better days a clean offer at list price would most likely be accepted. Today, we write offers at 10-20% above list and hope we don't end up in multiple offer situations!

I don't see the pending expiration of the First Time Home Buyer Credit negatively impacting this market segment. Yes, it will reduce the pool of potential buyers, but we're still seeing plenty of multiple offers on Henderson bank owned homes.

If you'd like more info about Henderson bank owned homes or the Henderson real estate market, just give me a call at (702) 339-9700 or email me at JohnNovak@kw.com. I'm ready to go to work for you!

Posted Saturday Sep 05