Predicting further decrease in SFR Inventory

With foreclosures unable to be filed starting in Dec 2011, inventory should continue to decrease in January 2012. The new available listings should be easily absorbed by the market. I expect pending and contingent sales (sales in escrow) to continue to increase in comparison to the available listings on the market. This has been the trend for over 6 months and the forclosure freeze should only help it continue.

  • January 19 2012 - Las Vegas
  • 1
    1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (12)

Profile picture for sunnyview
I'm not sure about that. I think that the banks will start releasing more inventory starting in February/March. They want to get them off their books and I think they were just sitting on them over the holidays. It's already January 20, so I would expect increasing inventory is on the way already.
  • January 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I agree with the previous answer. I believe the next wave of foreclosures will hit in next 6 weeks or so.
  • January 21 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Are you talking about properties previously foreclosed upon prior to Dec 2011?

Those foreclosure numbers were already decreasing even prior to the freeze. The next "wave" will be significantly less due to the freeze. With these facts I don't see how you can disagree. 
  • January 23 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The banks are without a doubt holding a lot right now. I think this spring will be the time they release a whole lot of properties. The inventory in my area is down about 15% since last year.
  • January 23 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

hmmmm in my area Foreclosures are not in abundance and hard to find.... so we have little on the self for these which i hope the foreclosure freeze doesnt take more off my market...  
  • January 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The freeze is not nationwide. Just wanted to be clear. I was referring to my local market.
  • January 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Caveat Emptor
It doesn't really matter. Foreclosure moratoriums have a couple of causes and most of them have something to do with manipulating the rate at which foreclosures enter the market.

ask yourself, what reason would wells fargo have to delay foreclosure on people who aren't paying their bills?  Because they had too much inventory onhand already.
  • January 25 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

"It doesn't really matter. Foreclosure moratoriums have a couple of causes and most of them have something to do with manipulating the rate at which foreclosures enter the market.

ask yourself, what reason would wells fargo have to delay foreclosure on people who aren't paying their bills?  Because they had too much inventory onhand already."


The freeze here in Las Vegas was caused by the robo signing of NOD's and other documents. It had nothing to do with the banks not wanting to release foreclosures.

The "Phantom Inventory" that some people talk about may be large in some markets but it is not in Las Vegas.
  • February 08 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

INVENTORY HAS CONTINUED TO DECREASE SINCE THESE POSTS....

Available listings are down to 4,617 in the Greater Las Vegas and Henderson area.
  • May 25 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Sales of existing homes show signs of improvement as the market finds a bottom. Statistics released by the Greater Las Vegas Association of REALTORS® (GLVAR) show existing home prices in April 2012 increased for the third straight month while the supply of homes listed for sale continued to shrink.

"This is the first time in two years that we've seen local home prices go up for three months in a row. It's also the first time we've seen prices go up on a year-over-year basis since August of 2010," said GLVAR President Kolleen Kelley, a longtime local REALTOR®. "Of course, this has a lot to do with our shrinking housing inventory. Based on current demand, our housing supply is down to about four to six weeks."

Six in every ten homeowners in Las Vegas are underwater in their mortgages. 

Several of the biggest banks such as Chase, Wells Fargo, Citibank, US Bancorp and now Bank of America, the largest mortgage lender in the country, are committed to helping distressed homeowners avoid foreclosure.  For a limited time, they are offering a cooperative short sale program to eligible upside down Las Vegas homeowners. Some Las Vegas homeowners without any equity in their homes may receive between $5000 - $30,000 and owe no more on the balance of their mortgage with the sale of their property at close of escrow. 

  • May 27 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Linda,
I love how the bottom paragraph says:

"Several of the biggest banks such as Chase, Wells Fargo, Citibank, US Bancorp and now Bank of America, the largest mortgage lender in the country, are committed to helping distressed homeowners avoid foreclosure."

WHAT A JOKE! They are committed to helping people yeah right. They are committed to getting bad debt off their books and since they can't foreclose due to AB284 they put a spin on it like they just want to help people do short sales because they are so nice. HAHA! I am LMAO!

It is true that you will see a lot more short sales but it is because that is one of the few ways they can still get rid of these properties, NOT because they are committed to helping distressed homeowners.


Best Regards,
Robert Adams
Broker/Salesman
LVrealestateHELP Team at
Rothwell Gornt Companies
  • May 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

yes they are committed to helping homeowners avoid foreclosure and are now cooperating...aka cooperative short sale

we have traditional short sales, HAFA short sales and cooperative short sales...I have experience with all of them and with all lenders...
  • June 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.