Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

Calculating the number of Las Vegas shadow inventory homes is easy if you have the right data

About Las Vegas Trustee Sale Auction and Las Vegas shadow home inventory Part-2 of 3

About Las Vegas Trustee Sale Auction and Las Vegas shadow home inventory Part-1 of 3

So far I have explained and given the formula for calculating the number of shadow inventory of homes in Las Vegas and how “national NOT experts” may not make a distinction between the number of homes that are foreclosed and sold back to the bank, which banks market as bank owned, REO homes for sale in the Las Vegas MLS or other public real estate auctions like REDC or Hudson Marshall. I am reproducing the formula below.

 (The number of shadow inventory homes in Las Vegas, Henderson and North Las Vegas) = (Number of homes that have been foreclosed and sold back to the bank) – [(number of bank owned homes that have been sold through Las Vegas MLS) + (Number of homes that have been wholesaled or sold through various real estate auctions in Las Vegas)]

To calculate this formula one has to take a look at the Las Vegas real estate market history. In 2003-2005 anything that hit the market sold, New home builders could not sell Las Vegas homes any faster than they could build them, Foreclosure real estate troubles started in late 2006 and is ongoing.

Total number of foreclosed properties sold through Trustee Sale Auction in Clark County for 2009 and 2010 and bank owned (REO) real estate that have been sold through Las Vegas  MLS

Again:

1:  The total number of foreclosed properties includes all types of residential and commercial real estate in Clark County, not only homes. I am using Clark County numbers since Trustee Sale Auction numbers are for all Clark County and not Greater Las Vegas only.

2: 10,673 bank repo properties did not sell through Las Vegas MLS. Many of these are individually mapped parcels of residential land which were sold to Las Vegas new home builders in bulk sales, residential properties that have been sold through increasingly infrequent public real estate auctions in Las Vegas.  Commercial properties sell through commercial real estate agents in Las Vegas or get auctioned. I do not know what these numbers are, but Las Vegas real estate analysts should.

3: In 2010, 11,104 properties have been sold back to the beneficiary (another name for foreclosing lender). On the other hand 11,102 bank owned (REO) properties have either sold or are currently listed in the Las Vegas MLS (8948+2154=11,102) and I am not including other sources of selling bank repo properties. No shadow home inventory carry over here.

4: So far I have been discussing properties, or real estate as general terms and not the number of foreclosed homes and have been using Clark County numbers and not Greater Las Vegas Valley which includes Las Vegas, Henderson and North Las Vegas plus unincorporated Clark County. Interestingly all the big Casinos, including City Center are located in Unincorporated Clark County.

May the Good Creator bless you all and thanks for the prayers, even though I am not great but I feel much better than yesterday I can actually move around. THANKS.

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I will finish the series about shadow inventory homes next, I promise.