I just ran a calculation: Las Vegas has been selling about 1800 foreclosures a month, but banks have been taking back an average of 3800. That means the foreclosure pool is GROWING by 2,000 a month. Based on the last five months of pre forclosures notices, we will continue this trend for at least the next five months.
Banks are going to have to continue to slash prices to move this inventory. I see another 20 to 30% drop -- maybe more.
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