The foreclosure tsunami continues to recede. As of this morning, there are only 1,899 REOs listed on the MLS in Las Vegas, creating the shortage that is resulting in multiple offers on everything from McMansions to doghouses. 

According to a group of Asset Managers who held a panel discussion for the Nevada Association of Hispanic Real Estate Professionals in Las Vegas yesterday, we may see the banks releasing more REOs to the market soon. This should help relieve the feeding frenzy that is making offers of $10,000 to $20,000 over list price commonplace.

Juan Martinez, NVAHREP President, did an incredible job of bringing a group of Asset Managers from various banks together to face a sea of Realtors at NVAHREP's monthly luncheon. Over 500 Realtors turned out to find out firsthand what on earth happened to the assets.

With most moratoriums having expired, we should see some of those REOs that the banks have been holding back show up on the market soon. No one yet has an accurate count of the number of empty bank-owned homes that remain unlisted. Our Top10 researcher, Ron, found at least 6,000-10,000. I've heard figures as high as 30,000, but I don't think there are anywhere near that many.

Expect to see a steady stream of REOs hitting the market as the tide rolls back in. Not a tsunami. Look to see REOs – and good deals – coming to the market over the next 3 or 4 years.